<SEC-DOCUMENT>0001193125-22-313179.txt : 20221228
<SEC-HEADER>0001193125-22-313179.hdr.sgml : 20221228
<ACCEPTANCE-DATETIME>20221228092246
ACCESSION NUMBER:		0001193125-22-313179
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		24
FILED AS OF DATE:		20221228
DATE AS OF CHANGE:		20221228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK DEBT STRATEGIES FUND, INC.
		CENTRAL INDEX KEY:			0001051003
		IRS NUMBER:				223564108
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08603
		FILM NUMBER:		221491829

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK DEBT STRATEGIES FUND
		DATE OF NAME CHANGE:	20070611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEBT STRATEGIES FUND
		DATE OF NAME CHANGE:	20030428

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEBT STRATEGIES FUND II INC
		DATE OF NAME CHANGE:	19971208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK DEBT STRATEGIES FUND, INC.
		CENTRAL INDEX KEY:			0001051003
		IRS NUMBER:				223564108
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-267429
		FILM NUMBER:		221491830

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK DEBT STRATEGIES FUND
		DATE OF NAME CHANGE:	20070611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEBT STRATEGIES FUND
		DATE OF NAME CHANGE:	20030428

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEBT STRATEGIES FUND II INC
		DATE OF NAME CHANGE:	19971208
<IS-FILER-A-NEW-REGISTRANT>N
<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N
<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>Y
<IS-FUND-24F2-ELIGIBLE>N
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<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>d320889dn2a.htm
<DESCRIPTION>BLACKROCK DEBT STRATEGIES FUND
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<body><div style="display: none"><ix:header><ix:hidden><ix:nonNumeric name="dei:EntityCentralIndexKey" contextRef="P12_28_2022To12_28_2022">0001051003</ix:nonNumeric><ix:nonNumeric name="dei:AmendmentFlag" contextRef="P12_28_2022To12_28_2022">false</ix:nonNumeric><ix:nonNumeric name="dei:DocumentType" contextRef="P12_28_2022To12_28_2022">N-2/A</ix:nonNumeric><ix:nonNumeric name="dei:EntityWellKnownSeasonedIssuer" id="hidden62255196" contextRef="P12_28_2022To12_28_2022">No</ix:nonNumeric><ix:footnote id="FN_216542" xml:lang="en-US">Consolidated Financial Highlights through November 30, 2017.</ix:footnote><ix:footnote id="FN_216535" xml:lang="en-US">If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering.</ix:footnote><ix:footnote id="FN_216536" xml:lang="en-US">The Reinvestment Plan Agent&#8217;s (as defined below under &#8220;Dividend Reinvestment Plan&#8221;) fees for the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. </ix:footnote><ix:footnote id="FN_216537" xml:lang="en-US">The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.55% based on an aggregate of (i) the Fund&#8217;s average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, &#8220;average daily Managed Assets&#8221;). &#8220;Net Assets&#8221; means the total assets of the Fund minus the sum of the accrued liabilities. The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund&#8217;s net asset value. The Fund uses leverage in the form of a credit facility, which as of December 19, 2022 amounted to approximately 26.45% of the Fund&#8217;s Managed Assets (approximately 35.95% of the Fund&#8217;s net assets). &#8220;Managed Assets&#8221; means the total assets of the Fund minus the sum of the Fund&#8217;s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund&#8217;s net assets attributable to common stock are the Fund&#8217;s Managed Assets minus the value of the Fund&#8217;s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Fund&#8217;s use of leverage in the form of higher fees as a percentage of the Fund&#8217;s net assets attributable to common stock than if the Fund did not use leverage.</ix:footnote><ix:footnote id="FN_216538" xml:lang="en-US">The Fund and the Advisor have entered into a fee waiver agreement (the &#8220;Fee Waiver Agreement&#8221;), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#8217;s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (&#8220;ETFs&#8221;) managed by the Advisor or its affiliates that have a contractual management fee, through June 30, 2024. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June 30, 2024. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Directors who are not &#8220;interested persons&#8221; (as defined in the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), of the Fund (the &#8220;Independent Directors&#8221;)) or a majority of the outstanding voting securities of the Fund), upon 90 days&#8217; written notice by the Fund to the Advisor.</ix:footnote><ix:footnote id="FN_216541" xml:lang="en-US">Reflects leverage, in the form of a credit facility, in an amount equal to approximately 26.45% of the Fund&#8217;s Managed Assets as of December 19, 2022. The interest expense borne by the Fund will vary over time in accordance with the level of the Fund&#8217;s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Fund for accounting purposes.</ix:footnote><ix:footnote id="FN_216539" xml:lang="en-US">Other Expenses have been restated to reflect current fees.</ix:footnote><ix:footnote id="FN_216540" xml:lang="en-US">The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund&#8217;s most recent annual report, which do not include the restatement of Miscellaneous Other Expenses and Interest Expense to reflect current fees.</ix:footnote></ix:hidden><ix:references><link:schemaRef xlink:type="simple" xlink:href="cik0001051003-20221228.xsd"/><link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xlink:type="simple" xlink:href="cik0001051003-20221228_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/><link:linkbaseRef 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<td style="vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">the Securities Act of 1933</div></div></td>
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<td style="vertical-align:bottom;text-align:center;"><div style="font-size:10pt;display:inline;"><div style="font-weight:bold;display:inline;">and/or</div></div></td>
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<td style="vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Under</div></div></td>
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<td style="vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">the Investment Company Act of 1940</div></div></td>
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<td style="width:5%;vertical-align:top;text-align:left;"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="P12_28_2022To12_28_2022" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing). </div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div style="text-align:center"><div style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE. </div></div></div> <div><div><div style="background-color:white;display: inline;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; border-bottom: 1px solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; border-bottom: 1px solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none;;display:inline;">The information in this Preliminary Prospectus is not complete and may be changed. BlackRock Debt Strategies Fund, Inc. may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Preliminary Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. </div></div><div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none;;display:inline;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">SUBJECT TO COMPLETION, DATED DECEMBER 28, 2022 </div></div></div></div></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="font-size: 1pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">
<img alt="LOGO" src="g320889dsp4.jpg"/> </div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">BASE PROSPECTUS </div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">16,000,000 Shares </div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 20pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">BlackRock Debt Strategies Fund, Inc. </div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 12pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Shares of Common Stock </div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 12pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Rights to Purchase Shares of Common Stock </div></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="text-align:center"><div style="margin: 0px 0px 0px auto; border-bottom: 1pt solid rgb(0, 0, 0); width: 21%; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; background: none;">&#160;</div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">BlackRock Debt Strategies Fund, Inc. (the &#8220;Fund,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;) is a diversified, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">closed-end</div> management investment company. The Fund&#8217;s primary investment objective is to seek to provide current income by investing primarily in a diversified portfolio of U.S. companies&#8217; debt instruments, including senior and subordinated corporate loans, both secured and unsecured, which are rated in the lower rating categories of the established rating services (Baa or lower by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB or lower by Standard&#160;&amp; Poor&#8217;s Ratings Services (&#8220;Standard&#160;&amp; Poor&#8217;s&#8221; or &#8220;S&amp;P&#8221;)) or unrated debt instruments which are in the judgment of the Fund&#8217;s investment advisor of equivalent quality. Debt securities rated below investment grade commonly are referred to as &#8220;junk bonds.&#8221; As a secondary objective, the Fund will seek to provide capital appreciation.</div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">We may offer, from time to time, in one or more offerings, up to 16,000,000 shares of our common stock, par value $0.10 per share (&#8220;common shares&#8221;). We may also offer subscription rights to purchase our common shares. Common shares may be offered at prices and on terms to be set forth in one or more supplements to this Prospectus (each, a &#8220;Prospectus Supplement&#8221;). You should read this Prospectus and the applicable Prospectus Supplement carefully before you invest in our common shares. </div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Our common shares may be offered directly to one or more purchasers, including existing shareholders in a rights offering, through agents designated from time to time by us, or to or through underwriters or dealers. The Prospectus Supplement relating to the offering will identify any agents or underwriters involved in the sale of our common shares, and will set forth any applicable purchase price, fee, commission or discount arrangement between us and our agents or underwriters, or among our underwriters, or the basis upon which such amount may be calculated. The Prospectus Supplement relating to any offering of rights will set forth the number of common shares issuable upon the exercise of each right (or number of rights) and the other terms of such rights offering. We may not sell any of our common shares through agents, underwriters or dealers without delivery of a Prospectus Supplement describing the method and terms of the particular offering of our common shares. </div><div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Our common shares are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;DSU.&#8221; The last reported sale price of our common shares, as reported by the NYSE on December 20, 2022 was $9.38<div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div>per common share. The net asset value of our common shares at the close of business on December 20, 2022 was $10.43 per common share. Rights issued by the Fund may also be listed on a securities exchange. </div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Investing in the Fund&#8217;s common shares involves certain risks, including risks of leverage, which are described in the &#8220;Risks&#8221; section beginning on page 50 of this Prospectus and the &#8220;Leverage&#8221; section beginning on page 22 of this Prospectus. Certain of these risks are summarized in &#8220;Prospectus Summary&#8212;Special Risk Considerations&#8221; beginning on page 4. </div></div></div><div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">closed-end</div> management investment companies frequently trade at a discount to their net asset value. The Fund&#8217;s common shares have traded at a discount to net asset value, including during recent periods. If the Fund&#8217;s common shares trade at a discount to their net asset value, the risk of loss may increase for purchasers in a public offering. </div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Neither the Securities and Exchange Commission (&#8220;SEC&#8221;) nor any state securities commission has approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. </div></div><div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">This Prospectus, together with any Prospectus Supplement, sets forth concisely the information about the Fund that a prospective investor should know before investing. You should read this Prospectus and applicable Prospectus Supplement, which contain important information, before deciding whether to invest in the common shares. You should retain the Prospectus and Prospectus Supplement for future reference. A Statement of Additional Information (&#8220;SAI&#8221;), dated December&#160;[&#9679;], 2022, containing additional information about the Fund, has been filed with the SEC and, as amended from time to time, is incorporated by reference in its entirety into this Prospectus. You may call (800) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">882-0052,</div> visit the Fund&#8217;s website (http://www.blackrock.com) or write to the Fund to obtain, free of charge, copies of the SAI and the Fund&#8217;s semi-annual and annual reports, as well as to obtain other information about the Fund or to make shareholder inquiries. The SAI, as well as the Fund&#8217;s semi-annual and annual reports, are also available for free on the SEC&#8217;s website (http://www.sec.gov). You may also <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">e-mail</div> requests for these documents to publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&#8217;s website is not part of this Prospectus. </div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">You should not construe the contents of this Prospectus as legal, tax or financial advice. You should consult with your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund. </div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">The Fund&#8217;s common shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </div></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="text-align:center"><div style="margin: 0px 0px 0px auto; border-bottom: 1pt solid rgb(0, 0, 0); width: 21%; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; background: none;">&#160;</div></div><div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">Prospectus dated December&#160;[&#9679;], 2022 </div></div><div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">TABLE OF CONTENTS </div></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_51">PROSPECTUS SUMMARY</a></div></td>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_56">DESCRIPTION OF CAPITAL STOCK</a></div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10</td>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_57">THE FUND&#8217;S INVESTMENTS</a></div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12</td>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_58">LEVERAGE</a></div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">48</td>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_59">RISKS</a></div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">52</td>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_60">HOW THE FUND MANAGES RISK</a></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">81</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_61">MANAGEMENT OF THE FUND</a></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">82</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_62">NET ASSET VALUE</a></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">84</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_63">DISTRIBUTIONS</a></div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">87</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_64">DIVIDEND REINVESTMENT PLAN</a></div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">88</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_65">RIGHTS OFFERINGS</a></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">88</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_66">TAX MATTERS</a></div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">89</td>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_67">TAXATION OF HOLDERS OF RIGHTS</a></div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">95</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_68">CERTAIN PROVISIONS OF THE CHARTER AND BYLAWS</a></div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">96</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_69"><span style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">CLOSED-END</span> FUND STRUCTURE</a></div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">98</td>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_70">REPURCHASE OF COMMON SHARES</a></div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">98</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_71">PLAN OF DISTRIBUTION</a></div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">99</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_72">INCORPORATION BY REFERENCE</a></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">100</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal;"><a href="#toc320889_73">PRIVACY PRINCIPLES OF THE FUND</a></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">101</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr></table></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">You should rely only on the information contained in, or incorporated by reference into, this Prospectus and any related Prospectus Supplement in making your investment decisions. The Fund has not authorized any person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Fund is not making an offer to sell the common shares in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this Prospectus and any Prospectus Supplement is accurate only as of the dates on their covers. The Fund&#8217;s business, financial condition and prospects may have changed since the date of its description in this Prospectus or the date of its description in any Prospectus Supplement. </div></div><div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div><hr style="color:#999999;height:3px;width:100%"/><div style="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%"><div id="toc320889_51" style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">PROSPECTUS SUMMARY </div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">This is only a summary of certain information relating to BlackRock Debt Strategies Fund, Inc. This summary may not contain all of the information that you should consider before investing in our common shares. You should consider the more detailed information contained in the Prospectus and in any related Prospectus Supplement and in the Statement of Additional Information (&#8220;SAI&#8221;) before purchasing common shares. </div></div></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">The Fund</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">BlackRock Debt Strategies Fund, Inc. is a diversified, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">closed-end</div> management investment company. Throughout this Prospectus, we refer to BlackRock Debt Strategies Fund, Inc. simply as the &#8220;Fund&#8221; or as &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our.&#8221; See &#8220;The Fund.&#8221;</div></td></tr>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">The Fund&#8217;s shares of common stock, par value $0.10 per share (&#8220;common shares&#8221;), are listed for trading on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;DSU.&#8221; As of December 20, 2022, the net assets of the Fund were $486,360,504, the total assets of the Fund were $659,360,503.89 and the Fund had 46,610,312 common shares outstanding. The last reported sale price of the Fund&#8217;s common shares, as reported by the NYSE on December&#160;20, 2022 was $9.38 per common share. The net asset value (&#8220;NAV&#8221;) of the Fund&#8217;s common shares at the close of business on December 20, 2022 was $10.43 per common share. See &#8220;Description of Capital Stock.&#8221; Rights issued by the Fund may also be listed on a securities exchange.</div></td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">The Offering</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">We may offer, from time to time, in one or more offerings, up to 16,000,000 of our common shares on terms to be determined at the time of the offering<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">. </div></div>We may also offer subscription rights to purchase our common shares<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">. </div></div>The common shares may be offered at prices and on terms to be set forth in one or more Prospectus Supplements<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">. </div></div>You should read this Prospectus and the applicable Prospectus Supplement carefully before you invest in our common shares<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">. </div></div>Our common shares may be offered directly to one or more purchasers, through agents designated from time to time by us, or to or through underwriters or dealers<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">. </div></div>The offering price per common share will not be less than the NAV per common share at the time we make the offering, exclusive of any underwriting commissions or discounts, provided that rights offerings that meet certain conditions may be offered at a price below the then current NAV<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">. </div></div>See &#8220;Rights Offerings.&#8221; The Prospectus Supplement relating to the offering will identify any agents, underwriters or dealers involved in the sale of our common shares, and will set forth any applicable purchase price, fee, commission or discount arrangement between us and our agents or underwriters, or among our underwriters, or the basis upon which such amount may be calculated<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">. </div></div>See &#8220;Plan of Distribution.&#8221; The Prospectus Supplement relating to any offering of rights will set forth the number of common shares issuable upon the exercise of each right (or number of rights) and the other terms of such rights offering<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">. </div></div>We may not sell any of our common shares through agents, underwriters or dealers without delivery of a Prospectus Supplement describing the method and terms of the particular offering of our common shares.</div></td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">Use of Proceeds</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">The net proceeds from the issuance of common shares hereunder will be invested in accordance with our investment objectives and policies as appropriate investment opportunities are identified, which is expected to be substantially completed in approximately three months from the date on which the proceeds from an offering are received by the Fund; however, the identification of appropriate investment opportunities pursuant to the Fund&#8217;s investment style or changes in market conditions could result in the Fund&#8217;s anticipated investment period extending to as long as six months<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">. </div></div>See &#8220;Use of Proceeds.&#8221;</div></td></tr></table></div></div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 1 - </div><div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div><hr style="color:#999999;height:3px;width:100%"/><div style="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%"><div>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">Investment Objectives and Policies</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">Please refer to the <a href="http://www.sec.gov/Archives/edgar/data/0001259708/000119312522065652/d297148dncsr.htm#tx296099_17">section of the Fund&#8217;s most recent annual report on Form <span style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">N-CSR</span> entitled &#8220;Investment Objectives, Policies and Risks&#8212;BlackRock Debt Strategies Fund, Inc. (DSU)&#8221;</a>, which is incorporated by reference herein, for a discussion of the Fund&#8217;s investment objectives and policies.</div></td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">Leverage</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">The Fund currently utilizes leverage for investment purposes in the form of a bank credit facility. As of December&#160;19, 2022, this leverage represented approximately 26.45% of the Fund&#8217;s Managed Assets. &#8220;Managed Assets&#8221; means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund&#8217;s accrued liabilities (other than money borrowed for investment purposes). At times, the Fund could utilize leverage through borrowings, the issuance of short-term debt securities, the issuance of shares of preferred stock or a combination thereof. The Fund has the ability to utilize leverage through borrowings or the issuance of short-term debt securities in an amount up to 33 1/3% of the value of its Managed Assets (which includes the amount obtained from such borrowings or debt issuance). The Fund also has the ability to utilize leverage through the issuance of shares of preferred stock in an amount up to 50% of the value of its Managed Assets (which includes the amount obtained from such issuance). The Fund may also leverage through the use of reverse repurchase agreements.</div><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-align: left; line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">There can be no assurance that the Fund will borrow in order to leverage its assets or, if it does, what percentage of the Fund&#8217;s assets such borrowings will represent. The Fund does not currently anticipate issuing any preferred stock.</div><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-align: left; line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">The Fund also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities. The Fund at times may borrow from affiliates of the Advisor, provided that the terms of such borrowings are no less favorable than those available from comparable sources of funds in the marketplace. See &#8220;Leverage.&#8221;</div></td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">The use of leverage is subject to numerous risks. When leverage is employed, the Fund&#8217;s NAV, the market price of the common shares and the yield to holders of common shares will be more volatile than if leverage were not used. For example, if short-term interest rates continue to rise, they may reach a level at which those rates exceed the return earned on securities purchased with leverage, which would result in a reduced yield and cause the Fund&#8217;s NAV to decline more than if the Fund had not used leverage. A reduction in the Fund&#8217;s NAV may cause a reduction in the market price of the Fund&#8217;s common shares. A failure to pay dividends or make distributions due to leverage could result in the Fund ceasing to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).</div></td></tr>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">The Fund cannot assure you that the use of leverage will result in a higher yield on the Fund&#8217;s common shares. When the Fund uses leverage, the management fee payable to the Advisor will be higher than if the Fund did not use leverage because these fees are calculated on the basis of the Fund&#8217;s Managed Assets, which include the proceeds of leverage. Any leveraging strategy the Fund employs may not be successful.</div></td></tr></table></div></div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 2 - </div><div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div><hr style="color:#999999;height:3px;width:100%"/><div style="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">Investment Advisor</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">BlackRock Advisors, LLC (the &#8220;Advisor&#8221;) is the Fund&#8217;s investment adviser. BlackRock International Limited (&#8220;BIL&#8221;) serves as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">sub-advisor</div> to the Fund (the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">&#8220;Sub-Advisor&#8221;</div> and, together with the Advisor, the &#8220;Advisors&#8221;). The Advisor receives an annual fee, payable monthly, in an amount equal to 0.55% of the average daily value of the Fund&#8217;s Managed Assets (as defined below).</div><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-align: left; line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">The Advisor, and not the Fund, pays an annual <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">sub-advisory</div> fee to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Sub-Advisor.</div> For that portion of the Fund for which the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Sub-Advisor</div> acts as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">sub-advisor,</div> the Advisor pays to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Sub-Advisor</div> an annual <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">sub-advisory</div> fee equal to a percentage of the management fee received by the Advisor from the Fund with respect to the average daily value of the Managed Assets of the Fund allocated to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Sub-Advisor.</div> See &#8220;Management of the Fund&#8212;Investment Advisor and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Sub-Advisor.&#8221;</div></div></td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">Distributions</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">The Fund intends to make regular monthly cash distributions of all or a portion of its net investment income to holders of the Fund&#8217;s common shares.</div><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-align: left; line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">The Fund has, pursuant to an SEC exemptive order granted to certain of BlackRock&#8217;s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">closed-end</div> funds, adopted a plan to support a level distribution of income, capital gains and/or return of capital (the &#8220;Managed Distribution Plan&#8221;). The Managed Distribution Plan has been approved by the Board and is consistent with the Fund&#8217;s investment objectives and policies. Under the Managed Distribution Plan, the Fund will distribute all available investment income, including current gains, to its shareholders, consistent with its investment objectives and as required by the Code. If sufficient investment income, including current gains, is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. A return of capital distribution may involve a return of the shareholder&#8217;s original investment. Though not currently taxable, such a distribution may lower a shareholder&#8217;s basis in the Fund, thus potentially subjecting the shareholder to future tax consequences in connection with the sale of Fund shares, even if sold at a loss to the shareholder&#8217;s original investment. Each monthly distribution to shareholders is expected to be at a fixed amount established by the Board, except for extraordinary distributions and potential distribution rate increases or decreases to enable the Fund to comply with the distribution requirements imposed by the Code. Shareholders should not draw any conclusions about the Fund&#8217;s investment performance from the amount of these distributions or from the terms of the Managed Distribution Plan.</div><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-align: left; line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Various factors will affect the level of the Fund&#8217;s net investment income, such as its asset mix, portfolio turnover, performance of its investments, level of retained earnings, the amount of leverage utilized by the Fund and the effects thereof, the costs of such leverage, the movement of interest rates and general market conditions. To permit the Fund to maintain a more stable monthly distribution, the Fund may from time to time distribute less than the entire amount of income earned in a particular period. The undistributed income would be available to supplement future distributions. As a result, the distributions paid by the Fund for any particular monthly period may be more or less than the amount of income actually earned by the Fund during that period.</div></td></tr></table></div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 3 - </div><div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div><hr style="color:#999999;height:3px;width:100%"/><div style="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%"><div>
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<tr style="font-size: 0px;">
<td style="width: 36%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="width: 62%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="font-size:1pt">
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">Undistributed income will add to the Fund&#8217;s NAV (and indirectly benefits the Advisor by increasing its fee) and, correspondingly, distributions from undistributed income and from capital, if any, will reduce the Fund&#8217;s NAV. The Fund intends to distribute any long-term capital gains not distributed under the Managed Distribution Plan annually.</div></td></tr>
<tr style="font-size:1pt">
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">Shareholders will automatically have all dividends and distributions reinvested in common shares of the Fund in accordance with the Fund&#8217;s dividend reinvestment plan, unless an election is made to receive cash by contacting the Reinvestment Plan Agent (as defined herein), at (800) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">699-1236.</div> See &#8220;Dividend Reinvestment Plan.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">Listing</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">The Fund&#8217;s common shares are listed on the NYSE under the symbol &#8220;DSU.&#8221; See &#8220;Description of Capital Stock&#8212;Common Shares.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">Custodian and Transfer Agent</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">State Street Bank and Trust Company serves as the Fund&#8217;s custodian, and Computershare Trust Company, N.A. serves as the Fund&#8217;s transfer agent.</div></td></tr>
<tr style="font-size:1pt">
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">Administrator</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">State Street Bank and Trust Company serves as the Fund&#8217;s administrator and fund accountant.</div></td></tr>
<tr style="font-size:1pt">
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">Market Price of Shares</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">Common shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">closed-end</div> investment companies frequently trade at prices lower than their NAV. The Fund cannot assure you that its common shares will trade at a price higher than or equal to NAV. See &#8220;Use of Proceeds.&#8221; The Fund&#8217;s common shares trade in the open market at market prices that are a function of several factors, including dividend levels (which are in turn affected by expenses), NAV, call protection for portfolio securities, portfolio credit quality, liquidity, dividend stability, relative demand for and supply of the common shares in the market, general market and economic conditions and other factors. See &#8220;Leverage,&#8221; &#8220;Risks,&#8221; &#8220;Description of Capital Stock&#8221; and &#8220;Repurchase of Common Shares.&#8221; The common shares are designed primarily for long-term investors and you should not purchase common shares of the Fund if you intend to sell them shortly after purchase.</div></td></tr>
<tr style="font-size:1pt">
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">Special Risk Considerations</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">An investment in common shares of the Fund involves risk. Please refer to the <a href="http://www.sec.gov/Archives/edgar/data/0001259708/000119312522065652/d297148dncsr.htm#tx296099_17">section of the Fund&#8217;s most recent annual report on Form <span style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">N-CSR</span> entitled &#8220;Investment Objectives, Policies and Risks&#8212;Risk Factors&#8221;</a>, which is incorporated by reference herein, for a discussion of the risks of investing in the Fund. You should carefully consider those risks, which are described in more detail under &#8220;Risks&#8221; beginning on page 52 of this Prospectus, along with additional risks relating to investments in the Fund.</div></td></tr>
<tr style="font-size:1pt">
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Certain Provisions of the Charter and Bylaws</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">The Fund&#8217;s Charter (as defined below) and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">open-end</div> status or to change the composition of the Board. The Fund&#8217;s Bylaws also contain a provision providing that the Board of Directors has adopted a resolution electing for the Fund to be subject to the provisions of the Maryland Control Share Acquisition Act (&#8220;MCSAA&#8221;). Such provisions may limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. See &#8220;Certain Provisions in the Charter and Bylaws.&#8221;</div></td></tr></table></div></div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 4 - </div><div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div><hr style="color:#999999;height:3px;width:100%"/><div id="toc320889_52" style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">SUMMARY OF FUND EXPENSES </div></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div><ix:nonNumeric name="cef:ShareholderTransactionExpensesTableTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true" continuedAt="TextSelection_62255232">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 92%; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; margin: 0px auto;">
<tr style="font-size: 0px;">
<td style="width: 65%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; width: 5%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="font-weight:bold;display:inline;">Shareholder Transaction Expenses</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Sales load paid by you (<ix:nonNumeric name="cef:BasisOfTransactionFeesNoteTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true" id="Fact_62255254">as a percentage of offering price</ix:nonNumeric>)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(1)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SalesLoadPercent" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="Fact_62255233">1</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Offering expenses borne by the Fund (<ix:nonNumeric name="cef:BasisOfTransactionFeesNoteTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true" id="Fact_62255255">as a percentage of offering price</ix:nonNumeric>)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(1)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:OtherTransactionExpensesPercent" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="Fact_62255235">0.03</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Dividend reinvestment plan fees</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$<br/>&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_USD" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_62255234">0.02</ix:nonFraction><div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(2)</div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">&#160;per&#160;share&#160;for&#160;open-market</div><br/>purchases of common shares</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><br/><div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(2)</div>&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Dividend reinvestment plan sale transaction fee</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">2.50</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(2)</div>&#160;</td></tr></table></ix:nonNumeric><ix:nonNumeric name="cef:AnnualExpensesTableTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true" continuedAt="TextSelection_62255238">
<table style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 92%; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; margin: 0px auto;">
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Estimated Annual Expenses </div></div>(<ix:nonNumeric name="cef:BasisOfTransactionFeesNoteTextBlock" contextRef="P12_28_2022To12_28_2022_CommonSharesMembercefSecurityAxis" escape="true">as a percentage of net assets attributable to common shares</ix:nonNumeric>)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Management fees<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(3)(4)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:ManagementFeesPercent" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="Fact_62255239">0.80</ix:nonFraction>%&#160;&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Other Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(5),(6)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:OtherAnnualExpensesPercent" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="Fact_62255242">1.64</ix:nonFraction>%&#160;&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Interest Expense<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(7)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Total Annual Fund Operating Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(6)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Fee Waivers and/or Expense Reimbursements<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(4)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#160;<ix:nonFraction name="cef:WaiversAndReimbursementsOfFeesPercent" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_pure" decimals="2" scale="-2" format="ixt:fixed-zero" id="Fact_62255244">&#8212;</ix:nonFraction>&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(4)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:NetExpenseOverAssetsPercent" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="Fact_62255245">2.44</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr></table></ix:nonNumeric></div><ix:continuation id="TextSelection_62255232" continuedAt="TextSelectionAppend_62255232_1"><ix:continuation id="TextSelection_62255238" continuedAt="TextSelectionAppend_62255238_1"><div style="margin-top: 0px; margin-bottom: 0px; border-bottom: 1px solid rgb(0, 0, 0); width: 11%; font-size: 7pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="font-size: 7pt; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div></ix:continuation></ix:continuation><ix:continuation id="TextSelectionAppend_62255232_1">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(1)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">. </div></div>Fund shareholders will pay all offering expenses involved with an offering. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(2)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">The Reinvestment Plan Agent&#8217;s (as defined below under &#8220;Dividend Reinvestment Plan&#8221;) fees for the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. </div></td></tr></table></ix:continuation><ix:continuation id="TextSelectionAppend_62255238_1" continuedAt="TextSelectionAppend_62255238_2"><div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(3)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;"><ix:nonNumeric name="cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true">The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.55% based on an aggregate of (i) the Fund&#8217;s average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, &#8220;average daily Managed Assets&#8221;). &#8220;Net Assets&#8221; means the total assets of the Fund minus the sum of the accrued liabilities. The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund&#8217;s net asset value. The Fund uses leverage in the form of a credit facility, which as of December 19, 2022 amounted to approximately 26.45% of the Fund&#8217;s Managed Assets (approximately 35.95% of the Fund&#8217;s net assets). &#8220;Managed Assets&#8221; means the total assets of the Fund minus the sum of the Fund&#8217;s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund&#8217;s net assets attributable to common stock are the Fund&#8217;s Managed Assets minus the value of the Fund&#8217;s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Fund&#8217;s use of leverage in the form of higher fees as a percentage of the Fund&#8217;s net assets attributable to common stock than if the Fund did not use leverage.</ix:nonNumeric> </div></td></tr></table></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(4)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">The Fund and the Advisor have entered into a fee waiver agreement (the &#8220;Fee Waiver Agreement&#8221;), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#8217;s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (&#8220;ETFs&#8221;) managed by the Advisor or its affiliates that have a contractual management fee, through June&#160;30, 2024. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June&#160;30, 2024. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Directors who are not &#8220;interested persons&#8221; (as defined in the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), of the Fund (the &#8220;Independent Directors&#8221;)) or a majority of the outstanding voting securities of the Fund), upon 90 days&#8217; written notice by the Fund to the Advisor. </div></td></tr></table><div>
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(5)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;"><ix:nonNumeric name="cef:OtherExpensesNoteTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true">Other Expenses have been restated to reflect current fees.</ix:nonNumeric> </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(6)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;"><ix:nonNumeric name="cef:AcquiredFundFeesAndExpensesNoteTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true">The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund&#8217;s most recent annual report, which do not include the restatement of Miscellaneous Other Expenses and Interest Expense to reflect current fees.</ix:nonNumeric> </div></td></tr></table></div></ix:continuation><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 5 - </div><div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div><hr style="color:#999999;height:3px;width:100%"/><div><ix:continuation id="TextSelectionAppend_62255238_2">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(7)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Reflects leverage, in the form of a credit facility, in an amount equal to approximately 26.45% of the Fund&#8217;s Managed Assets as of December&#160;19, 2022. The interest expense borne by the Fund will vary over time in accordance with the level of the Fund&#8217;s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Fund for accounting purposes. </div></td></tr></table></ix:continuation> <ix:nonNumeric name="cef:ExpenseExampleTableTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true" continuedAt="TextSelection_62255199"><ix:nonNumeric name="cef:PurposeOfFeeTableNoteTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true"><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The following example illustrates the expenses (including the sales load of $10 and offering costs of $0.29) that you would pay on a $1,000 investment in common shares, assuming (i)&#160;total net annual expenses of 2.44% of net assets attributable to common shares, and (ii)&#160;a 5% annual return: </div></ix:nonNumeric> </ix:nonNumeric> </div><ix:continuation id="TextSelection_62255199"><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div>
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<td style="vertical-align:bottom;width:9%"/>
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<td style="vertical-align:bottom;width:9%"/>
<td/>
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<td style="vertical-align:bottom;width:9%"/>
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<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">One&#160;Year</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">Three&#160;Years</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">Five&#160;Years</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">Ten&#160;Years</div></td>
<td style="vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total expenses incurred</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;"><ix:nonFraction name="cef:ExpenseExampleYear01" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_USD" decimals="0" scale="0" format="ixt:num-dot-decimal">35</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;"><ix:nonFraction name="cef:ExpenseExampleYears1to3" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_USD" decimals="0" scale="0" format="ixt:num-dot-decimal">85</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;"><ix:nonFraction name="cef:ExpenseExampleYears1to5" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_USD" decimals="0" scale="0" format="ixt:num-dot-decimal">139</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;"><ix:nonFraction name="cef:ExpenseExampleYears1to10" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_USD" decimals="0" scale="0" format="ixt:num-dot-decimal">285</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr></table></div><ix:nonNumeric name="cef:OtherTransactionFeesNoteTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true"><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">The example should not be considered a representation of future expenses. The example assumes that the estimated &#8220;Other expenses&#8221; set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund&#8217;s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </div></div></ix:nonNumeric> </ix:continuation><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 6 - </div><div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div><hr style="color:#999999;height:3px;width:100%"/><div id="toc320889_53" style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">FINANCIAL HIGHLIGHTS </div></div><div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The financial highlights table is intended to help you understand the Fund&#8217;s financial performance for the periods presented. Certain information reflects financial results for a single common share of the Fund. The information for the fiscal years or periods ended December&#160;31, 2021, December&#160;31, 2020, February&#160;28, 2019, February&#160;28, 2018, and February&#160;28, 2017 has been audited by Deloitte&#160;&amp; Touche LLP, independent registered public accounting firm for the Fund. The report of Deloitte&#160;&amp; Touche LLP is included in the Fund&#8217;s December&#160;31, 2021 annual report, is incorporated by reference into the Prospectus and SAI and can be obtained by shareholders. The information for the period from March&#160;1, 2019 to December&#160;31, 2019 has also been audited by Deloitte&#160;&amp; Touche LLP. The information for the period ended June&#160;30, 2022 is unaudited. The Fund&#8217;s financial statements are included in the Fund&#8217;s annual report and semi-annual report are incorporated by reference into the Prospectus and the SAI. </div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">(For a share outstanding throughout each period) </div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div>
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<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="26" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">DSU</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Six&#160;Months&#160;Ended</div></div><br/><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">06/30/22</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Year&#160;Ended&#160;December&#160;31,</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td rowspan="2" style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" rowspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Period&#160;from</div></div><br/><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">03/01/19</div></div><br/><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">to 12/31/19</div></div></td>
<td rowspan="2" style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Year Ended February&#160;28,</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">(unaudited)</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2021</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2018<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(a)</div></div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2017<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(a)</div></div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="font-weight:bold;display:inline;">Net asset value, beginning of period</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.56</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.55</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12.25</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12.16</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12.62</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12.70</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.38</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Net investment income<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(b)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.31</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.61</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.63</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.64</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.79</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.78</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.73</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Net realized and unrealized gain (loss)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(1.36</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.13</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.50</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.21</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.43</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.04</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.34</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Net increase (decrease) from investment operations</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(1.05</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.74</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.13</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.85</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.36</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.74</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">2.07</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="font-weight:bold;display:inline;">Distributions<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(c)</div></div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">From net investment income</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.30</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(d)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.62</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.61</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.73</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.82</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.82</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.75</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Return of capital</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#8212;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.11</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.22</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.03</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#8212;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#8212;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#8212;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Total distributions</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.30</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.73</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.83</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.76</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.82</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.82</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.75</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="font-weight:bold;display:inline;">Net asset value, end of period</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.21</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.56</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.55</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12.25</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12.16</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12.62</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12.70</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="font-weight:bold;display:inline;">Market price, end of period</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">9.14</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.70</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.45</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.20</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.78</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.47</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.68</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="font-weight:bold;display:inline;">Total Return<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(e)</div></div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(8.97</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(f)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6.67</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">2.57</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">8.03</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(f)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">3.86</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6.60</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(g)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">19.57</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr></table></div></div><div></div></div></div> <div><div><div style="background-color:white;display: inline;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 7 - </div><div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div><hr style="color:#999999;height:3px;width:100%"/><div>
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<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
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<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
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<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
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<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td rowspan="2" style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" rowspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Period&#160;from</div></div><br/><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">03/01/19</div></div><br/><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">to 12/31/19</div></div></td>
<td rowspan="2" style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Year Ended February&#160;28,</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">(unaudited)</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2021</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2018<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(a)</div></div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2017<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(a)</div></div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Based on market price</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(19.48</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(f)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">19.33</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.50</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.42</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(f)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.30</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">5.35</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">25.53</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="font-weight:bold;display:inline;">Ratios to Average Net Assets<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(h)</div></div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Total expenses</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.46</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(i)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.34</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.48</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">2.21</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(i)(j)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">2.23</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.86</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.36</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Total expenses after fees waived and/or reimbursed</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.46</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(i)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.34</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.47</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">2.21</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(i)(j)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">2.23</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.85</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.35</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Total expenses after fees waived and/or reimbursed and excluding interest expense</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.88</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(i)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.92</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.91</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.92</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(i)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.96</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.94</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.87</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Net investment income</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">5.59</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(i)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">5.21</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">5.65</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6.25</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.5px">(i)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6.40</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6.12</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6.04</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="font-weight:bold;display:inline;">Supplemental Data</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Net assets, end of period (000)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#160;475,934</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#160;538,681</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#160;537,959</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#160;605,240</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#160;641,220</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#160;742,204</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#160;780,810</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Borrowings outstanding, end of period (000)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P01_01_2022To06_30_2022" unitRef="Unit_USD" decimals="-3" scale="3" format="ixt:num-dot-decimal">222,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P01_01_2021To12_31_2021" unitRef="Unit_USD" decimals="-3" scale="3" format="ixt:num-dot-decimal">248,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3" scale="3" format="ixt:num-dot-decimal">229,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P03_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3" scale="3" format="ixt:num-dot-decimal">262,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P03_01_2018To02_28_2019" unitRef="Unit_USD" decimals="-3" scale="3" format="ixt:num-dot-decimal">278,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P03_01_2017To02_28_2018" unitRef="Unit_USD" decimals="-3" scale="3" format="ixt:num-dot-decimal" id="Fact_62255207">338,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P03_01_2016To02_28_2017" unitRef="Unit_USD" decimals="-3" scale="3" format="ixt:num-dot-decimal" id="Fact_62255208">318,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Asset coverage, end of period per $1,000 of bank borrowings</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P01_01_2022To06_30_2022" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">3,144</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P01_01_2021To12_31_2021" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">3,172</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">3,349</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P03_01_2019To12_31_2019" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">3,310</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P03_01_2018To02_28_2019" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">3,308</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P03_01_2017To02_28_2018" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_62255214">3,196</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P03_01_2016To02_28_2017" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_62255215">3,455</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Portfolio turnover rate</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">47</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">67</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">53</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">62</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">59</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">55</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr></table></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(a)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Consolidated Financial Highlights through November&#160;30, 2017. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(b)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Based on average shares outstanding. </div></td></tr></table>
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(c)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Distributions for annual periods determined in accordance with U.S. federal income tax regulations. </div></td></tr></table><div>
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(d)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">fiscal&#160;year-end.</div> </div></td></tr></table>
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(e)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(f)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Aggregate total return. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(g)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Includes payment from an affiliate, which had no impact on the Fund&#8217;s total return. </div></td></tr></table>
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(h)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. </div></td></tr></table>
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(i)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Annualized. </div></td></tr></table>
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<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(j)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.23%. </div></td></tr></table></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 8 - </div><div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div><hr style="color:#999999;height:3px;width:100%"/>
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<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td rowspan="2" style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" rowspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Year Ended<br/>February&#160;29,<br/>2016</div></div></td>
<td rowspan="2" style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Year Ended February&#160;28,</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td rowspan="2" style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" rowspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Year Ended<br/>February&#160;29,<br/>2012</div></div></td>
<td rowspan="2" style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2015</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2014</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">2013</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="font-weight:bold;display:inline;">Per Share Operating Performance</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Net asset value, beginning of year</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.29</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.44</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.38</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.13</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.28</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Net investment income<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">1</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.26</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.29</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.30</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.33</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.33</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Net realized and unrealized gain (loss)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.49</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.14</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.10</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.25</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.16</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Net increase (decrease) from investment operations</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.23</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.15</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.40</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.58</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.17</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Distributions:<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">2</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">From net investment income</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.27</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.30</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.33</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.33</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.32</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">From return of capital</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#8212;&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#8212;&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.01</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#8212;&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#8212;&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Total distributions</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.27</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.30</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.34</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.33</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.32</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Net asset value, end of year</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">3.79</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.29</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.44</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.38</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.13</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Market price, end of year</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">3.32</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">3.81</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.08</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.46</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.13</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Total Return</div></div><div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">3</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Based on net asset value</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(4.73</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.15</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">9.91</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">14.78</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.53</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Based on market price</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(6.03</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.66</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(0.81</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">16.87</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.47</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="font-weight:bold;display:inline;">Ratios to Average Net Assets</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Total expenses</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.18</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">4</div>&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.24</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.38</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">5 </div>&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.41</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">6 </div>&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.44</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Total expenses after fees waived and paid indirectly</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.18</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.24</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.38</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">5 </div>&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.41</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">6 </div>&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.44</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Total expenses after fees waived and paid indirectly and excluding interest expense and income tax</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.84</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">4 </div>&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.89</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.00</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">5 </div>&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.04</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">7 </div>&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.06</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">7 </div>&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Net investment income</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6.29</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6.68</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6.80</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">7.89</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">6 </div>&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">7.99</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="font-weight:bold;display:inline;">Supplemental Data</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Net assets, end of year (000)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">709,236</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">801,887</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">829,737</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">474,953</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">445,824</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Borrowings outstanding, end of year (000)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P03_01_2015To02_29_2016" unitRef="Unit_USD" decimals="-3" scale="3" format="ixt:num-dot-decimal">190,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P03_01_2014To02_28_2015" unitRef="Unit_USD" decimals="-3" scale="3" format="ixt:num-dot-decimal">295,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P03_01_2013To02_28_2014" unitRef="Unit_USD" decimals="-3" scale="3" format="ixt:num-dot-decimal">315,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P03_01_2012To02_28_2013" unitRef="Unit_USD" decimals="-3" scale="3" format="ixt:num-dot-decimal">190,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P03_01_2011To02_29_2012" unitRef="Unit_USD" decimals="-3" scale="3" format="ixt:num-dot-decimal">145,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Asset coverage, end of year per $1,000 of bank borrowings</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P03_01_2015To02_29_2016" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">4,733</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P03_01_2014To02_28_2015" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">3,719</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P03_01_2013To02_28_2014" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">3,634</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P03_01_2012To02_28_2013" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">3,500</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P03_01_2011To02_29_2012" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">4,075</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Portfolio turnover rate</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">41</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">54</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">54</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">72</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">59</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr></table></div><div></div></div></div> <div> <div style="background-color:white;display: inline;"> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%; border-spacing: 0px;">
<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">1</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Based on average shares outstanding. </div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%; border-spacing: 0px;">
<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">2</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Distributions for annual periods determined in accordance with federal income tax regulations. </div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%; border-spacing: 0px;">
<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">3</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. </div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%; border-spacing: 0px;">
<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">4</td>
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<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">5</td>
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<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">6</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Restated to include income taxes for the consolidated entity. </div> </td> </tr> </table>
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<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">7</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">For the years ended February&#160;28, 2013 and February&#160;29, 2012, the total expense ratio after fees waived and excluding interest expense, borrowing costs and income tax were 0.98% and 0.95%, respectively. </div> </td> </tr> </table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 9 - </div> <div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div> <hr style="color:#999999;height:3px;width:100%"/> <div id="toc320889_54" style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">USE OF PROCEEDS </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The net proceeds from the issuance of common shares hereunder will be invested in accordance with the Fund&#8217;s investment objectives and policies as stated below. We currently anticipate that we will be able to invest all of the net proceeds in accordance with our investment objectives and policies within approximately three months from the date on which the proceeds from an offering are received by the Fund. Pending such investment, it is anticipated that the proceeds will be invested in short-term, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">tax-exempt</div> or taxable investment grade securities or in high quality, short-term money market instruments. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 24pt; background: none;"><div style="font-size: 24pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div id="toc320889_55" style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">THE FUND </div></div> <div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund is a diversified, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">closed-end</div> management investment company registered under the Investment Company Act. The Fund was incorporated as a Maryland corporation on December&#160;10, 1997, pursuant to its charter (the &#8220;Charter&#8221;) and is governed by the laws of the State of Maryland. The Fund&#8217;s principal office is located at 100 Bellevue Parkway, Wilmington, Delaware 19809, and its telephone number is (800) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">882-0052.</div> </div> </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund commenced operations on March&#160;27, 1998, upon the initiation of an initial public offering of 57,500,000 of its common shares. The proceeds of such offering were approximately $625.378&#160;million after the payment of organizational and offering expenses. 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The Board of Directors is authorized, however, to classify and reclassify any unissued shares of capital stock into one or more additional or other classes or series as may be established from time to time by setting or changing in any one or more respects the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or terms or conditions of redemption of such shares of stock and pursuant to such classification or reclassification to increase or decrease the number of authorized shares of any existing class or series. The Fund may reclassify an amount of unissued common shares as preferred shares and at that time offer preferred shares. 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Shareholders are entitled to one vote for each share held. Shareholders do not have preemptive, conversion or subscription rights and the Fund&#8217;s shares of common stock are not redeemable. Shares of common stock, when issued and outstanding, will be fully paid and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">non-assessable.</div> </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund intends to hold annual meetings of shareholders so long as the shares of common stock are listed on a national securities exchange and such meetings are required as a condition to such listing. The Fund will send unaudited reports at least semi-annually and audited annual financial statements to all of its shareholders. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Unlike <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">open-end</div> funds, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">closed-end</div> funds like the Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder determines to buy additional common shares or sell shares already held, the shareholder may do so by trading through a broker on the NYSE or otherwise. Shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">closed-end</div> investment companies frequently trade on an exchange at prices lower than NAV. Shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">closed-end</div> investment companies like the Fund have during some periods traded at prices higher than NAV and during other periods have traded at prices lower than NAV. Because the market value of the common shares may be influenced by such factors as dividend levels (which are in turn affected by expenses), call protection on its portfolio securities, dividend stability, portfolio credit quality, the Fund&#8217;s NAV, relative demand for and supply of such shares in the market, general market and economic conditions, market sentiment and other factors beyond the control of the Fund, the Fund cannot assure you that its common shares will trade at a price equal to or higher than NAV in the future. The common shares are designed primarily for long-term investors and you should not purchase the common shares if you intend to sell them soon after purchase. 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The following table sets forth, for the quarters indicated, the highest and lowest daily closing prices on the NYSE per common share, and the NAV per common share and the premium to or discount from NAV, on the date of each of the high and low market prices. The table also sets forth the number of common shares traded on the NYSE during the respective quarters. </div> </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><br/></div> <div> <div style="text-align: justify; text-indent: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-right: 0px; background: none;"></div> </div> <div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; margin: 0px auto; border-spacing: 0px;">
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<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/> </tr>
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<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">NYSE&#160;Market&#160;Price<br/>Per&#160;Common&#160;Share</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">NAV per<br/>Common<br/>Share on Date of<br/>Market Price</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Premium/<br/>(Discount) on<br/>Date of Market<br/>Price</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Trading</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; white-space: nowrap; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;"> <div style="margin-top: 0px; margin-bottom: 0px; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">During Quarter Ended</div></div> </td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">High</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Low</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">High</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Low</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">High</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Low</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
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<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">September&#160;30, 2022</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P07_01_2022To09_30_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.15</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P07_01_2022To09_30_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">8.83</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
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<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
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<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6,897,776</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">June&#160;30, 2022</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.52</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">8.59</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.34</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.40</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">7.23</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">17.42</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11,465,492</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">March&#160;31, 2022</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.75</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.06</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.57</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.20</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal">1.56</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">10.18</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11,354,361</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">December&#160;31, 2021</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">12.14</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.47</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.61</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.69</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal">4.57</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">1.88</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">7,344,194</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">September&#160;30, 2021</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.73</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.93</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.68</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.65</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal">0.43</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">6.18</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">9,105,172</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">June&#160;30, 2021</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.53</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.86</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.71</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.61</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">1.54</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">6.46</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6,975,149</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
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<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.00</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.37</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.64</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.62</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">5.50</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">10.76</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10,570,729</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">December&#160;31, 2020</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.45</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">9.53</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.55</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.15</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">9.52</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">14.53</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10,387,456</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">September&#160;30, 2020</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.20</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">9.38</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.30</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.88</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">9.73</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">13.79</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">9,759,051</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">June&#160;30, 2020</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">9.92</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">8.21</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.18</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">9.76</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">11.27</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12,886,260</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">March&#160;31, 2020</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.49</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
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<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">12.31</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
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<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">6.66</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">33.05</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">18,832,469</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr> </table> </div> <div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">As of December 20, 2022, the NAV per common share of the Fund was $<ix:nonFraction name="cef:LatestNav" contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.43</ix:nonFraction> and the market price per common share was $<ix:nonFraction name="cef:LatestSharePrice" contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">9.38</ix:nonFraction>, representing a discount to NAV of (<ix:nonFraction name="cef:LatestPremiumDiscountToNavPercent" contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">10.07</ix:nonFraction>)%. Common shares of the Fund have historically traded at both a premium and discount to NAV. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">As of December 20, 2022, the Fund has outstanding 46,610,312 common shares. </div> </div></ix:nonNumeric> <ix:continuation id="TextSelection_62255422"> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="cef:SecurityTitleTextBlock" contextRef="P12_28_2022To12_28_2022_PreferredSharesMembercefSecurityAxis" escape="true">Preferred Shares</ix:nonNumeric> </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In the event the Fund issues preferred shares, it is anticipated that such preferred shares will be issued in one or more series, with rights as determined by the Board of Directors, by action of the Board of Directors without the approval of the holders of common shares. Under the Investment Company Act, the Fund is permitted to have outstanding more than one series of preferred shares so long as no single series has a priority over another series as to the distribution of assets of the Fund or the payment of dividends. Holders of common shares will have no preemptive right to purchase any shares of preferred shares that might be issued. It is anticipated that the NAV per share of any preferred shares to be issued by the Fund will equal its original purchase price per share plus accumulated dividends per share. The Fund does not currently intend to issue preferred shares. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Under the Investment Company Act, the Fund is not permitted to issue preferred shares unless immediately after such issuance the value of the Fund&#8217;s total assets is at least 200% of the liquidation value of the outstanding preferred shares (<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">i.e.</div></div>, the liquidation value may not exceed 50% of the Fund&#8217;s total assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its common shares unless, at the time of such declaration, the value of the Fund&#8217;s total assets is at least 200% of such liquidation value. If the Fund issues preferred shares, it may be subject to restrictions imposed by the guidelines of one or more rating agencies that may issue ratings for preferred shares issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the Investment Company Act. It is not anticipated that these covenants or guidelines would impede the Advisors from managing the Fund&#8217;s portfolio in accordance with the Fund&#8217;s investment objectives and policies. Please see &#8220;Description of Capital Stock&#8221; in the SAI for more information. </div> </ix:continuation> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 11 - </div> <div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div> <hr style="color:#999999;height:3px;width:100%"/> <ix:nonNumeric name="cef:OutstandingSecuritiesTableTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Authorized Shares </div></div> <div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The following table provides the Fund&#8217;s authorized shares and common shares outstanding as of December 20, 2022. </div> </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div> <div>
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<tr style="font-size: 0px;">
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<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; white-space: nowrap; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;"> <div style="margin-top: 0px; margin-bottom: 0px; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">Title of Class</div></div> </td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
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<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Amount&#160;Held<br/>by Fund or<br/>for its<br/>Account</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
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<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><ix:nonNumeric name="cef:OutstandingSecurityTitleTextBlock" contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis" escape="true">Common Shares</ix:nonNumeric></div> </td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_shares" decimals="INF" scale="0" format="ixt:num-dot-decimal">400,000,000</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;"><ix:nonFraction name="cef:OutstandingSecurityHeldShares" contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_shares" decimals="INF" scale="0" format="ixt:num-dot-decimal">0</ix:nonFraction></td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
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<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr> </table> </div></ix:nonNumeric> <ix:nonNumeric name="cef:InvestmentObjectivesAndPracticesTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true" continuedAt="TextSelection_62255260"><div style="margin-bottom: 0px; margin-top: 0px; font-size: 24pt; background: none;"><div style="font-size: 24pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div id="toc320889_57" style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; text-indent: 0px; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">THE FUND&#8217;S INVESTMENTS </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Investment Objectives and Policies </div><br/></div> <div style="text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;"><br/></div> <div style="text-align: justify; text-indent: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-right: 0px; background: none;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Please refer to the <a href="http://www.sec.gov/Archives/edgar/data/0001259708/000119312522065652/d297148dncsr.htm#tx296099_17">section of the Fund&#8217;s most recent annual report on Form <span style="white-space: nowrap; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">N-CSR</span> entitled &#8220;Investment Objectives, Policies and Risks&#8212;BlackRock Debt Strategies Fund, Inc. (DSU)&#8221;</a>, which is incorporated by reference herein, for a discussion of the Fund&#8217;s investment objectives and policies. </div></div> <div style="text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Investment Process </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In selecting debt instruments and other securities for the Fund, the Advisors will seek to identify issuers and industries that the Advisors believe are likely to experience stable or improving financial conditions. The Advisors&#8217; analysis will include: </div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div>
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Ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market value risk of such obligations. Although these ratings may be an initial criterion for selection of portfolio investments, the Advisors also will independently evaluate these securities and the ability of the issuers of such securities to pay interest and principal. To the extent that the Fund invests in lower grade securities that have not been rated by a rating agency, the Fund&#8217;s ability to achieve its investment objectives will be more dependent on the Advisors&#8217; credit analysis than would be the case when the Fund invests in rated securities. </div> </ix:continuation> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 13 - </div> <div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_1" continuedAt="TextSelectionAppend_62255260_2"> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Distressed and Defaulted Securities </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may invest in securities of financially distressed and bankrupt issuers, including debt obligations that are in covenant or payment default. Such investments generally trade significantly below par and are considered speculative. The repayment of defaulted obligations is subject to significant uncertainties. Defaulted obligations might be repaid only after lengthy workout or bankruptcy proceedings, during which the issuer might not make any interest or other payments. Typically such workout or bankruptcy proceedings result in only partial recovery of cash payments or an exchange of the defaulted obligation for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid or speculative. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Senior Loans </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The senior loans in which the Fund invests may consist of direct obligations of a borrower undertaken to finance the growth of the borrower&#8217;s business, internally or externally, or to finance a capital restructuring. Senior loans may also include debtor in possession financings pursuant to Chapter 11 of the U.S. Bankruptcy Code and obligations of a borrower issued in connection with a restructuring pursuant to Chapter 11 of the U.S. Bankruptcy Code. A significant portion of such senior loans are highly leveraged loans such as leveraged <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">buy-out</div> loans, leveraged recapitalization loans and other types of acquisition loans. Such senior loans may be structured to include both term loans, which are generally fully funded at the time of the Fund&#8217;s investment, and revolving credit facilities or delayed draw term loans, which would require the Fund to make additional investments in the senior loans as required under the terms of the credit facility. Such senior loans may also include receivables purchase facilities, which are similar to revolving credit facilities secured by a borrower&#8217;s receivables, senior loans designed to provide &#8220;bridge&#8221; financing to a borrower pending the sale of identified assets or the arrangement of longer-term loans or the issuance and sale of debt obligations or senior loans of borrowers that have obtained bridge loans from other parties. Senior loans generally are issued in the form of senior syndicated loans, but the Fund also may invest from time to time in privately placed notes, credit linked notes, structured notes or other instruments with credit and pricing terms which are, in the opinion of the Advisors, consistent with investments in senior loan obligations. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The senior loans in which the Fund invests typically have stated maturities ranging from five to nine years, though such stated maturities could vary from this range and the Fund is not subject to any restrictions with respect to the maturity of senior loans held in its portfolio. As a result, as short-term interest rates increase, interest payable to the Fund from its investments in senior loans should increase, and as short-term interest rates decrease, interest payable to the Fund from its investments in senior loans should decrease. Because of prepayments, the Advisors expect the average life of the senior loans in which the Fund invests to be shorter than the stated maturity. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The senior loans in which the Fund invests generally hold a senior position in the capital structure of the borrower. Such loans may include loans that hold the most senior position, loans that hold an equal ranking with other senior debt, or loans that are, in the judgment of the Advisors, in the category of senior debt. A senior position in the borrower&#8217;s capital structure generally gives the holder of the senior loan a claim on some or all of the borrower&#8217;s assets that is senior to that of subordinated debt, preferred stock and common stock in the event the borrower defaults or becomes bankrupt. The senior loans in which the Fund invests may be wholly or partially secured by collateral, or may be unsecured. In the event of a default, the ability of an investor to have access to any collateral may be limited by bankruptcy and other insolvency laws. The value of the collateral also may decline subsequent to the Fund&#8217;s investment in the senior loan. Under certain circumstances, the collateral may be released with the consent of the Agent Bank and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lenders</div> (each as defined below), or pursuant to the terms of the underlying credit agreement with the borrower. There is no assurance that the liquidation of the collateral will satisfy the borrower&#8217;s obligation in the event of nonpayment of scheduled interest or principal, or that the collateral could be readily liquidated. As a result, the Fund might not receive payments to which it is entitled and thereby may experience a decline in the value of the investment, and possibly, its NAV. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In the case of highly leveraged senior loans, a borrower is often required to pledge collateral that may include (i)&#160;working capital assets, such as accounts receivable and inventory, (ii)&#160;tangible fixed assets, such as real property, buildings and equipment, (iii)&#160;intangible assets, such as trademarks, copyrights and patent rights and/or (iv)&#160;security interests in securities of subsidiaries or affiliates. Collateral also may include guarantees or other credit support by subsidiaries or affiliates. In some cases the only collateral for the senior loan is the stock of the borrower and/or its subsidiaries and affiliates. To the extent a senior loan is secured by stock of the borrower </div> </ix:continuation> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 14 - </div> <div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_2" continuedAt="TextSelectionAppend_62255260_3"> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">and/or its subsidiaries and affiliates, such stock may lose all of its value in the event of a bankruptcy or insolvency of the borrower. 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Project finance credit facilities typically provide for payment of interest from escrowed funds during a scheduled construction period, and for the pledge of current and fixed assets after the project is constructed and becomes operational. During the construction period, however, the lenders bear the risk that the project will not be constructed in a timely manner, or will exhaust project funds prior to completion. In such an event, the lenders may need to take legal action to enforce the completion guaranties, or may need to lend more money to the project on less favorable financing terms, or may need to liquidate the undeveloped project assets. There can be no assurance in any of such cases that the lenders will recover all of their invested capital. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The rate of interest payable on senior floating rate loans is established as the sum of a base lending rate plus a specified margin. These base lending rates generally are the prime rate (&#8220;Prime Rate&#8221;) of a designated U.S. bank, London Interbank Offered Rate (&#8220;LIBOR&#8221;), the Certificate of Deposit (&#8220;CD&#8221;) rate or another base lending rate used by commercial lenders. The interest rate on Prime Rate-based senior loans floats daily as the Prime Rate changes, while the interest rate on LIBOR-based and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">CD-based</div> senior loans is reset periodically, typically every one, two, three or six months. Certain of the senior floating rate loans in which the Fund invests permit the borrower to select an interest rate reset period of up to one year. A portion of the Fund&#8217;s portfolio may be invested in senior loans with interest rates that are fixed for the term of the loan. Investment in senior loans with longer interest rate reset periods or fixed interest rates may increase fluctuations in the Fund&#8217;s NAV, and potentially the market price of the Fund&#8217;s shares of common stock, as a result of changes in interest rates. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may receive and/or pay certain fees in connection with its lending activities. These fees are in addition to interest payments received and may include facility fees, commitment fees, amendment and waiver fees, commissions and prepayment fees. In certain circumstances, the Fund may receive a prepayment fee on the prepayment of a senior loan by a borrower. In connection with the acquisition of senior loans or other debt securities, the Fund also may acquire warrants and other debt and equity securities of the borrower or issuer or its affiliates. The Fund may also acquire other debt and equity securities of the borrower or issuer in connection with an amendment, waiver, conversion or exchange of a senior loan or in connection with a bankruptcy or workout of the borrower or issuer. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In making an investment in a senior loan, the Advisors will consider factors deemed by it to be appropriate to the analysis of the borrower and the senior loan. The Advisors performs their own independent credit analysis of the borrower in addition to utilizing information prepared and supplied by the Agent Bank, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant (each defined below) from whom the Fund purchases its interest in a senior loan. Such factors include, but are not limited to, the legal/protective features associated with the securities (such as their position in the borrower&#8217;s capital structure and any security through collateral), financial ratios of the borrower such as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">pre-tax</div> interest coverage, leverage ratios, and the ratios of cash flows to total debts and the ratio of tangible assets to debt. In its analysis of these factors, the Advisors also will be influenced by the nature of the industry in which the borrower is engaged, the nature of the borrower&#8217;s assets and the Advisors&#8217; assessments of the general quality of the borrower. The Advisors&#8217; analysis continues on an ongoing basis for any senior loans in which the Fund has invested. Although the Advisors use due care in making such analysis, there can be no assurance that such analysis will disclose factors that may impair the value of the senior loan. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Senior loans made in connection with highly leveraged transactions are subject to greater credit risks than other senior loans in which each Fund may invest. These credit risks include a greater possibility of default or bankruptcy of the borrower and the assertion that the pledging of collateral to secure the loan constituted a fraudulent conveyance or preferential transfer which can be nullified or subordinated to the rights of other creditors of the borrower under applicable law. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Many senior loans in which the Fund invests may not be rated by a rating agency, are not registered with the SEC, or any state securities commission, and are not listed on any national securities exchange. Borrowers may have outstanding debt obligations that are rated below investment grade by a rating agency. Many of the senior loans in </div> </ix:continuation> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 15 - </div> <div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_3" continuedAt="TextSelectionAppend_62255260_4"> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">which the Fund invests will have been assigned below investment grade ratings by independent rating agencies. In the event senior loans are not rated, they are likely to be the equivalent of below investment grade quality. The Advisors do not view ratings as the determinative factor in its investment decisions and relies more upon its credit analysis abilities than upon ratings. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Except with respect to high yield securities which are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest at the time of acquisition by the Fund or are rated in the lowest rating categories (Ca or lower by Moody&#8217;s, CC or lower by S&amp;P or CC or lower by Fitch) or, if unrated, are considered by the Advisors to be of comparable quality (&#8220;Distressed Securities&#8221;), the Fund has no policy with regard to minimum ratings for senior loans in which it may invest. The Fund may purchase and retain in its portfolio senior loans where the borrower has experienced, or may be perceived to be likely to experience, credit problems, including involvement in or recent emergence from bankruptcy reorganization proceedings or other forms of debt restructuring. Such investments may provide opportunities for enhanced income as well as capital appreciation, although they also will be subject to greater risk of loss. At times, in connection with the restructuring of a senior loan either outside of bankruptcy court or in the context of bankruptcy court proceedings, the Fund may determine or be required to accept equity securities or junior fixed-income securities in exchange for all or a portion of a senior loan. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The secondary market for trading of senior loans continues to develop and mature. One of the effects of a more active and liquid secondary market, however, is that a senior loan may trade at a premium or discount to the principal amount, or par value, of the loan. There are many factors that influence the market value of a senior loan, including technical factors relating to the operation of the loan market, supply and demand conditions, market perceptions about the credit quality or financial condition of the borrower or more general concerns about the industry in which the borrower operates. The Fund participates in this secondary market for senior loans, purchasing and selling loans that may trade at a premium or discount to the par value of the loan. However, no active trading market may exist for some senior loans and some loans may be subject to restrictions on resale. A secondary market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the ability to realize full value and thus cause a material decline in the Fund&#8217;s NAV. In addition, the Fund may not be able to readily dispose of its senior loans at prices that approximate those at which the Fund could sell such loans if they were more widely-traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. During periods of limited supply and liquidity of senior loans, the Fund&#8217;s yield may be lower. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">When interest rates decline, the value of a fund invested in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a fund invested in fixed rate obligations can be expected to decline. Although changes in prevailing interest rates can be expected to cause some fluctuations in the value of floating rate senior loans (due to the fact that floating rates on senior loans only reset periodically), the value of floating rate senior loans is substantially less sensitive to changes in market interest rates than fixed rate instruments. As a result, to the extent the Fund invests in floating rate senior loans, the Fund&#8217;s portfolio may be less volatile and less sensitive to changes in market interest rates than if the Fund invested in fixed rate obligations. Similarly, a sudden and significant increase in market interest rates may cause a decline in the value of these investments and in the Fund&#8217;s NAV. Other factors (including, but not limited to, rating downgrades, credit deterioration, a large downward movement in stock prices, a disparity in supply and demand of certain securities or market conditions that reduce liquidity) can reduce the value of senior loans and other debt obligations, impairing the Fund&#8217;s NAV. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">A borrower must comply with various restrictive covenants contained in any credit agreement between the borrower and the lending syndicate. Such covenants, in addition to requiring the scheduled payment of interest and principal, may include restrictions on dividend payments and other distributions to stockholders, provisions requiring the borrower to maintain specific financial ratios or relationships, limits on total debt and restrictions on the borrower&#8217;s ability to pledge its assets. In addition, the loan agreement may contain a covenant requiring the borrower to prepay the senior loan with any excess cash flow. Excess cash flow generally includes net cash flow after scheduled debt service payments and permitted capital expenditures, among other things, as well as the proceeds from asset dispositions or sales of securities. A breach of a covenant (after giving effect to any cure period) which is not waived by the Agent Bank and the lending syndicate normally is an event of default (i.e., the Agent Bank has the right to call the outstanding senior loan). </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div> </ix:continuation> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 16 - </div> <div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_4" continuedAt="TextSelectionAppend_62255260_5"> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Senior loans usually require, in addition to scheduled payments of interest and principal, the prepayment of the senior loan from excess cash flow, as discussed above, and typically permit the borrower to prepay at its election. The degree to which borrowers prepay senior loans, whether as a contractual requirement or at their election, may be affected by general business conditions, the financial condition of the borrower and competitive conditions among lenders, among other factors. Accordingly, prepayments cannot be predicted with accuracy. Upon a prepayment, the Fund may receive both a prepayment fee from the prepaying borrower and a facility fee on the purchase of a new senior loan with the proceeds from the prepayment of the former. Such fees may mitigate any adverse impact on the yield on the Fund&#8217;s portfolio which may arise as a result of prepayments and the reinvestment of such proceeds in senior loans bearing lower interest rates. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">A senior loan in which the Fund may invest typically is originated, negotiated and structured by a syndicate of lenders <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">(&#8220;Co-Lenders&#8221;)</div> consisting of commercial banks, thrift institutions, insurance companies, finance companies, investment banking firms, securities brokerage houses or other financial institutions or institutional investors, one or more of which administers the loan on behalf of the syndicate (the &#8220;Agent Bank&#8221;). <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lenders</div> may sell senior loans to third parties (&#8220;Participants&#8221;). The Fund invests in a senior loan either by participating in the primary distribution as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> at the time the loan is originated or by buying an assignment or participation interest in the senior loan in the secondary market from a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or a Participant. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may invest in a senior loan at origination as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or by acquiring an assignment or participation interest in the secondary market from a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant. If the Fund purchases an assignment, the Fund typically accepts all of the rights of the assigning lender in a senior loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower and assumes all of the obligations of the assigning lender, including any obligations to make future advances to the borrower. As a result, therefore, the Fund has the status of a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender.</div> In some cases, the rights and obligations acquired by a purchaser of an assignment may differ from, and may be more limited than, the rights and obligations of the assigning lender. The Fund also may purchase a participation in a portion of the rights of a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant in a senior loan by means of a participation agreement. A participation is similar to an assignment in that the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant transfers to the Fund all or a portion of an interest in a senior loan. Unlike an assignment, however, a participation does not establish any direct relationship between the Fund and the borrower. In such a case, the Fund is required to rely on the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant that sold the participation not only for the enforcement of the Fund&#8217;s rights against the borrower but also for the receipt and processing of payments due to the Fund under the senior loans. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Because it may be necessary to assert through a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant such rights as may exist against the borrower, in the event the borrower fails to pay principal and interest when due, the Fund may be subject to delays, expenses and risks that are greater than those that would be involved if the Fund could enforce its rights directly against the borrower. Moreover, under the terms of a participation, the Fund may be regarded as a creditor of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant that sold the participation (rather than of the borrower), so that the Fund may also be subject to the risk that the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant may become insolvent. Similar risks may arise with respect to the Agent Bank, as described below. Further, in the event of the bankruptcy or insolvency of the borrower, the obligation of the borrower to repay the senior loan may be subject to certain defenses that can be asserted by such borrower as a result of improper conduct by the Agent Bank, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In a typical senior loan, the Agent Bank administers the terms of the credit agreement and is responsible for the collection of principal and interest and fee payments from the borrower and the apportionment of these payments to the credit of all lenders which are parties to the credit agreement. The Fund generally relies on the Agent Bank (or the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant that sold the Fund a participation interest) to collect its portion of the payments on the senior loan. Furthermore, the Fund generally relies on the Agent Bank to use appropriate creditor remedies against the borrower. Typically, under credit agreements, the Agent Bank is given broad discretion in enforcing the credit agreement, and is obligated to use only the same care it would use in the management of its own property. The borrower compensates the Agent Bank for these services. Such compensation may include special fees paid on structuring and funding the senior loan and other fees paid on a continuing basis. </div> </ix:continuation> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 17 - </div> <div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_5" continuedAt="TextSelectionAppend_62255260_6"> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In the event that an Agent Bank becomes insolvent, or has a receiver, conservator, or similar official appointed for it by the appropriate bank regulatory authority or becomes a debtor in a bankruptcy proceeding, assets held by the Agent Bank under the credit agreement should remain available to holders of senior loans. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">If, however, assets held by the Agent Bank for the benefit of the Fund were determined by an appropriate regulatory authority or court to be subject to the claims of the Agent Bank&#8217;s general or secured creditors, the Fund might incur certain costs and delays in realizing payment on a senior loan or suffer a loss of principal and/or interest. In situations involving a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant that sold the Fund a participation interest, similar risks may arise, as described above. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may have certain obligations pursuant to a credit agreement, which may include the obligation to make future advances to the borrower in connection with revolving credit facilities in certain circumstances. These commitments may have the effect of requiring the Fund to increase its investment in a borrower at a time it might not be desirable to do so (including at a time when the borrower&#8217;s financial condition makes it unlikely that such amounts will be repaid). The Fund currently intends to reserve against such contingent obligations by designating sufficient investments in liquid assets on its books and records. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may obtain exposure to senior loans through the use of derivative instruments, which have recently become increasingly available. The Advisors may utilize these instruments and similar instruments that may be available in the future. The Fund may invest in a derivative instrument known as a Select Aggregate Market Index (&#8220;SAMI&#8221;), which provides investors with exposure to a reference basket of senior loans. SAMIs are structured as floating rate instruments. SAMIs consist of a basket of credit default swaps whose underlying reference securities are senior secured loans. While investing in SAMIs will increase the universe of floating rate fixed-income securities to which the Fund is exposed, such investments entail risks that are not typically associated with investments in other floating rate fixed-income securities. The liquidity of the market for SAMIs will be subject to liquidity in the secured loan and credit derivatives markets. Investment in SAMIs involves many of the risks associated with investments in derivative instruments discussed generally herein. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Second Lien Loans </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may invest in second lien or other subordinated or unsecured floating rate and fixed rate loans or debt. Second lien loans have the same characteristics as senior loans except that such loans are second in lien property rather than first. Second lien loans typically have adjustable floating rate interest payments. Accordingly, the risks associated with second lien loans are higher than the risk of loans with first priority over the collateral. In the event of default on a second lien loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for the second priority lien holder, which may result in a loss of investment to the Fund. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Mezzanine Loans </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may invest in mezzanine loans. Structurally, mezzanine loans usually rank subordinate in priority of payment to senior debt, such as senior bank debt, and are often unsecured. However, mezzanine loans rank senior to common and preferred equity in a borrower&#8217;s capital structure. Mezzanine debt is often used in leveraged buyout and real estate finance transactions. Typically, mezzanine loans have elements of both debt and equity instruments, offering the fixed returns in the form of interest payments associated with senior debt, while providing lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of warrants. Due to their higher risk profile and often less restrictive covenants as compared to senior loans, mezzanine loans generally earn a higher return than senior secured loans. The warrants associated with mezzanine loans are typically detachable, which allows lenders to receive repayment of their principal on an agreed amortization schedule while retaining their equity interest in the borrower. Mezzanine loans also may include a &#8220;put&#8221; feature, which permits the holder to sell its equity interest back to the borrower at a price determined through an agreed-upon formula. Mezzanine investments may be issued with or without registration rights. Similar to other high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average life is significantly shorter at three to five years; however, maturities and expected average lives could vary from these ranges and the Fund is not subject to any restrictions with respect to the maturities or expected average lives of mezzanine loans held in its portfolio. 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The Fund may invest in RMBS and CMBS issued by governmental entities and private issuers, including subordinated MBS and residual interests. 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The Fund may invest in any class of security included in a securitization. In the event of default and the exhaustion of any equity support, reserve fund, letter of credit, mezzanine loans or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">B-Notes,</div> and any classes of securities junior to those in which the Fund invests, the Fund will not be able to recover all of its investment in the MBS it purchases. MBS in which the Fund invests may not contain reserve funds, letters of credit, mezzanine loans and/or junior classes of securities. The prices of lower credit quality securities are generally less sensitive to interest rate changes than more highly rated investments, but more sensitive to adverse economic downturns or individual issuer developments. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">Mortgage Pass-Through Securities. </div></div>Mortgage pass-through securities differ from other forms of fixed-income securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a &#8220;pass through&#8221; of the monthly payments made by the individual borrowers on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs that may be incurred. Some mortgage related securities (such as securities issued by the Government National Mortgage Association (&#8220;GNMA&#8221;)) are described as &#8220;modified pass-through.&#8221; These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">RMBS. </div></div>RMBS are securities the payments on which depend primarily on the cash flow from residential mortgage loans made to borrowers that are secured, on a first priority basis or second priority basis, subject to permitted liens, easements and other encumbrances, by residential real estate <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">(one-</div> to four-family properties), the proceeds of which are used to purchase real estate and purchase or construct dwellings thereon or to refinance indebtedness previously used for such purposes. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Non-agency</div> residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a </div> </ix:continuation> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 19 - </div> <div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_7" continuedAt="TextSelectionAppend_62255260_8"> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">borrower to repay a loan secured by residential property is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower&#8217;s ability to repay its loans. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">Agency RMBS. </div></div>The principal U.S. Governmental guarantor of mortgage related securities is GNMA, which is a wholly owned U.S. Government corporation within the Department of Housing and Urban Development. GNMA is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgages insured by the Federal Housing Administration (&#8220;FHA&#8221;) or guaranteed by the Department of Veterans Affairs (&#8220;VA&#8221;). MBS issued by GNMA include GNMA Mortgage Pass-Through Certificates (also known as &#8220;Ginnie Maes&#8221;) which are guaranteed as to the timely payment of principal and interest by GNMA and such guarantees are backed by the full faith and credit of the United States. GNMA certificates also are supported by the authority of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (&#8220;FNMA&#8221;) and the Federal Home Loan Mortgage Corporation (&#8220;FHLMC&#8221;). FNMA is a government-sponsored corporation the common stock of which is owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA (also known as &#8220;Fannie Maes&#8221;) are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC was created by Congress in 1970 for the purpose of increasing the availability of mortgage credit for residential housing. It is a government-sponsored corporation that issues FHLMC Guaranteed Mortgage Pass-Through Certificates (also known as &#8220;Freddie Macs&#8221; or &#8220;PCs&#8221;), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In 2008, the Federal Housing Finance Agency (&#8220;FHFA&#8221;) placed FNMA and FHLMC into conservatorship. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its MBS. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. In connection with the conservatorship, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with each of FNMA and FHLMC pursuant to which the U.S. Treasury would purchase up to an aggregate of $100&#160;billion of each of FNMA and FHLMC to maintain a positive net worth in each enterprise. This agreement contains various covenants that severely limit each enterprise&#8217;s operations. In exchange for entering into these agreements, the U.S. Treasury received $1&#160;billion of each enterprise&#8217;s senior preferred stock and warrants to purchase 79.9% of each enterprise&#8217;s common stock. In February 2009, the U.S. Treasury doubled the size of its commitment to each enterprise under the Senior Preferred Stock Program to $200&#160;billion. The U.S. Treasury&#8217;s obligations under the Senior Preferred Stock Program are for an indefinite period of time for a maximum amount of $200&#160;billion per enterprise. In December 2009, the U.S. Treasury announced further amendments to the Senior Preferred Stock Purchase Agreements and extended additional financial support to certain governmentally supported entities, including the Federal Home Loan Banks (&#8220;FHLBs&#8221;), FNMA and FHLMC. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact FNMA, FHLMC and the FHLBs, and the values of their related securities or obligations. There is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. In August 2012, the U.S. Treasury announced a third amendment to the Amended and Restated Senior Preferred Stock Purchase Agreements that replaced the fixed-dividend rate of 10% with a variable dividend structure, in which FNMA and FHLMC would transfer to the U.S. Treasury on a quarterly basis all net profits during that quarter. Each enterprise would also be required to reduce its investment portfolios by 15% rather than the previously established 10% annual reduction. In December 2017, FHFA and the U.S. Treasury agreed to reinstate a $3&#160;billion capital reserve amount for each of FNMA and FHLMC. The agreements changed the terms of the Senior Preferred Stock certificate to permit each of FNMA and FHLMC to retain a $3&#160;billion capital reserve each quarter so that each of FNMA and FHLMC will only pay a dividend to the U.S. Treasury if the net worth at the end of a quarter is more than $3&#160;billion. </div> </ix:continuation> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;">- 20 - </div> <div style="margin-top: 0px; margin-bottom: 0px; break-before: page;"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_8" continuedAt="TextSelectionAppend_62255260_9"> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Under the Federal Housing Finance Regulatory Reform Act of 2008 (the &#8220;Reform Act&#8221;), which was included as part of the Housing and Economic Recovery Act of 2008, FHFA, as conservator or receiver, has the power to repudiate any contract entered into by FNMA or FHLMC prior to FHFA&#8217;s appointment as conservator or receiver, as applicable, if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the contract promotes the orderly administration of FNMA&#8217;s or FHLMC&#8217;s affairs. The Reform Act requires FHFA to exercise its right to repudiate any contract within a reasonable period of time after its appointment as conservator or receiver. FHFA, in its capacity as conservator, has indicated that it has no intention to repudiate the guaranty obligations of FNMA or FHLMC because FHFA views repudiation as incompatible with the goals of the conservatorship. However, in the event that FHFA, as conservator or if it is later appointed as receiver for FNMA or FHLMC, were to repudiate any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only to the extent of FNMA&#8217;s or FHLMC&#8217;s assets available therefor. In the event of repudiation, the payments of interest to holders of FNMA or FHLMC MBS would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such MBS are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such MBS holders. Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. Although FHFA has stated that it has no present intention to do so, if FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC MBS would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. In addition, certain rights provided to holders of MBS issued by FNMA and FHLMC under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and FHLMC MBS may provide (or with respect to securities issued prior to the date of the appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such MBS have the right to replace FNMA or FHLMC as trustee if the requisite percentage of MBS holders consent. The Reform Act prevents MBS holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. A 2011 report to Congress from the Treasury Department and the Department of Housing and Urban Development set forth a plan to reform America&#8217;s housing finance market, which would reduce the role of and eventually eliminate FNMA and FHLMC. Notably, the plan did not propose similar significant changes to GNMA, which guarantees payments on mortgage related securities backed by federally insured or guaranteed loans. The report also identified three proposals for Congress and the administration to consider for the long-term structure of the housing finance markets after the elimination of FNMA and FHLMC, including implementing: (i)&#160;a privatized system of housing finance that limits government insurance to very limited groups of creditworthy <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">low-</div> and moderate-income borrowers; (ii)&#160;a privatized system with a government backstop mechanism that would allow the government to insure a larger share of the housing finance market during a future housing crisis; and (iii)&#160;a privatized system where the government would offer reinsurance to holders of certain highly rated mortgage related securities insured by private insurers and would pay out under the reinsurance arrangements only if the private mortgage insurers were insolvent. </div> </ix:continuation></div> <div></div> </div> <div><div style="background-color:white;display: inline;"><ix:continuation id="TextSelectionAppend_62255260_9" continuedAt="TextSelectionAppend_62255260_10"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;"><div style="white-space:nowrap;display:inline;">Non-Agency</div> RMBS. </div><div style="white-space:nowrap;display:inline;">Non-agency</div> RMBS are issued by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other <div style="white-space:nowrap;display:inline;">non-governmental</div> issuers. Timely payment of principal and interest on RMBS backed by pools created by <div style="white-space:nowrap;display:inline;">non-governmental</div> issuers often is supported partially by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance. The insurance and guarantees are issued by government entities, private insurers and the mortgage poolers. There can be no assurance that the private insurers or mortgage poolers can meet their obligations under the policies, so that if the issuers default on their obligations, the holders of the security could sustain a loss. No insurance or guarantee covers the Fund or the price of the Fund&#8217;s common shares. RMBS issued by <div style="white-space:nowrap;display:inline;">non-governmental</div> issuers generally offer a higher rate of interest than government agency and government-related securities because there are no direct or indirect government guarantees of payment. </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 21 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_10" continuedAt="TextSelectionAppend_62255260_11"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">CMBS. </div>CMBS generally are multi-class debt or pass-through certificates secured or backed by mortgage loans on commercial properties. CMBS generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. This protection generally is provided by having the holders of subordinated classes of securities (&#8220;Subordinated CMBS&#8221;) take the first loss if there are defaults on the underlying commercial mortgage loans. Other protection, which may benefit all of the classes or particular classes, may include issuer guarantees, reserve funds, additional Subordinated CMBS, cross-collateralization and over-collateralization. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in Subordinated CMBS, which are subordinated in some manner as to the payment of principal and/or interest to the holders of more senior CMBS arising out of the same pool of mortgages and which are often referred to as <div style="white-space:nowrap;display:inline;">&#8220;B-Pieces.&#8221;</div> The holders of Subordinated CMBS typically are compensated with a higher stated yield than are the holders of more senior CMBS. On the other hand, Subordinated CMBS typically subject the holder to greater risk than senior CMBS and tend to be rated in a lower rating category (frequently a substantially lower rating category) than the senior CMBS issued in respect of the same mortgage pool. Subordinated CMBS generally are likely to be more sensitive to changes in prepayment and interest rates and the market for such securities may be less liquid than is the case for traditional income securities and senior CMBS. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">CMOs</div>. A CMO is a multi-class bond backed by a pool of mortgage pass-through certificates or mortgage loans. CMOs may be collateralized by (i)&#160;GNMA, FNMA or FHLMC pass-through certificates, (ii)&#160;unsecuritized mortgage loans insured by the FHA or guaranteed by the VA, (iii)&#160;unsecuritized conventional mortgages, (iv)&#160;other MBS or (v)&#160;any combination thereof. Each class of a CMO, often referred to as a &#8220;tranche,&#8221; is issued at a specific coupon rate and has a stated maturity or final distribution date. Principal prepayments on collateral underlying a CMO may cause it to be retired substantially earlier than its stated maturity or final distribution date. The principal and interest on the underlying mortgages may be allocated among the several classes of a series of a CMO in many ways. One or more tranches of a CMO may have coupon rates which reset periodically at a specified increment over an index, such as LIBOR (or sometimes more than one index). These floating rate CMOs typically are issued with lifetime caps on the coupon rate thereon. CMO residuals represent the interest in any excess cash flow remaining after making the payments of interest and principal on the tranches issued by the CMO and the payment of administrative expenses and management fees. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in inverse floating rate CMOs. Inverse floating rate CMOs constitute a tranche of a CMO with a coupon rate that moves in the reverse direction relative to an applicable index such as LIBOR. Accordingly, the coupon rate thereon will increase as interest rates decrease. Inverse floating rate CMOs are typically more volatile than fixed or floating rate tranches of CMOs. Many inverse floating rate CMOs have coupons that move inversely to a multiple of an index. The effect of the coupon varying inversely to a multiple of an applicable index creates a leverage factor. Inverse floating rate debt instruments (&#8220;inverse floaters&#8221;) based on multiples of a stated index are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and loss of principal. The market for inverse floating rate CMOs with highly leveraged characteristics at times may be very thin. The Fund&#8217;s ability to dispose of its positions in such securities will depend on the degree of liquidity in the markets for such securities. It is impossible to predict the amount of trading interest that may exist in such securities, and therefore the future degree of liquidity. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Stripped MBS. </div>Stripped MBS are created by segregating the cash flows from underlying mortgage loans or mortgage securities to create two or more new securities, each receiving a specified percentage of the underlying security&#8217;s principal or interest payments. Mortgage securities may be partially stripped so that each investor class receives some interest and some principal. When securities are completely stripped, however, all of the interest is distributed to holders of one type of security, known as an interest-only security (or &#8220;IO&#8221;), and all of the principal is distributed to holders of another type of security, known as a principal-only security (or &#8220;PO&#8221;). Strips can be created in a pass-through structure or as tranches of a CMO. The yields to maturity on IOs and POs are very sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying mortgage assets experience less than anticipated prepayments of principal, the yield on POs could be materially and adversely affected. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Adjustable Rate Mortgage Securities</div>. Adjustable rate mortgages (&#8220;ARMs&#8221;) have interest rates that reset at periodic intervals. Acquiring ARMs permits the Fund to participate in increases in prevailing current interest rates </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 22 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_11" continuedAt="TextSelectionAppend_62255260_12"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">through periodic adjustments in the coupons of mortgages underlying the pool on which ARMs are based. Such ARMs generally have higher current yield and lower price fluctuations than is the case with more traditional fixed-income securities of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, the Fund may potentially reinvest the proceeds of such prepayments at rates higher than those at which they were previously invested. Mortgages underlying most ARMs, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, the Fund, when holding an ARM, does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of the coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, ARMs behave more like fixed-income securities and less like adjustable-rate securities and are subject to the risks associated with fixed-income securities. In addition, during periods of rising interest rates, increases in the coupon rate of ARMs generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;"><div style="white-space:nowrap;display:inline;">Sub-Prime</div> Mortgages</div>. <div style="white-space:nowrap;display:inline;">Sub-prime</div> mortgages are mortgages rated below &#8220;A&#8221; by S&amp;P, Moody&#8217;s, or Fitch. Historically, <div style="white-space:nowrap;display:inline;">sub-prime</div> mortgage loans have been made to borrowers with blemished (or <div style="white-space:nowrap;display:inline;">non-existent)</div> credit records, and the borrower is charged a higher interest rate to compensate for the greater risk of delinquency and the higher costs of loan servicing and collection. <div style="white-space:nowrap;display:inline;">Sub-prime</div> mortgages are subject to both state and federal anti-predatory lending statutes that carry potential liability to secondary market purchasers such as the Fund. <div style="white-space:nowrap;display:inline;">Sub-prime</div> mortgages have certain characteristics and associated risks similar to below investment grade securities, including a higher degree of credit risk, and certain characteristics and associated risks similar to MBS, including prepayment risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Mortgage Related ABS</div>. Asset-backed securities (&#8220;ABS&#8221;) are bonds backed by pools of loans or other receivables. ABS are created from many types of assets, including in some cases mortgage related asset classes, such as home equity loan ABS. Home equity loan ABS are subject to many of the same risks as RMBS, including interest rate risk and prepayment risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Mortgage REITs</div>. A real estate investment trust (&#8220;REIT&#8221;) is a corporation, or a business trust that would otherwise be taxed as a corporation, that meets the definitional requirements applicable to REITs under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). The Code permits a qualifying REIT to deduct dividends paid, thereby generally eliminating corporate level U.S. federal income tax and effectively making the REIT a pass-through vehicle for U.S. federal income tax purposes. To meet the definitional requirements of the Code, a REIT must, among other things, invest substantially all of its assets in interests in real estate (including mortgages and other REITs) or cash and government securities, derive most of its income from rents from real property or interest on loans secured by mortgages on real property, and distribute to shareholders annually substantially all of its otherwise taxable income. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investor&#8217;s capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic areas or in specific property types (i.e., hotels, shopping malls, residential complexes and office buildings). Distributions received by the Fund from REITs may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on a <div style="white-space:nowrap;display:inline;">pre-tax</div> basis) than operating companies, to the extent application of the Fund&#8217;s investment strategy results in the Fund investing in REIT shares, the percentage of the Fund&#8217;s dividend income received from REIT shares will likely exceed the percentage of the Fund&#8217;s portfolio which is comprised of REIT shares. There are three general categories of REITs: equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or long-term loans, and the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also are subject to heavy cash flow dependency and the possibility of failing to qualify for REIT status under the Code or to maintain exemption from the Investment Company Act. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Mortgage Related Derivative Instruments</div>. The Fund may invest in MBS credit default swaps. MBS credit default swaps include swaps the reference obligation for which is an MBS or related index, such as the CMBX Index (a tradeable index referencing a basket of CMBS), the TRX Index (a tradeable index referencing total return swaps based on CMBS) or the ABX Index (a tradeable index referencing a basket of <div style="white-space:nowrap;display:inline;">sub-prime</div> MBS). The Fund </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 23 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_12" continuedAt="TextSelectionAppend_62255260_13"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">may engage in other derivative transactions related to MBS, including purchasing and selling exchange-listed and <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">over-the-counter</div></div> put and call options, futures and forwards on mortgages and MBS. The Fund may invest in newly developed mortgage related derivatives that may hereafter become available. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Net Interest Margin (NIM) Securities</div>. The Fund may invest in net interest margin (&#8220;NIM&#8221;) securities. These securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM securities receive any &#8220;excess&#8221; interest computed after paying coupon costs, servicing costs and fees and any credit losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Tiered Index Bonds</div>. Tiered index bonds are relatively new forms of mortgage-related securities. The interest rate on a tiered index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined &#8220;strike&#8221; rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate rises above the &#8220;strike&#8221; rate, the interest rate of the tiered index bond will decrease. Thus, under these circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than that of a fixed-rate bond. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">TBA Commitments</div>. The Fund may enter into &#8220;to be announced&#8221; or &#8220;TBA&#8221; commitments. TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Other Mortgage Related Securities</div>. Other mortgage related securities include securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Other mortgage related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Asset-Backed Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">ABS are a form of structured debt obligation. The securitization techniques used for ABS are similar to those used for MBS. ABS are bonds backed by pools of loans or other receivables. The collateral for these securities may include home equity loans, automobile and credit card receivables, boat loans, computer leases, airplane leases, mobile home loans, recreational vehicle loans and hospital account receivables. The Fund may invest in these and other types of ABS that may be developed in the future. ABS present certain risks that are not presented by mortgage related securities. Primarily, these securities may provide the Fund with a less effective security interest in the related collateral than do mortgage related securities. Therefore, there is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Collateralized Debt Obligations </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in collateralized debt obligations (&#8220;CDOs&#8221;), which include collateralized bond obligations (&#8220;CBOs&#8221;), collateralized loan obligations (&#8220;CLOs&#8221;) and other similarly structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other special purpose entity (&#8220;SPE&#8221;) and is typically backed by a diversified pool of fixed-income securities (which may include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and <div style="white-space:nowrap;display:inline;">non-U.S.</div> senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer. Although certain CDOs may benefit from credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present, and may fail to protect the Fund against the risk of loss on default of the collateral. Certain CDO </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 24 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_13" continuedAt="TextSelectionAppend_62255260_14"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">issuers may use derivatives contracts to create &#8220;synthetic&#8221; exposure to assets rather than holding such assets directly, which entails the risks of derivative instruments described elsewhere in this Prospectus. CDOs may charge management fees and administrative expenses, which are in addition to those of the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the &#8220;equity&#8221; tranche, which bears the first loss from defaults from the bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Delayed Funding Loans and Revolving Credit Facilities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may enter into, or acquire participations in, delayed funding loans and revolving credit facilities, in which a bank or other lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the Fund to increase its investment in a company at a time when it might not be desirable to do so (including at a time when the company&#8217;s financial condition makes it unlikely that such amounts will be repaid). Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Zero-Coupon Bonds, <div style="white-space:nowrap;display:inline;">Step-Ups</div> and <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">Payment-In-Kind</div></div> Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Zero-coupon bonds pay interest only at maturity rather than at intervals during the life of the security. Like <div style="white-space:nowrap;display:inline;">zero-coupon</div> bonds, &#8220;step up&#8221; bonds pay no interest initially but eventually begin to pay a coupon rate prior to maturity, which rate may increase at stated intervals during the life of the security. <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">Payment-in-kind</div></div> securities (&#8220;PIKs&#8221;) are debt obligations that pay &#8220;interest&#8221; in the form of other debt obligations, instead of in cash. Each of these instruments is normally issued and traded at a deep discount from face value. Zero-coupon bonds, <div style="white-space:nowrap;display:inline;">step-ups</div> and PIKs allow an issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater credit risk than bonds that pay interest currently or in cash. The Fund would be required to distribute the income on these instruments as it accrues, even though the Fund will not receive the income on a current basis or in cash. Thus, the Fund may have to sell other investments, including when it may not be advisable to do so, to make income distributions to its shareholders. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">U.S. Government Debt Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in debt securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, including U.S. Treasury obligations, which differ in their interest rates, maturities and times of issuance. Such obligations include U.S. Treasury bills (maturity of one year or less), U.S. Treasury notes (maturity of one to ten years) and U.S. Treasury bonds (generally maturities of greater than ten years), including the principal components or the interest components issued by the U.S. Government under the separate trading of registered interest and principal securities program (i.e., &#8220;STRIPS&#8221;), all of which are backed by the full faith and credit of the United States. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Municipal Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in municipal securities, which include debt obligations issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general operating expenses and loans to other public institutions and facilities. In addition, certain types of private activity bonds (&#8220;PABs&#8221;) (or industrial development bonds, under <div style="white-space:nowrap;display:inline;">pre-1986</div> law) are issued by or on behalf of public authorities to finance various privately owned or operated facilities, including </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 25 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_14" continuedAt="TextSelectionAppend_62255260_15"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">among other things, airports, public ports, mass commuting facilities, multi-family housing projects, as well as facilities for water supply, gas, electricity, sewage or solid waste disposal and other specialized facilities. Other types of PABs, the proceeds of which are used for the construction, equipment or improvement of privately operated industrial or commercial facilities, may constitute municipal securities. The interest on municipal securities may bear a fixed rate or be payable at a variable or floating rate. The two principal classifications of municipal securities are &#8220;general obligation&#8221; bonds and &#8220;revenue&#8221; bonds, which latter category includes PABs. Municipal securities typically are issued to finance public projects, such as roads or public buildings, to pay general operating expenses or to refinance outstanding debt. Municipal securities may also be issued for private activities, such as housing, medical and educational facility construction, or for privately owned industrial development and pollution control projects. General obligation bonds are backed by the full faith and credit, or taxing authority, of the issuer and may be repaid from any revenue source. Revenue bonds may be repaid only from the revenues of a specific facility or source. Municipal securities may be issued on a long term basis to provide permanent financing. The repayment of such debt may be secured generally by a pledge of the full faith and credit taxing power of the issuer, a limited or special tax, or any other revenue source, including project revenues, which may include tolls, fees and other user charges, lease payments and mortgage payments. Municipal securities may also be issued to finance projects on a short-term interim basis, anticipating repayment with the proceeds of the later issuance of long-term debt. Obligations are included within the term municipal securities if the interest paid thereon is excluded from gross income for U.S. federal income tax purposes in the opinion of bond counsel to the issuer. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">General Obligation Bonds</div>. General obligation bonds are secured by the issuer&#8217;s pledge of its faith, credit and taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited, however, by provisions of its state constitution or laws, and an entity&#8217;s creditworthiness will depend on many factors, including potential erosion of its tax base due to population declines, natural disasters, declines in the state&#8217;s industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on federal or state aid, access to capital markets or other factors beyond the state&#8217;s or entity&#8217;s control. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of principal when due is affected by the issuer&#8217;s maintenance of its tax base. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Revenue Bonds</div>. Revenue bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue sources such as payments from the user of the facility being financed. Accordingly, the timely payment of interest and the repayment of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic viability of such facility or such revenue source. Revenue bonds issued by state or local agencies to finance the development of <div style="white-space:nowrap;display:inline;">low-income,</div> multi-family housing involve special risks in addition to those associated with municipal securities generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally <div style="white-space:nowrap;display:inline;">non-recourse</div> against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for issuers to meet payment obligations on subordinated bonds. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Moral Obligation Bonds</div>. The Fund may also invest in &#8220;moral obligation&#8221; bonds, which are normally issued by special purpose public authorities. If an issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral commitment but not a legal obligation of the state or municipality in question. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Municipal Lease Obligations</div>. The Fund may invest in participations in lease obligations or installment purchase contract obligations (hereinafter collectively called &#8220;Municipal Lease Obligations&#8221;) of municipal authorities or entities. Although a Municipal Lease Obligation does not constitute a general obligation of the municipality for which the municipality&#8217;s taxing power is pledged, a Municipal Lease Obligation is ordinarily backed by the municipality&#8217;s covenant to budget for, appropriate and make the payments due under the Municipal Lease Obligation. However, certain Municipal Lease Obligations contain <div style="white-space:nowrap;display:inline;">&#8220;non-appropriation&#8221;</div> clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 26 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_15" continuedAt="TextSelectionAppend_62255260_16"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">unless money is appropriated for such purpose on a yearly basis. In the case of a <div style="white-space:nowrap;display:inline;">&#8220;non-appropriation&#8221;</div> lease, the Fund&#8217;s ability to recover under the lease in the event of <div style="white-space:nowrap;display:inline;">non-appropriation</div> or default will be limited solely to the repossession of the leased property, without recourse to the general credit of the lessee, and the disposition or <div style="white-space:nowrap;display:inline;">re-leasing</div> of the property might prove difficult. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Certificates of Participation</div>. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, installment purchase agreements or other instruments. The certificates are typically issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days&#8217; notice, of all or any part of the Fund&#8217;s participation interest in the underlying municipal securities, plus accrued interest. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;"><div style="white-space:nowrap;display:inline;">Pre-Refunded</div> Municipal Securities</div>. The principal of, and interest on, <div style="white-space:nowrap;display:inline;">pre-refunded</div> municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. Government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the <div style="white-space:nowrap;display:inline;">pre-refunded</div> municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the <div style="white-space:nowrap;display:inline;">pre-refunded</div> municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the <div style="white-space:nowrap;display:inline;">pre-refunded</div> municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Private Activity Bonds</div>. Private activity bonds, formerly referred to as industrial development bonds, are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airports, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities, and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues. Such bonds are secured primarily by revenues derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a parent company or otherwise secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, an investor should be aware that repayment of such bonds generally depends on the revenues of a private entity and be aware of the risks that such an investment may entail. Continued ability of an entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by many factors, including the size of the entity, capital structure, demand for its products or services, competition, general economic conditions, government regulation and the entity&#8217;s dependence on revenues for the operation of the particular facility being financed. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Special Taxing Districts</div>. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. Bonds issued pursuant to financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds (a type of municipal security established by the Mello-Roos Community Facilities District Act of 1982), are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities. They often are exposed to real estate development-related risks and can have more taxpayer concentration risk than general <div style="white-space:nowrap;display:inline;">tax-supported</div> bonds, such as general obligation bonds. Further, the fees, special taxes, or tax allocations and other revenues that are established to secure such financings are generally limited as to the rate or amount that may be levied or assessed and are not subject to increase pursuant to rate covenants or municipal or corporate guarantees. The bonds could default if development failed to progress as anticipated or if larger taxpayers failed to pay the assessments, fees and taxes as provided in the financing plans of the districts. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">VRDOs</div>. Variable rate demand obligations (&#8220;VRDOs&#8221;) are <div style="white-space:nowrap;display:inline;">tax-exempt</div> obligations that contain a floating or variable interest rate adjustment formula and right of demand on the part of the holder thereof to receive payment </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 27 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_16" continuedAt="TextSelectionAppend_62255260_17"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days. There is, however, the possibility that because of default or insolvency the demand feature of VRDOs may not be honored. The interest rates are adjustable at intervals (ranging from daily to up to one year) to some prevailing market rate for similar investments, such adjustment formula being calculated to maintain the market value of the VRDOs, at approximately the par value of the VRDOs on the adjustment date. The adjustments typically are based upon SIFMA or some other appropriate interest rate adjustment index. The Fund may invest in all types of <div style="white-space:nowrap;display:inline;">tax-exempt</div> instruments currently outstanding or to be issued in the future. VRDOs that contain an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest on a notice period exceeding seven days may be deemed to be illiquid securities. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Taxable Municipal Securities</div>. The Fund may invest in taxable municipal securities, which include obligations issued pursuant to the American Recovery and Reinvestment Act (&#8220;ARRA&#8221;) or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support (any bonds so issued are considered &#8220;Build America Bonds&#8221;). If the Fund invests in Build America Bonds, it expects to invest in direct pay Build America Bonds and &#8220;principal only&#8221; strips of tax credit Build America Bonds. Provisions of the ARRA relevant to the issuance of Build America Bonds expired on December&#160;31, 2010 and, as such, issuance has ceased. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Preferred Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in preferred securities. There are two basic types of preferred securities. The first type, sometimes referred to as traditional preferred securities, consists of preferred stock issued by an entity taxable as a corporation. The second type, sometimes referred to as trust preferred securities, are usually issued by a trust or limited partnership and represent preferred interests in deeply subordinated debt instruments issued by the corporation for whose benefit the trust or partnership was established. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Traditional Preferred Securities</div>. Traditional preferred securities generally pay fixed or adjustable rate dividends to investors and generally have a &#8220;preference&#8221; over common stock in the payment of dividends and the liquidation of a company&#8217;s assets. This means that a company must pay dividends on preferred stock before paying any dividends on its common stock. In order to be payable, distributions on such preferred securities must be declared by the issuer&#8217;s board of directors. Income payments on typical preferred securities currently outstanding are cumulative, causing dividends and distributions to accumulate even if not declared by the board of directors or otherwise made payable. In such a case all accumulated dividends must be paid before any dividend on the common stock can be paid. However, some traditional preferred stocks are <div style="white-space:nowrap;display:inline;">non-cumulative,</div> in which case dividends do not accumulate and need not ever be paid. A portion of the portfolio may include investments in <div style="white-space:nowrap;display:inline;">non-cumulative</div> preferred securities, whereby the issuer does not have an obligation to make up any arrearages to its shareholders. Should an issuer of a <div style="white-space:nowrap;display:inline;">non-cumulative</div> preferred stock held by the Fund determine not to pay dividends on such stock, the amount of dividends the Fund pays may be adversely affected. There is no assurance that dividends or distributions on the traditional preferred securities in which the Fund invests will be declared or otherwise made payable. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Preferred stockholders usually have no right to vote for corporate directors or on other matters. Shares of traditional preferred securities have a liquidation value that generally equals the original purchase price at the date of issuance. The market value of preferred securities may be affected by favorable and unfavorable changes impacting companies in the utilities and financial services sectors, which are prominent issuers of preferred securities, and by actual and anticipated changes in tax laws, such as changes in corporate income tax rates or the &#8220;Dividends Received Deduction.&#8221; Because the claim on an issuer&#8217;s earnings represented by traditional preferred securities may become onerous when interest rates fall below the rate payable on such securities, the issuer may redeem the securities. Thus, in declining interest rate environments in particular, the Fund&#8217;s holdings, if any, of higher rate-paying fixed rate preferred securities may be reduced and the Fund may be unable to acquire securities of comparable credit quality paying comparable rates with the redemption proceeds. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Trust Preferred Securities</div>. Trust preferred securities are a comparatively new asset class. Trust preferred securities are typically issued by corporations, generally in the form of interest-bearing notes with preferred security characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The trust preferred securities market consists of both fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates. </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 28 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_17" continuedAt="TextSelectionAppend_62255260_18"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Trust preferred securities are typically junior and fully subordinated liabilities of an issuer or the beneficiary of a guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred securities typically permit an issuer to defer the payment of income for eighteen months or more without triggering an event of default. Generally, the deferral period is five years or more. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments for extended periods of time without default consequences to the issuer, and certain other features (such as restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the trust preferred securities have not been made), these trust preferred securities are often treated as close substitutes for traditional preferred securities, both by issuers and investors. Trust preferred securities have many of the key characteristics of equity due to their subordinated position in an issuer&#8217;s capital structure and because their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Convertible Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A convertible security is a bond, debenture, note, preferred&#160;stock or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security&#8217;s investment value. Convertible securities rank senior to common stock in a corporation&#8217;s capital structure but are usually subordinated to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the issuer at a price established in the convertible security&#8217;s governing instrument. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A &#8220;synthetic&#8221; or &#8220;manufactured&#8221; convertible security may be created by the Fund or by a third party by combining separate securities that possess the two principal characteristics of a traditional convertible security: an income producing component and a convertible component. The income-producing component is achieved by investing in <div style="white-space:nowrap;display:inline;">non-convertible,</div> income-producing securities such as bonds, preferred stocks and money market instruments. The convertible component is achieved by investing in securities or instruments such as warrants or options to buy common stock at a certain exercise price, or options on a stock index. Unlike a traditional convertible security, which is a single security having a single market value, a synthetic convertible comprises two or more separate securities, each with its own market value. Because the &#8220;market value&#8221; of a synthetic convertible security is the sum of the values of its income-producing component and its convertible component, the value of a synthetic convertible security may respond differently to market fluctuations than a traditional convertible security. The Fund also may purchase synthetic convertible securities created by other parties, including convertible structured notes. Convertible structured notes are income-producing debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the issuer of the convertible note (typically an investment bank), rather than the issuer of the underlying common stock into which the note is convertible, assumes credit risk associated with the underlying investment and the Fund in turn assumes credit risk associated with the issuer of the convertible note. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Restricted and Illiquid Investments </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. Liquidity of an investment relates to the ability to dispose easily of the investment and the price to be obtained upon disposition of the investment, which may be less than would be obtained for a comparable more liquid investment. &#8220;Illiquid investments&#8221; are investments which cannot be sold within seven days in the ordinary course of business at approximately the value used by the Fund in determining its NAV. Illiquid investments may trade at a discount </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 29 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_18" continuedAt="TextSelectionAppend_62255260_19"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">from comparable, more liquid investments. Illiquid investments are subject to legal or contractual restrictions on disposition or lack an established secondary trading market. Investment of the Fund&#8217;s assets in illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;"><div style="white-space:nowrap;display:inline;">Non-U.S.</div> Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in <div style="white-space:nowrap;display:inline;">Non-U.S.</div> Securities. These securities may be U.S. dollar-denominated or <div style="white-space:nowrap;display:inline;">non-U.S.</div> dollar-denominated. Some <div style="white-space:nowrap;display:inline;">Non-U.S.</div> Securities may be less liquid and more volatile than securities of comparable U.S. issuers. Similarly, there is less volume and liquidity in most foreign securities markets than in the United States and, at times, greater price volatility than in the United States. Because evidence of ownership of such securities usually is held outside the United States, the Fund will be subject to additional risks if it invests in <div style="white-space:nowrap;display:inline;">Non-U.S.</div> Securities, which include adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions which might adversely affect or restrict the payment of principal and interest or dividends on the foreign securities to investors located outside the country of the issuer, whether from currency blockage or otherwise. <div style="white-space:nowrap;display:inline;">Non-U.S.</div> Securities may trade on days when the common shares are not priced or traded. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Emerging Market Investments </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in securities of issuers located in emerging market countries, including securities denominated in currencies of emerging market countries. Emerging market countries generally include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. These issuers may be subject to risks that do not apply to issuers in larger, more developed countries. These risks are more pronounced to the extent the Fund invests significantly in one country. Less information about emerging market issuers or markets may be available due to less rigorous disclosure and accounting standards or regulatory practices. Emerging markets are smaller, less liquid and more volatile than U.S. markets. In a changing market, the Advisors may not be able to sell the Fund&#8217;s portfolio securities in amounts and at prices they consider reasonable. The U.S. dollar may appreciate against emerging market currencies or an emerging market government may impose restrictions on currency conversion or trading. The economies of <div style="white-space:nowrap;display:inline;">non-U.S.</div> countries may grow at a slower rate than expected or may experience a downturn or recession. Economic, political and social developments may adversely affect emerging market countries and their securities markets. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Equity Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and rights and depositary receipts. Common stock represents an equity ownership interest in a company. The Fund may hold or have exposure to common stocks of issuers of any size, including small and medium capitalization stocks. Because the Fund will ordinarily have exposure to common stocks, historical trends would indicate that the Fund&#8217;s portfolio and investment returns will be subject at times, and over time, to higher levels of volatility and market and issuer-specific risk than if it invested exclusively in debt securities. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Warrants and Rights </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Warrants and rights are instruments issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. Warrants and rights normally have a short life span to expiration. The purchase of warrants or rights involves the risk that the Fund could lose the purchase value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrants&#8217; and rights&#8217; expiration. Also, the purchase of warrants and/or rights involves the risk that the effective price paid for the warrant and/or right added to the subscription price of the related security may exceed the subscribed security&#8217;s market price such as when there is no movement in the level of the underlying security. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may participate in rights offerings and may purchase warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. Subscription rights normally have a short life span to expiration. </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 30 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_19" continuedAt="TextSelectionAppend_62255260_20"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the rights&#8217; and warrants&#8217; expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security&#8217;s market price such as when there is no movement in the level of the underlying security. Buying a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for this reason investments in warrants may be more speculative than other equity-based investments. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Sovereign Governmental and Supranational Debt </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in all types of debt securities of governmental issuers in all countries, including foreign countries. These sovereign debt securities may include: debt securities issued or guaranteed by governments, governmental agencies or instrumentalities and political subdivisions located in foreign countries; debt securities issued by government owned, controlled or sponsored entities located in foreign countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for debtor nations to restructure their outstanding external indebtedness; participations in loans between emerging market governments and financial institutions; or debt securities issued by supranational entities such as the World Bank. A supranational entity is a bank, commission or company established or financially supported by the national governments of one or more countries to promote reconstruction or development. Sovereign government and supranational debt involve all the risks described herein regarding foreign and emerging markets investments as well as the risk of debt moratorium, repudiation or renegotiation. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Brady Bonds are not considered to be U.S. Government securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate discount bonds, are generally collateralized in full as to principal by U.S. Treasury <div style="white-space:nowrap;display:inline;">zero-coupon</div> bonds having the same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a <div style="white-space:nowrap;display:inline;">one-year</div> or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year&#8217;s interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter. Certain Brady Bonds are entitled to &#8220;value recovery payments&#8221; in certain circumstances, which in effect constitute supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady Bonds are often viewed as having three or four valuation components: (i)&#160;the collateralized repayment of principal at final maturity; (ii)&#160;the collateralized interest payments; (iii)&#160;the uncollateralized interest payments; and (iv)&#160;any uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the &#8220;residual risk&#8221;). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Brady Bonds involve various risk factors described elsewhere associated with investing in foreign securities, including the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Fund may invest will not be subject to restructuring arrangements or to requests for new credit, which may cause the Fund to suffer a loss of interest or principal on any of its holdings. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Inflation-Indexed Bonds </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in inflation-indexed bonds, which are fixed-income securities or other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index (&#8220;CPI&#8221;) accruals as party of a semi-annual coupon. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 31 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_20" continuedAt="TextSelectionAppend_62255260_21"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">1.5% semi-annually), and inflation over the first six months was 1%, the <div style="white-space:nowrap;display:inline;">mid-year</div> par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year&#8217;s inflation equaling 3%, the <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">end-of-year</div></div> par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation index may not be correlated to the rate of inflation in the United States. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than the nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond&#8217;s inflation measure. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the Consumer Price Index for Urban Consumers <div style="white-space:nowrap;display:inline;">(&#8220;CPI-U&#8221;),</div> which is calculated monthly by the U.S. Bureau of Labor Statistics. The <div style="white-space:nowrap;display:inline;">CPI-U</div> is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the <div style="white-space:nowrap;display:inline;">CPI-U</div> or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any increase in the principal amount of inflation-indexed bond will be considered taxable ordinary income, even though investors do not received their principal until maturity. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Variable and Floating Rate Instruments </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The interest rate on a floating rate security is a variable rate which is tied to another interest rate, such as a money-market index or Treasury bill rate. The interest rate on a floating rate security resets periodically, typically every six months. Because of the interest rate reset feature, floating rate securities provide the Fund with a certain degree of protection against rises in interest rates, although the Fund will participate in any declines in interest rates as well. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Inverse Floating Rate Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">An inverse floater is a type of debt instrument that bears a floating or variable interest rate that moves in the opposite direction to interest rates generally or the interest rate on another security or index. Changes in interest rates generally, or the interest rate of the other security or index, inversely affect the interest rate paid on the inverse </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 32 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_21" continuedAt="TextSelectionAppend_62255260_22"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">floater, with the result that the inverse floater&#8217;s price will be considerably more volatile than that of a fixed rate bond. The Fund may invest in inverse floaters, which brokers typically create by depositing an income-producing instrument, including a mortgage related security, in a trust. The trust in turn issues a variable rate security and inverse floaters. The interest rate for the variable rate security is typically determined by an index or an auction process, while the inverse floater holder receives the balance of the income from the underlying income-producing instrument less an auction fee. The market prices of inverse floaters may be highly sensitive to changes in interest rates and prepayment rates on the underlying securities, and may decrease significantly when interest rates increase or prepayment rates change. In a transaction in which the Fund purchases an inverse floater from a trust, and the underlying security was held by the Fund prior to being deposited into the trust, the Fund typically treats the transaction as a secured borrowing for financial reporting purposes. As a result, for financial reporting purposes, the Fund will generally incur a <div style="white-space:nowrap;display:inline;">non-cash</div> interest expense with respect to interest paid by the trust on the variable rate securities and will recognize additional interest income in an amount directly corresponding to the <div style="white-space:nowrap;display:inline;">non-cash</div> interest expense. Therefore, the Fund&#8217;s NAV per common share and performance are not affected by the <div style="white-space:nowrap;display:inline;">non-cash</div> interest expense. This accounting treatment does not apply to inverse floaters acquired by the Fund when the Fund did not previously own the underlying bond. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Strategic Transactions and Other Management Techniques </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may use a variety of other investment management techniques and instruments.&#160;The Fund may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">over-the-counter</div></div> put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques, including derivative instruments that combine features of these instruments (collectively, &#8220;Strategic Transactions&#8221;).&#160;These Strategic Transactions may be used for duration management and other investment and risk management purposes, including to attempt to protect against possible changes in the market value of the Fund&#8217;s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Fund&#8217;s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain. There is no particular strategy that requires use of one technique rather than another as the decision to use any particular strategy or instrument is a function of market conditions and the composition of the portfolio. The use of Strategic Transactions to enhance current income may be speculative. The ability of the Fund to use Strategic Transactions successfully will depend on the Advisors&#8217; ability to predict pertinent market movements as well as sufficient correlation among the instruments, which cannot be assured. The use of Strategic Transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise sell. Certain provisions of the Code may restrict or affect the ability of the Fund to engage in Strategic Transactions.&#160;In addition, the use of certain Strategic Transactions may give rise to taxable income and have certain other consequences.</div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Swaps. </div>The Fund may enter into swap agreements, including interest rate and index swap agreements. Swap agreements are two party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or &#8220;swapped&#8221; between the parties are calculated with respect to a &#8220;notional amount,&#8221; i.e., the dollar amount invested at a particular interest rate, in a particular foreign currency, or in a &#8220;basket&#8221; of securities representing a particular index. The &#8220;notional amount&#8221; of the swap agreement is only a fictive basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The Fund&#8217;s obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the &#8220;net amount&#8221;). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Whether the Fund&#8217;s use of swap agreements will be successful in furthering its investment objectives will depend on the Advisors&#8217; ability to correctly predict whether certain types of investments are likely to produce greater returns than other investments. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Swap </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 33 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_22" continuedAt="TextSelectionAppend_62255260_23"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">agreements also bear the risk that the Fund will not be able to meet its payment obligations to the counterparty. Restrictions imposed by the tax rules applicable to regulated investment companies may limit the Fund&#8217;s ability to use swap agreements. It is possible that developments in the swap market, including government regulation, could adversely affect the Fund&#8217;s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Swaptions</div>. A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, the Fund may incur a greater degree of risk when it writes a swaption than it would incur when it purchases a swaption with the same terms. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement, and the Fund could be exposed to losses in excess of the amount of premium it received from the purchaser of the swaption. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Credit Default Swaps</div>. The Fund may enter into credit default swap agreements. The credit default swap agreement may have as reference obligations one or more securities that are not currently held by the Fund. The protection &#8220;buyer&#8221; in a credit default contract may be obligated to pay the protection &#8220;seller&#8221; an upfront or a periodic stream of payments over the term of the contract, provided that no credit event on the reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the &#8220;par value&#8221; (full notional amount) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or if the swap is cash settled the seller may be required to deliver the related net cash amount (the difference between the market value of the reference obligation and its par value). The Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund will generally receive no payments from its counterparty under the swap if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional amount of the swap in exchange for an equal face amount of deliverable obligations of the reference entity, the value of which may have significantly decreased. As a seller, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full notional amount of the swap in exchange for an equal face amount of deliverable obligations of the reference entity, the value of which may have significantly decreased. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its Managed Assets, the Fund would be subject to investment exposure on the notional amount of the swap in excess of any premium and margin required to establish and maintain the position. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Credit default swap agreements involve greater risks than if the Fund had taken a position in the reference obligation directly (either by purchasing or selling) since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risks. A buyer generally will also lose its upfront payment or any periodic payments it makes to the seller counterparty and receive no payments from its counterparty should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional amount it pays to the buyer, resulting in a loss of value to the seller. A seller of a credit default swap or similar instrument is exposed to many of the same risks of leverage since, if a credit event occurs, the seller generally will be required to pay the buyer the full notional amount of the contract net of any amounts owed by the buyer related to its delivery of deliverable obligations. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the credit derivatives market is subject to a changing regulatory environment. It is possible that regulatory or other developments in the credit derivatives market could adversely affect the Fund&#8217;s ability to successfully use credit derivatives. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Total Return Swaps.</div> Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 34 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_23" continuedAt="TextSelectionAppend_62255260_24"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to the Fund&#8217;s portfolio because, in addition to its Managed Assets (as defined in the prospectus), the Fund would be subject to investment exposure on the notional amount of the swap in excess of any premium and margin required to establish and maintain the position. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Total return swap agreements are subject to market risk as well as the risk that a counterparty will default on its payment obligations to the Fund thereunder. Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Generally, the Fund will enter into total return swaps on a net basis (i.e., the two payment streams are netted against one another with the Fund receiving or paying, as the case may be, only the net amount of the two payments). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Interest Rate Transactions</div>. The Fund may enter into interest rate swaps and purchase or sell interest rate caps and floors. The Fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date and/or to hedge against increases in the Fund&#8217;s costs associated with any leverage strategy. The Fund will ordinarily use these transactions as a hedge or for duration and risk management although it is permitted to enter into them to enhance income or gain. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal). The purchase of an interest rate cap entitles the purchaser, to the extent that the level of a specified interest rate exceeds a predetermined interest rate (i.e., the strike price), to receive payments of interest on a notional principal amount from the party selling such interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that the level of a specified interest rate falls below a predetermined interest rate (i.e., the strike price), to receive payments of interest on a notional principal amount from the party selling such interest rate floor. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For example, if the Fund holds a debt instrument with an interest rate that is reset only once each year, it may swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week. This would enable the Fund to offset a decline in the value of the debt instrument due to rising interest rates but would also limit its ability to benefit from falling interest rates. Conversely, if the Fund holds a debt instrument with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest rates and may permit the Fund to enhance its income through the positive differential between one week and one year interest rates, but would preclude it from taking full advantage of rising interest rates. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may hedge both its assets and liabilities through interest rate swaps, caps and floors. Usually, payments with respect to interest rate swaps will be made on a net basis (i.e., the two payment streams are netted out) with the Fund receiving or paying, as the case may be, only the net amount of the two payments on the payment dates. If there is a default by the other party to an uncleared interest rate swap transaction, generally the Fund will have contractual remedies pursuant to the agreements related to the transaction. With respect to interest rate swap transactions cleared through a central clearing counterparty, a clearing organization will be substituted for the counterparty and will guaranty the parties&#8217; performance under the swap agreement. However, there can be no assurance that the clearing organization will satisfy its obligation to the Fund or that the Fund would be able to recover the full amount of assets deposited on its behalf with the clearing organization in the event of the default by the clearing organization or the Fund&#8217;s clearing broker. Certain U.S. federal income tax requirements may limit the Fund&#8217;s ability to engage in interest rate swaps. Distributions attributable to transactions in interest rate swaps generally will be taxable as ordinary income to shareholders. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Foreign Currency Transactions</div>. The Fund&#8217;s common shares are priced in U.S. dollars and the distributions paid by the Fund to common shareholders are paid in U.S. dollars. However, a portion of the Fund&#8217;s assets may be denominated in <div style="white-space:nowrap;display:inline;">non-U.S.</div> currencies and the income received by the Fund from such securities will be paid in <div style="white-space:nowrap;display:inline;">non-U.S.</div> currencies. The Fund also may invest in or gain exposure to <div style="white-space:nowrap;display:inline;">non-U.S.</div> currencies for investment or hedging purposes. The Fund&#8217;s investments in securities that trade in, or receive revenues in, <div style="white-space:nowrap;display:inline;">non-U.S.</div> currencies will be subject to currency risk, which is the risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. The Fund may (but is not required to) hedge some or all of </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 35 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_24" continuedAt="TextSelectionAppend_62255260_25"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">its exposure to <div style="white-space:nowrap;display:inline;">non-U.S.</div> currencies through the use of derivative strategies, including forward foreign currency exchange contracts, foreign currency futures contracts and options on foreign currencies and foreign currency futures. Suitable hedging transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in such transactions at any given time or from time to time when they would be beneficial. Although the Fund has the flexibility to engage in such transactions, the Advisors may determine not to do so or to do so only in unusual circumstances or market conditions. These transactions may not be successful and may eliminate any chance for the Fund to benefit from favorable fluctuations in relevant foreign currencies. The Fund may also, to the extent applicable, use derivatives contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Foreign Exchange Transactions</div>. The Fund may engage in spot and forward foreign exchange transactions and currency swaps, purchase and sell options on currencies and purchase and sell currency futures and related options thereon (collectively, &#8220;Currency Instruments&#8221;). Such transactions could be effected with respect to hedges on foreign dollar denominated securities owned by the Fund, sold by the Fund but not yet delivered, or committed or anticipated to be purchased by the Fund. As an illustration, the Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a <div style="white-space:nowrap;display:inline;">yen-denominated</div> security. In such circumstances, for example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to sell a specified amount of yen for dollars at a specified price by a future date (a technique called a &#8220;straddle&#8221;). By selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in the relative value of the yen to the dollar. &#8220;Straddles&#8221; of the type that may be used by the Fund are considered to constitute hedging transactions. The Fund may not attempt to hedge any or all of its foreign portfolio positions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Forward Foreign Currency Contracts</div>. The Fund may enter into forward currency contracts to purchase or sell foreign currencies for a fixed amount of U.S. dollars or another foreign currency. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (term) from the date of the forward currency contract agreed upon by the parties, at a price set at the time the forward currency contract is entered into. Forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers. The Fund may purchase a forward currency contract to lock in the U.S. dollar price of a security denominated in a foreign currency that the Fund intends to acquire. The Fund may sell a forward currency contract to lock in the U.S. dollar equivalent of the proceeds from the anticipated sale of a security or a dividend or interest payment denominated in a foreign currency. The Fund may also, to the extent applicable, use forward currency contracts to shift the Fund&#8217;s exposure to foreign currency exchange rate changes from one currency to another. For example, if the Fund owns securities denominated in a foreign currency and the Advisors believe that currency will decline relative to another currency, the Fund might enter into a forward currency contract to sell the appropriate amount of the first foreign currency with payment to be made in the second currency. The Fund may also, to the extent applicable, purchase forward currency contracts to enhance income when the Advisors anticipate that the foreign currency will appreciate in value but securities denominated in that currency do not present attractive investment opportunities. The Fund may also use forward currency contracts to hedge against a decline in the value of existing investments denominated in a foreign currency. Such a hedge would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. The Fund could also hedge the position by entering into a forward currency contract to sell another currency expected to perform similarly to the currency in which the Fund&#8217;s existing investments are denominated. This type of transaction could offer advantages in terms of cost, yield or efficiency, but may not hedge currency exposure as effectively as a simple forward currency transaction to sell U.S. dollars. This type of transaction may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated. The Fund may also use forward currency contracts in one currency or a basket of currencies to attempt to hedge against fluctuations in the value of securities denominated in a different currency if the Advisors anticipate that there will be a correlation between the two currencies. </div></ix:continuation></div><div></div></div> <div><div style="background-color:white;display: inline;"><ix:continuation id="TextSelectionAppend_62255260_25" continuedAt="TextSelectionAppend_62255260_26"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The cost to the Fund of engaging in forward currency contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because forward currency contracts are usually entered into on a principal basis, no fees or commissions are usually involved. When the Fund enters into a forward currency contract, it relies on the counterparty to make or take delivery of the underlying </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 36 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_26" continuedAt="TextSelectionAppend_62255260_27"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">currency at the maturity of the contract. Failure by the counterparty to do so would result in the loss of some or all of any expected benefit of the transaction. Secondary markets generally do not exist for forward currency contracts, with the result that closing transactions generally can be made for forward currency contracts only by negotiating directly with the counterparty. Thus, there can be no assurance that the Fund will in fact be able to close out a forward currency contract at a favorable price prior to maturity. In addition, in the event of insolvency of the counterparty, the Fund might be unable to close out a forward currency contract. In either event, the Fund would continue to be subject to market risk with respect to the position. The precise matching of forward currency contract amounts and the value of the securities involved generally will not be possible because the value of such securities, measured in the foreign currency, will change after the forward currency contract has been established. Thus, the Fund might need to purchase or sell foreign currencies in the spot (cash) market to the extent such foreign currencies are not covered by forward currency contracts. The projection of short-term currency market movements is extremely difficult and the successful execution of a short-term hedging strategy is highly uncertain. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Call Options</div>. The Fund may purchase call options on any of the types of securities or instruments in which it may invest. A purchased call option gives the Fund the right to buy, and obligates the seller to sell, the underlying security at the exercise price at any time during the option period. The Fund also may purchase and sell call options on indices. Index options are similar to options on securities except that, rather than taking or making delivery of securities underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price of the option. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may write (i.e., sell) covered call options on the securities or instruments it holds and enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in which the Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a specified future date and price set at the time of the contract. The principal reason for writing covered call options is the attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Writing covered call options also serves as a partial hedge against declines in the price of the underlying security, to the extent of the premium received. By writing covered call options, the Fund gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying security above the option exercise price. In addition, the Fund&#8217;s ability to sell the underlying security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A closing purchase transaction cancels out the Fund&#8217;s position as the writer of an option by means of an offsetting purchase of an identical option prior to the expiration of the option it has written. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may write (i.e., sell) uncovered call options on securities or instruments in which it may invest but that are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options, the Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised. During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to increase the Fund&#8217;s income with minimal capital risk. Uncovered calls are riskier than covered calls because there is no underlying security held by the Fund that can act as a partial hedge. Uncovered calls have speculative characteristics and the potential for loss is unlimited. When an uncovered call is exercised, the Fund must purchase the underlying security to meet its call obligation. There is also a risk, especially with less liquid preferred and debt securities, that the securities may not be available for purchase. If the purchase price exceeds the exercise price, the Fund will lose the difference. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Put Options</div>. The Fund may purchase put options. By buying a put option, the Fund acquires a right to sell such underlying securities or instruments at the exercise price, thus limiting the Fund&#8217;s risk of loss through a decline in the market value of the securities or instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or instruments will be partially offset by the amount of the premium paid for the put option and any related transaction costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale will depend on whether the amount received is more or less than the premium paid for the put option plus the related transaction costs. A closing sale transaction cancels out the Fund&#8217;s position as the purchaser of an option by means of an offsetting sale of an identical option prior to the expiration of the option it has purchased. </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 37 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_27" continuedAt="TextSelectionAppend_62255260_28"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund also may write (i.e., sell) put options on securities or instruments in which it may invest but that the Fund does not currently have a corresponding short position or has not deposited cash equal to the exercise value of the put option with the broker-dealer through which it made the uncovered put option as collateral. The principal reason for writing such put options is to receive premium income and to acquire such securities or instruments at a net cost below the current market value. The Fund has the obligation to buy the securities or instruments at an agreed upon price if the securities or instruments decrease below the exercise price. If the securities or instruments price increases during the option period, the option will expire worthless and the Fund will retain the premium and will not have to purchase the securities or instruments at the exercise price. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In selling puts, there is&#160;a risk that the Fund may be required to buy the underlying security at a price higher than the current market price. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Financial Futures Transactions and Options</div>. The Fund is authorized to purchase and sell certain exchange traded financial futures contracts (&#8220;financial futures contracts&#8221;) in order to hedge its investments against declines in value, and to hedge against increases in the cost of securities it intends to purchase or to seek to enhance the Fund&#8217;s return. However, any transactions involving financial futures or options (including puts and calls associated therewith) will be in accordance with the Fund&#8217;s investment policies and limitations. A financial futures contract obligates the seller of a contract to deliver and the purchaser of a contract to take delivery of the type of financial instrument covered by the contract, or in the case of index-based futures contracts to make and accept a cash settlement, at a specific future time for a specified price. To hedge its portfolio, the Fund may take an investment position in a futures contract which will move in the opposite direction from the portfolio position being hedged. A sale of financial futures contracts may provide a hedge against a decline in the value of portfolio securities because such depreciation may be offset, in whole or in part, by an increase in the value of the position in the financial futures contracts. A purchase of financial futures contracts may provide a hedge against an increase in the cost of securities intended to be purchased because such appreciation may be offset, in whole or in part, by an increase in the value of the position in the futures contracts. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Distributions, if any, of net long term capital gains from certain transactions in futures or options are taxable at long term capital gains rates for U.S. federal income tax purposes. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Futures Contracts</div>. A futures contract is an agreement between two parties to buy and sell a security or, in the case of an index-based futures contract, to make and accept a cash settlement for a set price on a future date. A majority of transactions in futures contracts, however, do not result in the actual delivery of the underlying instrument or cash settlement, but are settled through liquidation, i.e., by entering into an offsetting transaction. Futures contracts have been designed by boards of trade which have been designated &#8220;contracts markets&#8221; by the Commodity Futures Trading Commission (the &#8220;CFTC&#8221;). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The purchase or sale of a futures contract differs from the purchase or sale of a security in that no price or premium is paid or received. Instead, an amount of cash or securities acceptable to the broker and the relevant contract market&#160;must be deposited with the broker. This amount is known as &#8220;initial margin&#8221; and represents a &#8220;good faith&#8221; deposit assuring the performance of both the purchaser and seller under the futures contract. Subsequent payments to and from the broker, called &#8220;variation margin,&#8221; are required to be made on a daily basis as the price of the futures contract fluctuates making the long and short positions in the futures contract more or less valuable, a process known as &#8220;marking to&#160;market.&#8221; At any time prior to the settlement date of the futures contract, the position may be closed out by taking an opposite position that will operate to terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid to or released by the broker and the purchaser realizes a loss or gain. In addition, a&#160;commission is paid on each completed sale transaction. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also purchase and sell financial futures contracts on U.S. Government securities as a hedge against adverse changes in interest rates as described below. The Fund may purchase and write call and put options on futures contracts on U.S. Government securities in connection with its hedging strategies. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund also may engage in other futures contracts transactions such as futures contracts on municipal bond indices that may become available if the Advisors should determine that there is normally a sufficient correlation between the prices of such futures contracts and securities in which the Fund invests to make such hedging appropriate. </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 38 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_28" continuedAt="TextSelectionAppend_62255260_29"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Futures Strategies</div>. The Fund may sell a financial futures contract (i.e., assume a short position) in anticipation of a decline in the value of its investments resulting from an increase in interest rates or otherwise. The risk of decline could be reduced without employing futures as a hedge by selling investments and either reinvesting the proceeds in securities with shorter maturities or by holding assets in cash. This strategy, however, entails increased transaction costs in the form of dealer spreads and typically would reduce the average yield of the Fund&#8217;s portfolio securities as a result of the shortening of maturities. The sale of futures contracts provides an alternative means of hedging against declines in the value of its investments. As such values decline, the value of the Fund&#8217;s positions in the futures contracts will tend to increase, thus offsetting all or a portion of the depreciation in the market value of the Fund&#8217;s investments that are being hedged. While the Fund will incur commission expenses in selling and closing out futures positions, commissions on futures transactions are typically lower than transaction costs incurred in the purchase and sale of the Fund&#8217;s investments being hedged. In addition, the ability of the Fund to trade in the standardized contracts available in the futures markets may offer a more effective defensive position than a program to reduce the average maturity of the portfolio securities due to the unique and varied credit and technical characteristics of the instruments available to the Fund. Employing futures as a hedge also may permit the Fund to assume a defensive posture without reducing the yield on its investments beyond any amounts required to engage in futures trading. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When the Fund intends to purchase a security, the Fund may purchase futures contracts as a hedge against any increase in the cost of such security resulting from a decrease in interest rates or otherwise, that may occur before such purchase can be effected. Subject to the degree of correlation between such securities and futures contracts, subsequent increases in the cost of such securities should be reflected in the value of the futures held by the Fund. As such purchases are made, an equivalent amount of futures contracts will be closed out. Due to changing market conditions and interest rate forecasts, however, a futures position may be terminated without a corresponding purchase of portfolio securities. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Call Options on Futures Contracts</div>. The Fund may also purchase and sell exchange traded call and put options on financial futures contracts. The purchase of a call option on a futures contract is analogous to the purchase of a call option on an individual security. Depending on the pricing of the option compared to either the futures contract upon which it is based or the price of the underlying securities, it may or may not be less risky than ownership of the futures contract or underlying securities. Like the purchase of a futures contract, the Fund may purchase a call option on a futures contract to hedge against a market advance when the Fund is not fully invested. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The writing of a call option on a futures contract constitutes a partial hedge against declining prices of the securities which are deliverable upon exercise of the futures contract. If the futures price at expiration is below the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any decline that may have occurred in the Fund&#8217;s portfolio holdings. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Put Options on Futures Contracts</div>. The purchase of a put option on a futures contract is analogous to the purchase of a protective put option on portfolio securities. The Fund may purchase a put option on a futures contract to hedge the Fund&#8217;s portfolio against the risk of rising interest rates. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The writing of a put option on a futures contract constitutes a partial hedge against increasing prices of the securities which are deliverable upon exercise of the futures contract. If the futures price at expiration is higher than the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any increase in the price of securities which the Fund intends to purchase. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The writer of an option on a futures contract is required to deposit initial and variation margin pursuant to requirements similar to those applicable to futures contracts. Premiums received from the writing of an option will be included in initial margin. The writing of an option on a futures contract involves risks similar to those relating to futures contracts.</div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Additional Information About Options.</div>&#160;In the case of either put or call options that it has purchased, if the option expires without being sold or exercised, the Fund will experience a loss in the amount of the option </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 39 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_29" continuedAt="TextSelectionAppend_62255260_30"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">premium plus any commissions paid by the Fund. When the Fund sells put and call options, it receives a premium as the seller of the option. The premium that the Fund receives for selling the option will serve as a partial and limited (to the dollar amount of the premium) hedge, in the amount of the option premium, against changes in the value of the securities in its portfolio. During the term of the option, however, a covered call seller has, in return for the premium on the option, given up the opportunity for capital appreciation above the exercise price of the option if the value of the underlying security increases, but has retained the risk of loss should the price of the underlying security decline. Conversely, a put seller retains the risk of loss should the market value of the underlying security decline below the exercise price of the option, less the premium received on the sale of the option. The Fund may purchase and sell exchange-listed options and <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">over-the-counter</div></div> options (&#8220;OTC options&#8221;) which are privately negotiated with the counterparty.&#160;Listed options are issued by the Options Clearing Corporation (&#8220;OCC&#8221;), which acts as the central counterparty to the parties to such options. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s ability to close out its position as a purchaser or seller of an exchange-listed put or call option is dependent upon the existence of a liquid secondary market on option exchanges. Among the possible reasons for the absence of a liquid secondary market on an exchange are: (i)&#160;insufficient trading interest in certain options; (ii)&#160;restrictions on transactions imposed by an exchange; (iii)&#160;trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities; (iv)&#160;interruption of the normal operations on an exchange; (v)&#160;inadequacy of the facilities of an exchange or OCC to handle current trading volume; or (vi)&#160;a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options on that exchange that had been listed by the OCC as a result of trades on that exchange would generally continue to be exercisable in accordance with their terms. OTC options are purchased from or sold to dealers, financial institutions or other counterparties which have entered into direct agreements with the Fund. With uncleared OTC options, such variables as expiration date, exercise price and premium will be agreed upon between the Fund and the counterparty, without the intermediation of a third party such as the OCC. If the counterparty fails to make or take delivery of the securities underlying an option it has written, or otherwise settle the transaction in accordance with the terms of that option as written, the Fund would lose the premium paid for the option as well as any anticipated benefit of the transaction.&#160;OTC options and assets used to cover OTC options written by the Fund may be illiquid. The illiquidity of such options or assets may prevent a successful sale of such options or assets, result in a delay of sale, or reduce the amount of proceeds that might otherwise be realized. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The hours of trading for options may not conform to the hours during which the underlying securities are traded or the hours of trading relevant to the determination of an index or other reference level. To the extent that the option markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot immediately be reflected in the option markets. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Hybrid Instruments</div>. A hybrid instrument is a type of potentially high-risk derivative that combines a traditional bond, stock or commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a hybrid is tied (positively or negatively) to the price of some commodity, currency or securities index or another interest rate or some other economic factor (each a &#8220;benchmark&#8221;). The interest rate or (unlike most fixed-income securities) the principal amount payable at maturity of a hybrid security may be increased or decreased, depending on changes in the value of the benchmark. An example of a hybrid could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined level. Such a hybrid instrument would be a combination of a bond and a call option on oil. Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management and increased total return. Hybrids may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid could be zero. Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes the Fund to the credit risk of the issuer of the hybrids. These risks may cause significant fluctuations in the NAV of the Fund&#8217;s common shares if the Fund invests in hybrid instruments. </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 40 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_30" continuedAt="TextSelectionAppend_62255260_31"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">New Products</div>. The financial markets continue to evolve and financial products continue to be developed. The Fund reserves the right to invest in new financial products as they are developed or become more widely accepted. As with any new financial product, these products will entail risks, including risks to which the Fund currently is not subject. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The principal risks relating to the use of futures contracts and other Strategic Transactions are: (i)&#160;less than perfect correlation between the prices of the instrument and the market value of the securities in the Fund&#8217;s portfolio; (ii)&#160;possible lack of a liquid secondary market for closing out a position in such instruments; (iii)&#160;losses resulting from interest rate or other market movements not anticipated by the Advisors; and (iv)&#160;the obligation to meet additional variation margin or other payment requirements, all of which could result in the Fund being in a worse position than if such transactions had not been used. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain provisions of the Code may restrict or affect the ability of the Fund to engage in Strategic Transactions. See &#8220;Tax Matters.&#8221; </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Structured Instruments </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may use structured instruments for investment purposes, for risk management purposes, such as to reduce the duration and interest rate sensitivity of the Fund&#8217;s portfolio, for leveraging purposes and, with respect to certain structured instruments, as an alternative or complement to its options writing strategy. While structured instruments may offer the potential for a favorable rate of return from time to time, they also entail certain risks. Structured instruments may be less liquid than other securities and the price of structured instruments may be more volatile. In some cases, depending on the terms of the embedded index, a structured instrument may provide that the principal and/or interest payments may be adjusted below zero. Structured instruments also may involve significant credit risk and risk of default by the counterparty. Structured instruments may also be illiquid. Like other sophisticated strategies, the Fund&#8217;s use of structured instruments may not work as intended. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Structured Notes</div>. The Fund may invest in &#8220;structured&#8221; notes and other related instruments, which are privately negotiated debt obligations in which the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an &#8220;embedded index&#8221;), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets. Structured instruments may be issued by corporations, including banks, as well as by governmental agencies. Structured instruments frequently are assembled in the form of medium-term notes, but a variety of forms are available and may be used in particular circumstances. The terms of such structured instruments normally provide that their principal and/or interest payments are to be adjusted upwards or downwards (but ordinarily not below zero) to reflect changes in the embedded index while the structured instruments are outstanding. As a result, the interest and/or principal payments that may be made on a structured product may vary widely, depending on a variety of factors, including the volatility of the embedded index and the effect of changes in the embedded index on principal and/or interest payments. The rate of return on structured notes may be determined by applying a multiplier to the performance or differential performance of the referenced index(es) or other asset(s). Application of a multiplier involves leverage that will serve to magnify the potential for gain and the risk of loss. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Event-Linked Securities</div>. The Fund may obtain event-linked exposure by investing in &#8220;event-linked bonds&#8221; or &#8220;event-linked swaps&#8221; or by implementing &#8220;event-linked strategies.&#8221; Event-linked exposure results in gains or losses that typically are contingent upon, or formulaically related to, defined trigger events. Examples of trigger events include hurricanes, earthquakes, weather-related phenomena or statistics relating to such events. Some event-linked bonds are commonly referred to as &#8220;catastrophe bonds.&#8221; If a trigger event occurs, the Fund may lose a portion of or its entire principal invested in the bond or the entire notional amount of a swap. Event-linked exposure often provides for an extension of maturity to process and audit loss claims when a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. Event-linked exposure may also expose the Fund to certain other risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations and adverse tax consequences. Event-linked exposures may also be subject to illiquidity risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Equity-Linked Notes</div>. Equity-linked notes are hybrid securities with characteristics of both fixed-income and equity securities. An equity-linked note is a debt instrument, usually a bond, that pays interest based upon the </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 41 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_31" continuedAt="TextSelectionAppend_62255260_32"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">performance of an underlying equity, which can be a single stock, basket of stocks or an equity index. Instead of paying a predetermined coupon, equity-linked notes link the interest payment to the performance of a particular equity market index or basket of stocks or commodities. The interest payment is typically based on the percentage increase in an index from a predetermined level, but alternatively may be based on a decrease in the index. The interest payment may in some cases be leveraged so that, in percentage terms, it exceeds the relative performance of the market. Equity-linked notes generally are subject to the risks associated with the securities of equity issuers, default risk and counterparty risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Credit Linked Notes</div>. A credit-linked note (&#8220;CLN&#8221;) is a derivative instrument. It is a synthetic obligation between two or more parties where the payment of principal and/or interest is based on the performance of some obligation (a reference obligation). In addition to the credit risk of the reference obligations and interest rate risk, the buyer/seller of the CLN is subject to counterparty risk. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Repurchase Agreements and Purchase and Sale Contracts </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may enter into repurchase agreements. A repurchase agreement is a contractual agreement whereby the seller of securities agrees to repurchase the same security at a specified price on a future date agreed upon by the parties. The agreed upon repurchase price determines the yield during the Fund&#8217;s holding period. Repurchase agreements are considered to be loans collateralized by the underlying security that is the subject of the repurchase contract. Income generated from transactions in repurchase agreements will be taxable. The risk to the Fund is limited to the ability of the issuer to pay the agreed upon repurchase price on the delivery date; however, although the value of the underlying collateral at the time the transaction is entered into always equals or exceeds the agreed upon repurchase price, if the value of the collateral declines there is a risk of loss of both principal and interest. In the event of default, the collateral may be sold but the Fund might incur a loss if the value of the collateral declines, and might incur disposition costs or experience delays in connection with liquidating the collateral. In addition, if bankruptcy proceedings are commenced with respect to the seller of the security, realization upon the collateral by the Fund may be delayed or limited. The Advisors will monitor the value of the collateral at the time the transaction is entered into and at all times subsequent during the term of the repurchase agreement in an effort to determine that such value always equals or exceeds the agreed upon repurchase price. In the event the value of the collateral declines below the repurchase price, the Advisors will demand additional collateral from the issuer to increase the value of the collateral to at least that of the repurchase price, including interest. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A purchase and sale contract is similar to a repurchase agreement, but differs from a repurchase agreement in that the contract arrangements stipulate that the securities are owned by the Fund. In the event of a default under such a repurchase agreement or a purchase and sale contract, instead of the contractual fixed rate of return, the rate of return to the Fund shall be dependent upon intervening fluctuations of the market value of such security and the accrued interest on the security. In such event, the Fund would have rights against the seller for breach of contract with respect to any losses arising from market fluctuations following the failure of the seller to perform. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Reverse Repurchase Agreements </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Borrowings may be made by the Fund through reverse repurchase agreements under which the Fund sells portfolio securities to financial institutions, such as banks and broker-dealers, and agrees to repurchase them at an agreed upon date and price. Such agreements are considered to be borrowings under the Investment Company Act. The Fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In accordance with Rule <div style="white-space:nowrap;display:inline;">18f-4</div> under the Investment Company Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i)&#160;maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii)&#160;treat such transactions as &#8220;derivatives transactions&#8221; and comply with Rule <div style="white-space:nowrap;display:inline;">18f-4</div> with respect to such transactions. See &#8220;Risk Factors in Strategic Transactions and Derivatives&#8212;Rule <div style="white-space:nowrap;display:inline;">18f-4</div> Under the Investment Company Act&#8221; in the SAI. </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 42 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_32" continuedAt="TextSelectionAppend_62255260_33"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Short Sales </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may make short sales of securities. A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will decline. The Fund may make short sales to hedge positions, for duration and risk management, in order to maintain portfolio flexibility or, to the extent applicable, to enhance income or gain. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When the Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over to the securities lender any income, distributions or dividends received on such borrowed securities until it returns the security to the securities lender. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s obligation to replace the borrowed security will be secured by collateral deposited with the securities lender, usually cash, U.S. government securities or other liquid assets. Depending on arrangements made with the securities lender regarding payment over of any income, distributions or dividends received by the Fund on such security, the Fund may not receive any payments (including interest) on its collateral deposited with such securities lender. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. Although the Fund&#8217;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also make short sales &#8220;against the box.&#8221; Short sales, even if covered, may represent a form of leverage and will create risks. In this type of short sale, at the time of the sale, the Fund owns or has the immediate and unconditional right to acquire at no additional cost the identical security. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund must comply with Rule <div style="white-space:nowrap;display:inline;">18f-4</div> under the Investment Company Act with respect to its short sale borrowings, which are considered derivatives transactions under the Rule. See &#8220;Additional Risk Factors&#8212;Risk Factors in Strategic Transactions and Derivatives&#8212;Rule <div style="white-space:nowrap;display:inline;">18f-4</div> Under the Investment Company Act&#8221; in the SAI. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Bank Obligations </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Bank obligations may include certificates of deposit, bankers&#8217; acceptances and fixed time deposits. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers&#8217; acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are &#8220;accepted&#8221; by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties, which vary depending upon market conditions and the remaining maturity of the obligation. There are no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party, although there is no market for such deposits. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Obligations of foreign banks involve somewhat different investment risks than those affecting obligations of U.S. banks, including the possibilities that their liquidity could be impaired because of future political and economic developments, that their obligations may be less marketable than comparable obligations of U.S. banks, that a foreign jurisdiction might impose withholding taxes on interest income payable on those obligations, that foreign deposits may be seized or nationalized, that foreign governmental restrictions such as exchange controls may be adopted which might adversely affect the payment of principal and interest on those obligations and that the selection of those obligations may be more difficult because there may be less publicly available information concerning foreign banks or the accounting, auditing and financial reporting standards, practices and requirements applicable to foreign banks may differ from those applicable to U.S. banks. Foreign banks are not generally subject to examination by any U.S. Government agency or instrumentality. </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 43 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_33" continuedAt="TextSelectionAppend_62255260_34"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Participation Notes </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may buy participation notes from a bank or broker-dealer (&#8220;issuer&#8221;) that entitle the Fund to a return measured by the change in value of an identified underlying security or basket of securities (collectively, the &#8220;underlying security&#8221;). Participation notes are typically used when a direct investment in the underlying security is restricted due to country-specific regulations. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not the same as investment in the constituent shares of the company. A participation note represents only an obligation of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying security. In other words, shares of the underlying security are not in any way owned by the Fund. However each participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security, the Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its obligations. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its obligation. The Fund may, but is not required to, purchase credit protection against the default of the issuer. When the participation note expires or the Fund exercises the participation note and closes its position, the Fund receives a payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less transaction costs). The price, performance and liquidity of the participation note are all linked directly to the underlying security. The Fund&#8217;s ability to redeem or exercise a participation note generally is dependent on the liquidity in the local trading market for the security underlying the participation note. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="text-decoration:underline;display:inline;">When-Issued, Delayed Delivery Securities and Forward Commitment Securities </div> </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may purchase securities on a &#8220;when-issued&#8221; basis and may purchase or sell securities on a &#8220;forward commitment&#8221; basis (including on a &#8220;TBA&#8221; (to be announced) basis) or on a &#8220;delayed delivery&#8221; basis. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. The value of these assets will be monitored daily to ensure that their marked to market value will at all times equal or exceed the corresponding obligations of the Fund. Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal Reserve Board of New York, the Fund or its counterparty generally is required to post collateral when entering into certain forward-settling transactions, including without limitation TBA transactions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There is always a risk that the securities may not be delivered and that the Fund may incur a loss. A default by a counterparty may result in the Fund missing the opportunity of obtaining a price considered to be advantageous. The value of securities in these transactions on the delivery date may be more or less than the Fund&#8217;s purchase price. The Fund may bear the risk of a decline in the value of the security in these transactions and may not benefit from an appreciation in the value of the security during the commitment period. Settlements in the ordinary course are not treated by the Fund as when-issued or forward commitment transactions and accordingly are not subject to the foregoing restrictions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The market value of the securities underlying a commitment to purchase securities, and any subsequent fluctuations in their market value, is taken into account when determining the NAV of the Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Rule <div style="white-space:nowrap;display:inline;">18f-4</div> under the Investment Company Act permits the Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">to-be-announced</div></div> (&#8220;TBA&#8221;) commitments, and dollar rolls) and <div style="white-space:nowrap;display:inline;">non-standard</div> settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section&#160;18 of the Investment Company Act, provided that the Fund intends to physically settle the transaction and </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 44 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_34" continuedAt="TextSelectionAppend_62255260_35"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">the transaction will settle within 35 days of its trade date (the &#8220;Delayed-Settlement Securities Provision&#8221;). If a when-issued, forward-settling or <div style="white-space:nowrap;display:inline;">non-standard</div> settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule <div style="white-space:nowrap;display:inline;">18f-4.</div> See &#8220;Additional Risk Factors&#8212;Risk Factors in Strategic Transactions and Derivatives&#8212;Rule <div style="white-space:nowrap;display:inline;">18f-4</div> Under the Investment Company Act&#8221; in the SAI. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Standby Commitment Agreements </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund from time to time may enter into standby commitment agreements. Such agreements commit the Fund, for a stated period of time, to purchase a stated amount of a fixed-income security that may be issued and sold to the Fund at the option of the issuer. The price and coupon of the security is fixed at the time of the commitment. At the time of entering into the agreement the Fund may be paid a commitment fee, regardless of whether or not the security ultimately is issued. The Fund will enter into such agreements only for the purpose of investing in the security underlying the commitment at a yield and price which is considered advantageous to the Fund. The Fund at all times will designate on its books and records cash or other liquid assets with a value equal to the purchase price of the securities underlying the commitment. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There can be no assurance that the securities subject to a standby commitment will be issued and the value of the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the security underlying the commitment is at the option of the issuer, the Fund may bear the risk of decline in the value of such security and may not benefit from an appreciation in the value of the security during the commitment period. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The purchase of a security subject to a standby commitment agreement and the related commitment fee will be recorded on the date on which the security reasonably can be expected to be issued and the value of the security thereafter will be reflected in the calculation of the Fund&#8217;s NAV. The cost basis of the security will be adjusted by the amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as income on the expiration date of the standby commitment. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Temporary Defensive Positions </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">During temporary defensive periods, if the Advisors determine that market conditions warrant, and also during the period in which the net proceeds of this offering of common shares (or preferred shares, should the Fund determine to issue preferred shares in the future) are being invested, the Fund may invest any percentage of its assets without limitation in cash, cash equivalents, money market securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term, unsecured, negotiable promissory notes of a domestic or foreign issuer), repurchase agreements, obligations of supranational organizations, bank obligations, including U.S. subsidiaries and branches of foreign banks, or other high quality fixed-income securities. Temporary defensive positions may affect the Fund&#8217;s ability to achieve its investment objectives. Generally, such obligations will mature within one year from the date of settlement, but may mature within two years from the date of settlement. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Cash Equivalents and Short-Term Debt Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For temporary defensive purposes or to keep cash on hand fully invested, the Fund may invest up to 100% of its total assets in cash equivalents and short-term debt securities. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Taxable short-term debt securities are defined to include, without limitation: </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(1) U.S. Government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. Government agencies or instrumentalities. U.S. Government securities include securities issued by (a)&#160;the FHA, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration and GNMA, whose securities are supported by the full faith and credit of the United States; (b)&#160;the FHLBs, Federal Intermediate Credit Banks, and Tennessee Valley Authority, whose securities are supported by the right of the agency to borrow from the U.S. Treasury; (c)&#160;FNMA, whose securities are supported by the discretionary authority of the U.S. Government </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 45 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_35" continuedAt="TextSelectionAppend_62255260_36"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">to purchase certain obligations of the agency or instrumentality; and (d)&#160;the Student Loan Marketing Association, whose securities are supported only by its credit. While the U.S. Government provides financial support to such U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law; </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(2) Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return, and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Certificates of deposit purchased by the Fund may not be fully insured by the Federal Deposit Insurance Corporation. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(3) Repurchase agreements, which involve purchases of debt securities; </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(4) Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by the Fund at any time. The Advisors will consider the financial condition of the corporation (e.g., earning power, cash flow and other liquidity ratios) and will continuously monitor the corporation&#8217;s ability to meet all of its financial obligations, because the Fund&#8217;s liquidity might be impaired if the corporation were unable to pay principal and interest on demand. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="white-space:nowrap;display:inline;">Tax-exempt</div> short-term debt securities are defined to include, without limitation: </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(1) Bond anticipation notes (&#8220;BANs&#8221;) are usually general obligations of state and local governmental issuers which are sold to obtain interim financing for projects that will eventually be funded through the sale of long-term debt obligations or bonds. The ability of an issuer to meet its obligations on its BANs is primarily dependent on the issuer&#8217;s access to the long-term municipal bond market and the likelihood that the proceeds of such bond sales will be used to pay the principal and interest on the BANs. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(2) Tax anticipation notes (&#8220;TANs&#8221;) are issued by state and local governments to finance the current operations of such governments. Repayment is generally to be derived from specific future tax revenues. TANs are usually general obligations of the issuer. A weakness in an issuer&#8217;s capacity to raise taxes due to, among other things, a decline in its tax base or a rise in delinquencies could adversely affect the issuer&#8217;s ability to meet its obligations on outstanding TANs. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(3) Revenue anticipation notes (&#8220;RANs&#8221;) are issued by governments or governmental bodies with the expectation that future revenues from a designated source will be used to repay the notes. In general, they also constitute general obligations of the issuer. A decline in the receipt of projected revenues, such as anticipated revenues from another level of government, could adversely affect an issuer&#8217;s ability to meet its obligations on outstanding RANs. In addition, the possibility that the revenues would, when received, be used to meet other obligations could affect the ability of the issuer to pay the principal and interest on RANs. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(4) Construction loan notes are issued to provide construction financing for specific projects. Frequently, these notes are redeemed with funds obtained from the Federal Housing Administration. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(5) Bank notes are notes issued by local government bodies and agencies as those described above to commercial banks as evidence of borrowings. The purposes for which the notes are issued are varied but they are frequently issued to meet short-term working capital or capital-project needs. These notes may have risks similar to the risks associated with TANs and RANs. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(6) <div style="white-space:nowrap;display:inline;">Tax-exempt</div> commercial paper (&#8220;municipal paper&#8221;) represents very short-term unsecured, negotiable promissory notes, issued by states, municipalities and their agencies. Payment of principal and interest on issues of municipal paper may be made from various sources, to the extent the funds are available therefrom. Maturities on municipal paper generally will be shorter than the maturities of TANs, BANs or RANs. There is a limited secondary market for issues of municipal paper. </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 46 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_36" continuedAt="TextSelectionAppend_62255260_37"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain municipal securities may carry variable or floating rates of interest whereby the rate of interest is not fixed but varies with changes in specified market rates or indices, such as a bank prime rate or tax-exempt money market indices. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">While the various types of notes described above as a group represent the major portion of the tax-exempt note market, other types of notes are available in the marketplace and the Fund may invest in such other types of notes to the extent permitted under its investment objectives, policies and limitations. Such notes may be issued for different purposes and may be secured differently from those mentioned above. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Counterparty Credit Standards </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent that the Fund engages in principal transactions, including, but not limited to, OTC options, forward currency transactions, swap transactions, repurchase and reverse repurchase agreements and the purchase and sale of bonds and other fixed-income securities, it must rely on the creditworthiness of its counterparties under such transactions. In certain instances, the credit risk of a counterparty is increased by the lack of a central clearing house for certain transactions, including certain swap contracts. In the event of the insolvency of a counterparty, the Fund may not be able to recover its assets, in full or at all, during the insolvency process. Counterparties to investments may have no obligation to make markets in such investments and may have the ability to apply essentially discretionary margin and credit requirements. Similarly, the Fund will be subject to the risk of bankruptcy of, or the inability or refusal to perform with respect to such investments by, the counterparties with which it deals. The Advisors will seek to minimize the Fund&#8217;s exposure to counterparty risk by entering into such transactions with counterparties the Advisors believe to be creditworthy at the time it enters into the transaction. Certain transactions, including option transactions and Strategic Transactions may require the Fund to provide collateral to secure its performance obligations under a contract, which would also entail counterparty credit risk. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Securities Lending </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may lend portfolio securities to certain borrowers determined to be creditworthy by the Advisors, including to borrowers affiliated with the Advisors. The borrowers provide collateral that is maintained in an amount at least equal to the current market value of the securities loaned. As a result of limitations under the Investment Company Act and SEC staff guidance, no securities loan shall be made on behalf of the Fund if, as a result, the aggregate value of all securities loans of the Fund exceeds one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). The Fund may terminate a loan at any time and obtain the return of the securities loaned. The Fund receives the value of any interest or cash or non-cash distributions paid on the loaned securities. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the amount of cash collateral. The Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Fund is compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any cash collateral received by the Fund for such loans, and uninvested cash, may be invested, among other things, in a private investment company managed by an affiliate of the Advisors or in registered money market funds advised by the Advisors or their affiliates; such investments are subject to investment risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund conducts its securities lending pursuant to an exemptive order from the SEC permitting it to lend portfolio securities to borrowers affiliated with the Fund and to retain an affiliate of the Fund as lending agent. To the extent that the Fund engages in securities lending, BlackRock Investment Management, LLC (&#8220;BIM&#8221;), an affiliate of the Advisors, acts as securities lending agent for the Fund, subject to the overall supervision of the Advisors. BIM administers the lending program in accordance with guidelines approved by the Board. Pursuant to the current securities lending agreement, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level. </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 47 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255260_37"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent that the Fund engages in securities lending, the Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment expenses as defined below), and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for expenses in connection with the investment of cash collateral received for securities on loan in a private investment company managed by an affiliate of the Advisors (the &#8220;collateral investment expenses&#8221;); however, BIM has agreed to cap the collateral investment expenses the Fund bears to an annual rate of 0.04% of the daily net assets of such private investment company. In addition, in accordance with the exemptive order, the investment adviser to the private investment company will not charge any advisory fees with respect to shares purchased by the Fund. Such shares also will not be subject to a sales load, redemption fee, distribution fee or service fee. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment expenses). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex (as defined in the SAI) in a calendar year exceeds the breakpoint dollar threshold applicable in the given year, the Fund, pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses). </div></ix:continuation><div id="toc320889_58" style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">LEVERAGE </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund currently utilizes leverage for investment purposes in the form of a bank credit facility. As of December&#160;19, 2022, this leverage represented approximately 26.45% of the Fund&#8217;s Managed Assets (which includes the amount obtained from such borrowings or debt issuance. The Fund generally will not utilize leverage if it anticipates that the Fund&#8217;s leveraged capital structure would result in a lower return to common stockholders than that obtainable if the common stock were unleveraged for any significant amount of time. At times, the Fund could utilize leverage through borrowings, including the issuance of short-term debt securities, the issuance of shares of preferred stock or a combination thereof. The Fund has the ability to utilize leverage through borrowings or the issuance of short-term debt securities in an amount up to 33 1/3% of the value of its Managed Assets (which includes the amount obtained from such borrowings or debt issuance). The Fund also has the ability to utilize leverage through the issuance of shares of preferred stock in an amount up to 50% of the value of its Managed Assets (which includes the amount obtained from such issuance). The Fund may also leverage through the use of reverse repurchase agreements. There can be no assurance that the Fund will borrow in order to leverage its assets or, if it does, what percentage of the Fund&#8217;s assets such borrowings will represent. The Fund does not currently anticipate issuing any preferred stock. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The use of leverage can create risks. When leverage is employed, the NAV and market price of the common shares and the yield to holders of common shares will be more volatile than if leverage were not used. Changes in the value of the Fund&#8217;s portfolio, including securities bought with the proceeds of leverage, will be borne entirely by the holders of common shares. If there is a net decrease or increase in the value of the Fund&#8217;s investment portfolio, leverage will decrease or increase, as the case may be, the NAV per common share to a greater extent than if the Fund did not utilize leverage. A reduction in the Fund&#8217;s NAV may cause a reduction in the market price of its shares. A failure to pay dividends or make distributions due to leverage could result in the Fund ceasing to qualify as a regulated investment company under the Code. During periods in which the Fund is using leverage, the fee paid to the Advisor for advisory services will be higher than if the Fund did not use leverage, because the fees paid will be calculated on the basis of the Fund&#8217;s Managed Assets, which includes the proceeds from leverage. The Fund&#8217;s leveraging strategy may not be successful. </div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain types of leverage the Fund may use may result in the Fund being subject to covenants relating to asset coverage and portfolio composition requirements. The Fund may be subject to certain restrictions on investments imposed by one or more lenders or by guidelines of one or more rating agencies, which may issue ratings for any short-term debt securities or preferred shares issued by the Fund. The terms of any borrowings or rating agency guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the Investment Company Act. The Advisors do not believe that these covenants or guidelines will impede them from managing the Fund&#8217;s portfolio in accordance with its investment objectives and policies if the Fund were to utilize leverage. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 48 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under the Investment Company Act, the Fund is not permitted to issue senior securities if, immediately after the issuance of such senior securities, the Fund would have an asset coverage ratio (as defined in the Investment Company Act) of less than 300% with respect to senior securities representing indebtedness (<div style="font-style:italic;display:inline;">i.e.</div>, for every dollar of indebtedness outstanding, the Fund is required to have at least three dollars of assets) or less than 200% with respect to senior securities representing preferred shares (<div style="font-style:italic;display:inline;">i.e.</div>, for every dollar of preferred shares outstanding, the Fund is required to have at least two dollars of assets). The Investment Company Act also provides that the Fund may not declare distributions, or purchase its stock (including through tender offers) if, immediately after doing so, it will have an asset coverage ratio of less than 300% or 200%, as applicable. Under the Investment Company Act, certain short-term borrowings (such as for cash management purposes) are not subject to these limitations if (i)&#160;repaid within 60&#160;days, (ii)&#160;not extended or renewed, and (iii)&#160;not in excess of 5% of the total assets of the Fund. </div><ix:nonNumeric name="cef:EffectsOfLeverageTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true"><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Effects of Leverage </div><div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Assuming that leverage will represent approximately 26.45% of the Fund&#8217;s Managed Assets and that the Fund will bear expenses relating to that leverage at an average annual rate of 4.58%, the income generated by the Fund&#8217;s portfolio (net of estimated expenses) must exceed 1.21% in order to cover the expenses specifically related to the Fund&#8217;s use of leverage. 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These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects the use of leverage representing 26.45% of the Fund&#8217;s Managed Assets and an assumed annual cost of leverage of 4.48%.</ix:nonNumeric> </div></ix:nonNumeric> </div><ix:continuation id="TextSelection_62255319"><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assumed Portfolio Total Return (Net of Expenses)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">(10.00)%</td>
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<td style="vertical-align:bottom;text-align:right;">10.00%</td>
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<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Share Total Return</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">(<ix:nonFraction name="cef:ReturnAtMinusTenPercent" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">15.24</ix:nonFraction>)%</td>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">(<ix:nonFraction name="cef:ReturnAtMinusFivePercent" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">8.45</ix:nonFraction>)%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><ix:nonFraction name="cef:ReturnAtZeroPercent" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal">1.65</ix:nonFraction>%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><ix:nonFraction name="cef:ReturnAtPlusFivePercent" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal">5.15</ix:nonFraction>%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><ix:nonFraction name="cef:ReturnAtPlusTenPercent" contextRef="P12_28_2022To12_28_2022" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal">1.95</ix:nonFraction>%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr></table></div></ix:continuation><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Common share total return is composed of two elements: the common share dividends paid by the Fund (the amount of which is largely determined by the net investment income of the Fund after paying for any leverage used by the Fund) and gains or losses on the value of the securities the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0% the Fund must assume that the interest it receives on its investments is entirely offset by losses in the value of those securities. </div></ix:nonNumeric> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Credit Facility </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is a party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the &#8220;SSB Agreement&#8221;) with State Street Bank and Trust Company (&#8220;SSB&#8221;). SSB may elect to terminate its commitment upon 360-days written notice to the Fund at any time. The Fund has granted a security interest in substantially all of its assets to SSB. Advances will be made by SSB to the Fund, at the Fund&#8217;s option of (a)&#160;the higher of (i)&#160;0.80% above the Fed Funds rate and (ii)&#160;0.80% above the Overnight LIBOR or (b)&#160;0.80% above 7-day, 30-day, 60-day or 90-day LIBOR. In addition, the Fund pays a utilization fee (based on the daily unused portion of the commitments). The utilization fee is waived if the Fund meets certain conditions. The Fund may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to outstanding borrowings is less than 300%. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The SSB Agreement contains customary provisions regarding requirements to prepay outstanding amounts or incur a penalty rate of interest upon the occurrence of certain events of default, and indemnification of SSB against liabilities it may incur in connection with the credit facility. The SSB Agreement also contains customary covenants that, among other things, limit the Fund&#8217;s ability to incur additional debt, change certain of its investment policies and engage in certain transactions, including mergers and consolidations, require asset coverage ratios in addition to those required by the Investment Company Act and have the effect of limiting the Fund&#8217;s ability to pay distributions in certain circumstances. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 49 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There can be no assurance that the SSB Agreement will not in the future be replaced or refinanced by one or more credit facilities having substantially different terms or by the issuance of preferred shares. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Reverse Repurchase Agreements </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to the investment restrictions set forth herein. Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement by the Fund to repurchase the securities at an agreed upon price, date and interest payment. In accordance with Rule 18f-4 under the Investment Company Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i)&#160;maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii)&#160;treat such transactions as &#8220;derivatives transactions&#8221; and comply with Rule 18f-4 with respect to such transactions. See &#8220;Risk Factors in Strategic Transactions and Derivatives&#8212;Rule 18f-4 Under the Investment Company Act&#8221;. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The use by the Fund of reverse repurchase agreements involves many of the same risks of leverage since the proceeds derived from such reverse repurchase agreements may be invested in additional securities.&#160;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. 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 style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund&#8217;s obligation to repurchase the securities and the Fund&#8217;s use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision. Also, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the securities subject to such agreement. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Dollar Roll Transactions </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may enter into &#8220;dollar roll&#8221; transactions. In a dollar roll transaction, the Fund sells a mortgage related or other security to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a&#160;pre-determined&#160;price. A dollar roll transaction can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in which the Fund pledges a mortgage related security to a dealer to obtain cash. However, unlike reverse repurchase agreements, the dealer with which the Fund enters into a dollar roll transaction is not obligated to return the same securities as those originally sold by the Fund, but rather only securities which are &#8220;substantially identical,&#8221; which generally means that the securities repurchased will bear the same interest rate and a similar maturity as those sold, but the pools of mortgages collateralizing those securities may have different prepayment histories than those sold. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">During the period between the sale and repurchase, the Fund will not be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in additional instruments for the Fund and the income from these investments will generate income for the Fund. If such income does not exceed the income, capital appreciation and gain that would have been realized on the securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of the Fund compared with what the performance would have been without the use of dollar rolls. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">At the time the Fund enters into a dollar roll transaction, it may establish and maintain a segregated account with the custodian containing, or designate on its books and records, cash and/or liquid assets having a value not less than the repurchase price (including accrued interest). If the Fund establishes and maintains such a segregated account, or earmarks such assets as described, a dollar roll transaction will not be considered a senior security under the Investment Company Act but will constitute leverage; however, under certain circumstances in which the Fund does not establish and maintain such a segregated account, or earmark such assets on its books and records, such dollar roll transaction will be considered a borrowing for the purpose of the limitation under the Investment Company Act on issuing senior securities discussed above. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 50 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. The Fund&#8217;s right to purchase or repurchase securities may be restricted. Successful use of mortgage dollar rolls may depend upon the investment manager&#8217;s ability to correctly predict interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Preferred Shares </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is permitted to leverage its portfolio by issuing preferred shares. Under the Investment Company Act, the Fund is not permitted to issue preferred shares if, immediately after such issuance, the liquidation value of the Fund&#8217;s outstanding preferred shares exceeds 50% of its assets (including the proceeds from the issuance) less liabilities other than borrowings (<div style="font-style:italic;display:inline;">i.e.</div>, the value of the Fund&#8217;s assets must be at least 200% of the liquidation value of its outstanding preferred shares). In addition, the Fund would not be permitted to declare any cash dividend or other distribution on its common shares unless, at the time of such declaration, the value of the Fund&#8217;s assets less liabilities other than borrowings is at least 200% of such liquidation value. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund expects that preferred shares, if issued, will pay adjustable rate dividends based on shorter-term interest rates, which would be redetermined periodically by a fixed spread or remarketing process, subject to a maximum rate which would increase over time in the event of an extended period of unsuccessful remarketing. The adjustment period for preferred share dividends could be as short as one day or as long as a year or more. Preferred shares, if issued, could include a liquidity feature that allows holders of preferred shares to have their shares purchased by a liquidity provider in the event that sell orders have not been matched with purchase orders and successfully settled in a remarketing. The Fund expects that it would pay a fee to the provider of this liquidity feature, which would be borne by common shareholders of the Fund. The terms of such liquidity feature could require the Fund to redeem preferred shares still owned by the liquidity provider following a certain period of continuous, unsuccessful remarketing, which may adversely impact the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If preferred shares are issued, the Fund may, to the extent possible, purchase or redeem preferred shares from time to time to the extent necessary in order to maintain asset coverage of any preferred shares of at least 200%. In addition, as a condition to obtaining ratings on the preferred shares, the terms of any preferred shares issued are expected to include asset coverage maintenance provisions which will require the redemption of the preferred shares in the event of&#160;non-compliance&#160;by the Fund and may also prohibit dividends and other distributions on the common shares in such circumstances. In order to meet redemption requirements, the Fund may have to liquidate portfolio securities. Such liquidations and redemptions would cause the Fund to incur related transaction costs and could result in capital losses to the Fund. Prohibitions on dividends and other distributions on the common shares could impair the Fund&#8217;s ability to qualify as a RIC under the Code. If the Fund has preferred shares outstanding, two of the Directors will be elected by the holders of preferred shares voting separately as a class. The remaining Directors will be elected by holders of common shares and preferred shares voting together as a single class. In the event the Fund failed to pay dividends on preferred shares for two years, holders of preferred shares would be entitled to elect a majority of the Directors. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund issues preferred shares, the Fund expects that it will be subject to certain restrictions imposed by guidelines of one or more rating agencies that may issue ratings for preferred shares issued by the Fund. These guidelines are expected to impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the Investment Company Act. It is not anticipated that these covenants or guidelines would impede the Advisors from managing the Fund&#8217;s portfolio in accordance with the Fund&#8217;s investment objectives and policies. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Derivatives </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may enter into derivative transactions that have leverage embedded in them. Derivative transactions that the Fund may enter into and the risks associated with them are described elsewhere in this Prospectus and are also referred to as &#8220;Strategic Transactions.&#8221; The Fund cannot assure you that investments in derivative transactions that have leverage embedded in them will result in a higher return on its common shares. Under Rule 18f-4 under the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. See &#8220;Additional Risk Factors&#8212;Risk Factors in Strategic Transactions and Derivatives&#8212;Rule 18f-4 Under the Investment Company Act&#8221; in the SAI. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 51 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Temporary Borrowings </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities. </div><ix:nonNumeric name="cef:RiskFactorsTableTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true" continuedAt="TextSelection_62255261"><div id="toc320889_59" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">RISKS </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; 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><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_GeneralRisksMembercefRiskAxis" escape="true"><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">General Risks </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Please refer to the section of the Fund&#8217;s most recent annual report on Form N-CSR entitled &#8220;Investment Objectives, Policies and Risks&#8212;Risk Factors&#8221;, which is incorporated by reference herein, for a discussion of the general risks of investing in the Fund. </div></ix:nonNumeric> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Other Risks </div></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_OfferingRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255272"><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Offering Risk</div>. The provisions of the Investment Company Act generally require that the public offering price of an investment company&#8217;s common&#160;stock (less any underwriting commissions and discounts) must equal or exceed the NAV per share of an investment company&#8217;s common stock (calculated within 48 hours of pricing).&#160;In the offering described in this Prospectus, the Fund may, subject to market conditions, raise additional equity capital by issuing new common stock from time to time in varying amounts at a net price at or above the Fund&#8217;s NAV per common share (calculated within 48 hours of pricing). To the extent that Fund shares do not trade at a premium, the Fund may be unable to issue additional shares, and may incur costs associated with setting up and maintaining an &#8220;at the market&#8221; program without the potential benefits. The offering described in this Prospectus may allow the Fund to pursue additional investment opportunities without the need to sell existing portfolio investments and will increase the asset size of the Fund and thus cause the Fund&#8217;s fixed expenses to be spread over a larger asset base. However, the issuance may not necessarily result in an increase to net income for shareholders, which depends on leverage levels, the comparison between book yields on existing assets, available investment opportunities and other factors. The Fund cannot predict whether its common stock will trade in the future at a premium or discount to their NAV per share.&#160;Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#8217; risk of loss.&#160;In no event will shares be issued at a price below the Fund&#8217;s NAV per common share (calculated within 48 hours of pricing)&#160;plus any sales commission charged in connection with the offering. </div></ix:nonNumeric> </ix:nonNumeric> </div><div></div></div> <div><div style="background-color:white;display: inline;"><ix:continuation id="TextSelection_62255261" continuedAt="TextSelectionAppend_62255261_1"><ix:continuation id="TextSelection_62255272"> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The offering described in this Prospectus entails potential risks to existing common shareholders.&#160;Although the issuance of additional common stock may facilitate a more active market in the Fund&#8217;s common&#160;stock by increasing the amount of common&#160;stock outstanding, the issuance of additional common&#160;stock may also have an adverse effect on prices for the Fund&#8217;s common stock in the secondary market by increasing the supply of common&#160;stock available for sale.&#160;The issuance of additional common stock will dilute the voting power of already outstanding common stock.&#160;If the Fund is unable to invest the proceeds of any such offering in a timely <div style="display:inline;">manner</div> in assets with a yield at least equal to that of the current portfolio, the Fund&#8217;s earnings per share may decrease. </div> </ix:continuation> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> </ix:continuation> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 52 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_1" continuedAt="TextSelectionAppend_62255261_2"> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_SecondLienLoansRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Second Lien Loans Risk</div>. Second lien loans generally are subject to similar risks as those associated with investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Second lien loans share the same risks as other below investment grade securities. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_MezzanineInvestmentRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Mezzanine Investment Risk</div>. Mezzanine securities generally are rated below investment grade and frequently are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. However, unlike senior loans and second lien loans, mezzanine securities are not a senior or secondary secured obligation of the related borrower. They typically are the most subordinated debt obligation in an issuer&#8217;s capital structure. Mezzanine securities also may often be unsecured. Mezzanine securities therefore are subject to the additional risk that the cash flow of the related borrower and the property securing the loan may be insufficient to repay the scheduled principal after giving effect to any senior obligations of the related borrower. Mezzanine securities are also expected to be a highly illiquid investment. Mezzanine securities will be subject to certain additional risks to the extent that such loans may not be protected by financial covenants or limitations upon additional indebtedness. Investment in mezzanine securities is a highly specialized investment practice that depends more heavily on independent credit analysis than investments in other types of debt obligations. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_RisksOfLoanAssignmentsAndParticipationsMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255275"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Risks of Loan Assignments and Participations</div>. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations </div></ix:nonNumeric> </ix:continuation> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 53 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_2" continuedAt="TextSelectionAppend_62255261_3"><ix:continuation id="TextSelection_62255275"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan. A participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. </div> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_BankLoansRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Bank Loans Risk</div>. The market for bank loans may not be highly liquid and the Fund may have difficulty selling them. These investments are subject to both interest rate risk and credit risk. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_CorporateBondsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Corporate Bonds Risk</div>. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates. The market value of intermediate and longer-term corporate bonds is generally more sensitive to changes in interest rates than is the market value of shorter-term corporate bonds. The market value of a corporate bond also may be affected by factors directly related to the issuer, such as investors&#8217; perceptions of the creditworthiness of the issuer, the issuer&#8217;s financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&#8217;s capital structure and use of financial leverage and demand for the issuer&#8217;s goods and services. Certain risks associated with investments in corporate bonds are described elsewhere in this Prospectus in further detail. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_YieldAndRatingsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Yield and Ratings Risk</div>.&#160;The yields on certain debt obligations are dependent on a variety of factors, including general market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody&#8217;s, S&amp;P and Fitch, which are described in Appendix A to the SAI, represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may cease to be rated. The Advisors will consider such an event in determining whether the Fund should continue to hold the security. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_UnratedSecuritiesRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Unrated Securities Risk</div>. Because the Fund may purchase securities that are not rated by any rating organization, the Advisors may, after assessing their credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations.&#160;Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund&#8217;s ability to achieve its investment objectives will be more dependent on the Advisors&#8217; credit analysis than would be the case when the Fund invests in rated securities. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_DebtorinpossessionDipFinancingRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Debtor-In-Possession (DIP) Financing Risk</div>. The Fund&#8217;s participation in DIP financings is subject to risks. DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code and must be approved by the bankruptcy court. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. DIP financings are typically fully secured by a lien on the debtor&#8217;s otherwise unencumbered assets or secured by a junior lien on the debtor&#8217;s encumbered assets (so long as the loan is fully secured based on the most recent current valuation or appraisal report of the debtor). DIP financings are often required to close with certainty and in a rapid manner in order to satisfy existing creditors and to enable the issuer to emerge from bankruptcy or to avoid a bankruptcy proceeding. There is a risk that the borrower will not emerge from Chapter 11 bankruptcy proceedings and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Fund&#8217;s only recourse will be against the property securing the DIP financing. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:nonNumeric> </ix:continuation> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 54 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_3" continuedAt="TextSelectionAppend_62255261_4"> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_MortgageRelatedSecuritiesRisksMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Mortgage Related Securities Risks</div>. Investing in MBS entails various risks. MBS represent an interest in a pool of mortgages. The risks associated with MBS include: credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning these properties; risks associated with their structure and execution (including the collateral, the process by which principal and interest payments are allocated and distributed to investors and how credit losses affect issuing vehicles and the return to investors in such MBS); whether the collateral represents a fixed set of specific assets or accounts, whether the underlying collateral assets are revolving or&#160;closed-end,&#160;under what terms (including maturity of the MBS) any remaining balance in the accounts may revert to the issuing entity and the extent to which the entity that is the actual source of the collateral assets is obligated to provide support to the issuing vehicle or to the investors in such MBS; risks associated with the servicer of the underlying mortgages; adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on MBS secured by loans on certain types of commercial properties than on those secured by loans on residential properties; prepayment risk, which can lead to significant fluctuations in the value of the MBS; loss of all or part of the premium, if any, paid; and decline in the market value of the security, whether resulting from changes in interest rates, prepayments on the underlying mortgage collateral or perceptions of the credit risk associated with the underlying mortgage collateral. In addition, the Fund&#8217;s level of investment in MBS of a particular type or in MBS issued or guaranteed by affiliated obligors, serviced by the same servicer or backed by underlying collateral located in a specific geographic region, may subject the Fund to additional risk. To the extent the Fund invests in junior tranches of MBS, it will be subject to additional risks, such as the risk that the proceeds that would otherwise be distributed to the Fund will be used to pay down more senior tranches. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When market interest rates decline, more mortgages are refinanced and the securities are paid off earlier than expected. Prepayments may also occur on a scheduled basis or due to foreclosure. During such periods, the reinvestment of prepayment proceeds by the Fund will generally be at lower rates than the rates that were carried by the obligations that have been prepaid. When market interest rates increase, the market values of MBS decline. At the same time, however, mortgage refinancings and prepayments slow, lengthening the effective maturities of these securities. As a result, the negative effect of the rate increase on the market value of MBS is usually more pronounced than it is for other types of fixed-income securities. Moreover, the relationship between borrower prepayments and changes in interest rates may mean some high-yielding mortgage-related and other asset-backed securities have less potential for increases in value if market interest rates were to fall than conventional bonds with comparable maturities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, losses on a mortgaged property securing a mortgage loan included in a securitization will be borne first by the equity holder of the property, then by a cash reserve fund or letter of credit, if any, then by the holder of a mezzanine loan or&#160;B-Note,&#160;if any, then by the &#8220;first loss&#8221; subordinated security holder (generally, the&#160;&#8220;B-Piece&#8221;&#160;buyer) and then by the holder of a higher rated security. The Fund could invest in any class of security included in a securitization. In the event of default and the exhaustion of any equity support, reserve fund, letter of credit, mezzanine loans or&#160;B-Notes,&#160;and any classes of securities junior to those in which the Fund invests, the Fund will not be able to recover all of its investment in the MBS it purchases. MBS in which the Fund invests may not contain reserve funds, letters of credit, mezzanine loans and/or junior classes of securities. The prices of lower credit quality securities are generally less sensitive to interest rate changes than more highly rated investments, but more sensitive to adverse economic downturns or individual issuer developments. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">MBS generally are classified as either RMBS or CMBS, each of which are subject to certain specific risks as further described below.</div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_RmbsRisksMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">RMBS Risks</div>.&#160;RMBS are securities the payments on which depend primarily on the cash flow from residential mortgage loans made to borrowers that are secured by residential real estate.&#160;Non-agency&#160;residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan secured by residential property is dependent upon the income or assets of the borrower. A number of factors, including general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower&#8217;s ability to repay its loans. </div></ix:nonNumeric> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> </ix:continuation> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 55 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_4" continuedAt="TextSelectionAppend_62255261_5"> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_AgencyRmbsRisksMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Agency RMBS Risks</div></div>. MBS issued by FNMA or FHLMC are guaranteed as to timely payment of principal and interest by FNMA or FHLMC, but are not backed by the full faith and credit of the U.S. Government. In 2008, FHFA placed FNMA and FHLMC into conservatorship. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its MBS. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. In connection with the conservatorship, the U.S. Treasury entered into an agreement with each of FNMA and FHLMC that contains various covenants that severely limit each enterprise&#8217;s operations. There is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under the Reform Act, FHFA, as conservator or receiver, has the power to repudiate any contract entered into by FNMA or FHLMC prior to FHFA&#8217;s appointment as conservator or receiver, as applicable, if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the contract promotes the orderly administration of FNMA&#8217;s or FHLMC&#8217;s affairs. In the event that FHFA, as conservator of, or if it is later appointed as receiver for, FNMA or FHLMC, were to repudiate any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only to the extent of FNMA&#8217;s or FHLMC&#8217;s assets available therefor. In the event of repudiation, the payments of interest to holders of FNMA or FHLMC MBS would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such MBS are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such MBS holders. Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. If FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC MBS would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. In addition, certain rights provided to holders of MBS issued by FNMA and FHLMC under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and FHLMC MBS may provide (or with respect to securities issued prior to the date of the appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such MBS have the right to replace FNMA or FHLMC as trustee if the requisite percentage of MBS holders consent. The Reform Act prevents MBS holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_NonagencyRmbsRisksMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Non-Agency RMBS Risks</div></div>. Non-agency&#160;RMBS are securities issued by&#160;non-governmental&#160;issuers.&#160;Non-agency&#160;RMBS have no direct or indirect government guarantees of payment and are subject to various risks as described herein. </div></ix:nonNumeric> <div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_BorrowerCreditRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Borrower Credit Risk</div></div><div style="font-style:italic;display:inline;">.</div> Credit-related risk on RMBS arises from losses due to delinquencies and defaults by the borrowers in payments on the underlying mortgage loans and breaches by originators and servicers of their obligations under the underlying documentation pursuant to which the RMBS are issued.&#160;Non-agency&#160;residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The rate of delinquencies and defaults on residential mortgage loans and the aggregate amount of the resulting losses will be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged property is located, the level of the borrower&#8217;s equity in the mortgaged property and the individual financial circumstances of the borrower. If a residential mortgage loan is in default, foreclosure on the related residential property may be a lengthy and difficult process involving significant legal and other expenses. The net proceeds obtained by the holder on a residential mortgage loan following the foreclosure on the related property may be less than the total amount that remains due on the loan. The prospect of incurring a loss upon the foreclosure of the related property may lead the holder of the residential mortgage loan to restructure the residential mortgage loan or otherwise delay the foreclosure process </div></ix:nonNumeric> </div> </ix:continuation> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 56 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_5" continuedAt="TextSelectionAppend_62255261_6"> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_RmbsLegalRisksMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">RMBS Legal Risks</div></div>. Legal risks associated with RMBS can arise as a result of the procedures followed in connection with the origination of the mortgage loans or the servicing thereof, which may be subject to various federal and state laws (including, without limitation, predatory lending laws), public policies and principles of equity that regulate interest rates and other charges, require certain disclosures, require licensing of originators, prohibit discriminatory lending practices, regulate the use of consumer credit information and debt collection practices and may limit the servicer&#8217;s ability to collect all or part of the principal of or interest on a residential mortgage loan, entitle the borrower to a refund of amounts previously paid by it or subject the servicer to damages and sanctions. Specifically, provisions of federal predatory lending laws, such as the federal&#160;Truth-in-Lending&#160;Act (as supplemented by the Home Ownership and Equity Protection Act of 1994) and Regulation Z, and various recently enacted state predatory lending laws provide that a purchaser or assignee of specified types of residential mortgage loans (including an issuer of RMBS) may be held liable for violations by the originator of such mortgage loans. Under such assignee liability provisions, a borrower is generally given the right to assert against a purchaser of its mortgage loan any affirmative claims and defenses to payment that such borrower could assert against the originator of the loan or, where applicable, the home improvement contractor that arranged the loan. Liability under such assignee liability provisions could, therefore, result in a disruption of cash flows allocated to the holders of RMBS where either the issuer of such RMBS is liable for damages or is unable to enforce payment by the borrower. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In most but not all cases, the amount recoverable against a purchaser or assignee under such assignee liability provisions is limited to amounts previously paid and still owed by the borrower. Moreover, sellers of residential mortgage loans to an issuer of RMBS typically represent that the loans have been originated in accordance with all applicable laws and in the event such representation is breached, the seller typically must repurchase the offending loan. Notwithstanding these protections, an issuer of RMBS may be exposed to an unquantifiable amount of potential assignee liability because, first, the amount of potential assignee liability under certain predatory lending laws is unclear and has yet to be litigated, and, second, in the event a predatory lending law does not prohibit class action lawsuits, it is possible that an issuer of RMBS could be liable for damages for more than the original principal amount of the offending loans held by it. In such circumstances the issuer of RMBS may be forced to seek contribution from other parties, who may no longer exist or have adequate funds available to fund such contribution. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, structural and legal risks of RMBS include the possibility that, in a bankruptcy or similar proceeding involving the originator or the servicer (often the same entity or affiliates), the assets of the issuer could be treated as never having been truly sold by the originator to the issuer and could be substantively consolidated with those of the originator, or the transfer of such assets to the issuer could be voided as a fraudulent transfer. Challenges based on such doctrines could result also in cash flow delays and losses on the related issue of RMBS. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_MortgageLoanMarketRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255287"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Mortgage Loan Market Risk</div></div>. In the recent past, the residential mortgage market in the United States experienced difficulties that adversely affected the performance and market value of certain mortgages and mortgage related securities. Delinquencies and losses on residential mortgage loans (especially sub-prime and second lien mortgage loans) generally increased during this period and declines in or flattening of housing values in many housing markets were generally viewed as exacerbating such delinquencies and losses. Borrowers with adjustable rate mortgages (&#8220;ARMs&#8221;) 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. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">At any one time, a portfolio of RMBS may be backed by residential mortgage loans that are highly concentrated in only a few states or regions. As a result, the performance of such residential mortgage loans may be more susceptible to a downturn in the economy, including in particular industries that are highly represented in such states or regions, natural calamities and other adverse conditions affecting such areas. The economic downturn experienced in the recent past at the national level, and the more serious economic downturn experienced in the recent past in certain geographic areas of the United States, including in particular areas of the United States where rates of delinquencies and defaults on residential mortgage loans were particularly high, is generally viewed as having contributed to the higher rates of delinquencies and defaults on the residential mortgage loans underlying RMBS during this period. There also can be no assurance that areas of the United States that mostly avoided higher rates of delinquencies and defaults on residential mortgage loans during this period would continue to do so if an economic downturn were to reoccur at the national level. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:nonNumeric> </ix:continuation> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 57 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_6" continuedAt="TextSelectionAppend_62255261_7"><ix:continuation id="TextSelection_62255287"> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Another factor that may contribute to, and may in the future result in, higher delinquency and default rates is the increase in monthly payments on ARMs. Any increase in prevailing market interest rates, which are currently at historical lows, may result in increased payments for borrowers who have ARMs. Moreover, with respect to hybrid mortgage loans (which are mortgage loans combining fixed and adjustable rate features) after their initial fixed rate period or other adjustable-rate mortgage loans, interest-only products or products having a lower rate, and with respect to mortgage loans with a negative amortization feature which reach their negative amortization cap, borrowers may experience a substantial increase in their monthly payment even without an increase in prevailing market interest rates. Increases in payments for borrowers may result in increased rates of delinquencies and defaults on residential mortgage loans underlying the non-agency RMBS. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As a result of rising concerns about increases in delinquencies and defaults on residential mortgage loans (particularly on sub-prime and adjustable-rate mortgage loans) and as a result of increasing concerns about the financial strength of originators and servicers and their ability to perform their obligations with respect to non-agency RMBS, there may be an adverse change in the market sentiments of investors about the market values and volatility and the degree of risk of non-agency RMBS generally. Some or all of the underlying residential mortgage loans in an issue of non-agency RMBS may have balloon payments due on their respective maturity dates. Balloon residential mortgage loans involve a greater risk to a lender than fully amortizing loans, because the ability of a borrower to pay such amount will normally depend on its ability to obtain refinancing of the related mortgage loan or sell the related mortgaged property at a price sufficient to permit the borrower to make the balloon payment, which will depend on a number of factors prevailing at the time such refinancing or sale is required, including, without limitation, the strength of the local or national residential real estate markets, interest rates and general economic conditions and the financial condition of the borrower. If borrowers are unable to make such balloon payments, the related issue of non-agency RMBS may experience losses. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may acquire RMBS backed by collateral pools of mortgage loans that have been originated using underwriting standards that are less restrictive than those used in underwriting &#8220;prime mortgage loans&#8221; and&#160;&#8220;Alt-A&#160;mortgage loans.&#8221; These lower standards include mortgage loans made to borrowers having imperfect or impaired credit histories, mortgage loans where the amount of the loan at origination is 80% or more of the value of the mortgage property, mortgage loans made to borrowers with low credit scores, mortgage loans made to borrowers who have other debt that represents a large portion of their income and mortgage loans made to borrowers whose income is not required to be disclosed or verified and are commonly referred to as&#160;&#8220;sub-prime&#8221;&#160;mortgage loans.&#160;Sub-prime&#160;mortgage loans have in recent periods experienced increased rates of delinquency, foreclosure, bankruptcy and loss, and they are likely to continue to experience delinquency, foreclosure, bankruptcy and loss rates that are higher, and that may be substantially higher, than those experienced by mortgage loans underwritten in a more traditional manner. Certain categories of RMBS, such as option ARM RMBS and&#160;sub-prime&#160;RMBS, have been referred to by the financial media as &#8220;toxic assets.&#8221; </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Although the United States economy has been slowly improving in recent years, the impact of the coronavirus pandemic on the United States has caused the economy to deteriorate again and led to a high incidence of missed mortgage payments, which could result in the incidence of mortgage foreclosures, especially&#160;sub-prime&#160;mortgages, beginning to increase again, which could adversely affect the value of any RMBS owned by the Fund. </div> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_LegislationAndRegulationRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255288"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Legislation and Regulation Risk</div></div>. The significance of the mortgage crisis and loan defaults in residential mortgage loan sectors led to the enactment in July 2008 of the Housing and Economic Recovery Act of 2008, a wide-ranging housing rescue bill that offers up to $300 billion in assistance to troubled homeowners and emergency assistance to FNMA and FHLMC. This bill could potentially have a material adverse effect on the Fund&#8217;s investment program as the bill, among other things, provides approximately $180 million for &#8220;pre-foreclosure&#8221; housing counseling and legal services for distressed borrowers. In 2007, U.S. Treasury then-Secretary Henry Paulson and HUD then-Secretary Alphonso Jackson and the mortgage industry worked to develop HOPE NOW, an alliance of participants in the mortgage industry intended to work with borrowers with sub-prime mortgages facing interest rate increases and increasing payments. The Congressional Research Service reports that HOPE NOW has undertaken an initiative to provide homeowners with free telephone consultations with HUD-approved credit counselors, who can help homeowners contact their lenders and credit&#160;counselors&#160;to work out a plan to avoid foreclosure. Certain borrowers may also seek relief through the &#8220;FHA Secure&#8221; refinancing option that gives homeowners with non-FHA ARMs, current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. The Helping Families Save Their Homes Act of 2009, which was enacted on May&#160;20, 2009, provides a safe harbor for servicers entering into &#8220;qualified loss mitigation plans&#8221; with respect to residential mortgages originated before the act was enacted. By protecting servicers from certain liabilities, this safe harbor may encourage loan modifications and reduce the likelihood that investors in securitizations will be paid on a timely basis or will be paid in full. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:nonNumeric> </ix:continuation> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 58 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_7" continuedAt="TextSelectionAppend_62255261_8"><ix:continuation id="TextSelection_62255288"> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the mortgage crisis has led public advocacy groups to demand, and governmental officials and federal and state regulatory agencies to propose and consider, a variety of other &#8220;bailout&#8221; and &#8220;rescue&#8221; plans that could potentially have a material adverse effect on the Fund&#8217;s investment program. Some members of the U.S. Congress have expressed concern that the downturn in the housing market played a role in the rise of late mortgage payments and foreclosures and&#160;expressed an expectation that these conditions&#160;would lead to increased filings for bankruptcy. The terms of other proposed legislation or other plans may include, by way of example and not limitation, the following: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">moratoriums on interest rate increases for certain mortgage loans and on foreclosure proceedings; </div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">conversions of ARMs to fixed-rate mortgages (including in connection with government-backed refinancings of individual mortgage loans), with potential workouts to provide borrowers with equity stakes in their homes; </div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">increased scrutiny of mortgage originations (including mortgage loans in which the Fund may own an interest through non-agency RMBS) and foreclosure proceedings; </div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">additional registration and licensing requirements for mortgage brokers, lenders and others involved in the mortgage industry; and </div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">greater relief to homeowners under the U.S. Bankruptcy Code or other federal or state laws, including relief to stay or delay the foreclosure of residential mortgage loans or to modify payment terms, including interest rates and repayment periods, of residential mortgage loans, over a lender&#8217;s objections, as the result of a &#8220;cramdown,&#8221; which decreases the debt&#8217;s value to as low as the collateral&#8217;s fair market value. </div></td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A significant number of loan modifications could result in a significant reduction in cash flows to the holders of the mortgage securities on an ongoing basis. These loan modification programs, as well as future legislative or regulatory actions, including amendments to the bankruptcy laws, that result in the modification of outstanding mortgage loans may adversely affect the value of, and the returns on, the assets in which the Fund may invest. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">New laws, legislation or other government regulations, including those promulgated in furtherance of a &#8220;bailout&#8221; or &#8220;rescue&#8221; plan to address any potential crisis and distress in the residential mortgage loan sector, may result in a reduction of available transactional opportunities for the Fund, or an increase in the cost associated with such transactions. Any such law, legislation or regulation may adversely affect the market value of RMBS. </div> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_CmbsRisksMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255289"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">CMBS Risks</div>.&#160;CMBS are, generally, securities backed by obligations (including certificates of participation in obligations) that are principally secured by mortgages on real property or interests therein having a multifamily or commercial use, such as regional malls, other retail space, office buildings, industrial or warehouse properties, hotels, nursing homes and senior living centers. The market for CMBS developed more recently and, in terms of total outstanding principal amount of issues, is relatively small compared to the market for single-family RMBS. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">CMBS are subject to particular risks, including lack of standardized terms, shorter maturities than residential mortgage loans and payment of all or substantially all of the principal only at maturity rather than regular amortization of principal. Additional risks may be presented by the type and use of a particular commercial property. Special risks are presented by hospitals, nursing homes, hospitality properties and certain other property types. Commercial property values and net operating income are subject to volatility, which may result in net operating income becoming insufficient to cover debt service on the related mortgage loan. The repayment of loans secured by income-producing properties is typically dependent upon the successful operation of the related real estate project rather than upon the liquidation value of the underlying real estate. Furthermore, the net operating </div></ix:nonNumeric> </ix:continuation> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 59 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_8" continuedAt="TextSelectionAppend_62255261_9"><ix:continuation id="TextSelection_62255289"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">income from and value of any commercial property is subject to various risks, including changes in general or local economic conditions and/or specific industry segments; the solvency of the related tenants; declines in real estate values; declines in rental or occupancy rates; increases in interest rates, real estate tax rates and other operating expenses; changes in governmental rules, regulations and fiscal policies; acts of God; new and ongoing epidemics and pandemics of infectious diseases and other global health events; natural/environmental disasters; terrorist threats and attacks and social unrest and civil disturbances. Consequently, adverse changes in economic conditions and circumstances are more likely to have an adverse impact on MBS secured by loans on commercial properties than on those secured by loans on residential properties. In addition, commercial lending generally is viewed as exposing the lender to a greater risk of loss than&#160;one-&#160;to four- family residential lending. Commercial lending, for example, typically involves larger loans to single borrowers or groups of related borrowers than residential&#160;one-&#160;to four- family mortgage loans. In addition, the repayment of loans secured by income producing properties typically is dependent upon the successful operation of the related real estate project and the cash flow generated therefrom. The coronavirus pandemic in the United States has had a severe adverse effect on many commercial businesses, resulting in them not paying rent, which in turn will likely result in the owners of the underlying properties being impaired in their ability to make mortgage payments. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The exercise of remedies and successful realization of liquidation proceeds relating to CMBS is also highly dependent on the performance of the servicer or special servicer. In many cases, overall control over the special servicing of related underlying mortgage loans will be held by a &#8220;directing certificateholder&#8221; or a &#8220;controlling class representative,&#8221; which is appointed by the holders of the most subordinate class of CMBS in such series. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may not have the right to appoint the directing certificateholder. In connection with the servicing of the specially serviced mortgage loans, the related special servicer may, at the direction of the directing certificateholder, take actions with respect to the specially serviced mortgage loans that could adversely affect the Fund&#8217;s interests. There may be a limited number of special servicers available, particularly those that do not have conflicts of interest. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in Subordinated CMBS issued or sponsored by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other&#160;non-governmental&#160;issuers. Subordinated CMBS have no governmental guarantee and are subordinated in some manner as to the payment of principal and/or interest to the holders of more senior CMBS arising out of the same pool of mortgages. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Subordinated CMBS are often referred to as&#160;&#8220;B-Pieces.&#8221;&#160;The holders of Subordinated CMBS typically are compensated with a higher stated yield than are the holders of more senior CMBS. On the other hand, Subordinated CMBS typically subject the holder to greater risk than senior CMBS and tend to be rated in a lower rating category (frequently a substantially lower rating category) than the senior CMBS issued in respect of the same mortgage pool. Subordinated CMBS generally are likely to be more sensitive to changes in prepayment and interest rates and the market for such securities may be less liquid than is the case for traditional income securities and senior CMBS. </div> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_CreditRiskAssociatedWithOriginatorsAndServicersOfMortgageLoansMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255290"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Credit Risk Associated With Originators and Servicers of Mortgage Loans</div><div style="font-style:italic;display:inline;">.</div>&#160;A number of originators and servicers of residential and commercial mortgage loans, including some of the largest originators and servicers in the residential and commercial mortgage loan market, have experienced serious financial difficulties, including some that are now or were subject to federal insolvency proceedings. These difficulties have resulted from many factors, including increased competition among originators for borrowers, decreased originations by such originators of mortgage loans and increased delinquencies and defaults on such mortgage loans, as well as from increases in claims for repurchases of mortgage loans previously sold by them under agreements that require repurchase in the event of breaches of representations regarding loan quality and characteristics. Such difficulties may affect the performance of MBS backed by mortgage loans. Furthermore, the inability of the originator to repurchase such mortgage loans in the event of loan representation breaches or the servicer to repurchase such mortgage loans upon a breach of its servicing obligations also may affect the performance of related MBS. Delinquencies and losses on, and, in some cases, claims for repurchase by the originator of, mortgage loans originated by some mortgage lenders have recently increased as a result of inadequate underwriting procedures and policies, including inadequate due diligence, failure to comply with predatory and other lending laws and, particularly in the case of any &#8220;no documentation&#8221; or &#8220;limited documentation&#8221; mortgage loans that may support&#160;non-agency&#160;RMBS, inadequate verification of income and employment history. Delinquencies and losses </div></ix:nonNumeric> </ix:continuation> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 60 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_9" continuedAt="TextSelectionAppend_62255261_10"><ix:continuation id="TextSelection_62255290"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">on, and claims for repurchase of, mortgage loans originated by some mortgage lenders have also resulted from fraudulent activities of borrowers, lenders, appraisers, and other residential mortgage industry participants such as mortgage brokers, including misstatements of income and employment history, identity theft and overstatements of the appraised value of mortgaged properties. Many of these originators and servicers are very highly leveraged. These difficulties may also increase the chances that these entities may default on their warehousing or other credit lines or become insolvent or bankrupt and thereby increase the likelihood that repurchase obligations will not be fulfilled and the potential for loss to holders of&#160;non-agency&#160;MBS and subordinated security holders. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The servicers of&#160;non-agency&#160;MBS are often the same entities as, or affiliates of, the originators of these mortgage loans. Accordingly, the financial risks relating to originators of MBS described immediately above also may affect the servicing of MBS. In the case of such servicers, and other servicers, financial difficulties may have a negative effect on the ability of servicers to pursue collection on mortgage loans that are experiencing increased delinquencies and defaults and to maximize recoveries on sale of underlying properties following foreclosure. In recent years, a number of lenders specializing in residential mortgages have sought bankruptcy protection, shut down or been refused further financings from their lenders. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">MBS typically provide that the servicer is required to make advances in respect of delinquent mortgage loans. However, servicers experiencing financial difficulties may not be able to perform these obligations or obligations that they may have to other parties of transactions involving these securities. Like originators, these entities are typically very highly leveraged. Such difficulties may cause servicers to default under their financing arrangements. In certain cases, such entities may be forced to seek bankruptcy protection. Due to the application of the provisions of bankruptcy law, servicers who have sought bankruptcy protection may not be required to advance such amounts. Even if a servicer were able to advance amounts in respect of delinquent mortgage loans, its obligation to make such advances may be limited to the extent that it does not expect to recover such advances due to the deteriorating credit of the delinquent mortgage loans or declining value of the related mortgaged properties. Moreover, servicers may overadvance against a particular mortgage loan or charge too many costs of resolution or foreclosure of a mortgage loan to a securitization, which could increase the potential losses to holders of MBS. In such transactions, a servicer&#8217;s obligation to make such advances may also be limited to the amount of its servicing fee. In addition, if an issue of MBS provides for interest on advances made by the servicer, in the event that foreclosure proceeds or payments by borrowers are not sufficient to cover such interest, such interest will be paid to the servicer from available collections or other mortgage income, thereby reducing distributions made on the MBS and, in the case of senior-subordinated MBS described below, first from distributions that would otherwise be made on the most subordinated MBS of such issue. Any such financial difficulties may increase the possibility of a servicer termination and the need for a transfer of servicing and any such liabilities or inability to assess such liabilities may increase the difficulties and costs in affecting such transfer and the potential loss, through the allocation of such increased cost of such transfer, to subordinated security holders. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There can be no assurance that originators and servicers of mortgage loans will not continue to experience serious financial difficulties or experience such difficulties in the future, including becoming subject to bankruptcy or insolvency proceedings, or that underwriting procedures and policies and protections against fraud will be sufficient in the future to prevent such financial difficulties or significant levels of default or delinquency on mortgage loans. Because the recent financial difficulties experienced by such originators and servicers is unprecedented and unpredictable, the past performance of the residential and commercial mortgage loans originated and serviced by them (and the corresponding performance of the related MBS) is not a reliable indicator of the future performance of such residential mortgage loans (or the related MBS). </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In some cases, servicers of MBS have been the subject of legal proceedings involving the origination and/or servicing practices of such servicers. Large groups of private litigants and states&#8217; attorneys general have brought such proceedings. Because of the large volume of mortgage loans originated and serviced by such servicers, such litigation can cause heightened financial strain on servicers. In other cases, origination and servicing practices may cause or contribute to such strain, because of representation and warranty repurchase liability arising in MBS and mortgage loan sale transactions. Any such financial strain could cause servicers to service below required standards, causing delinquencies and losses in any related MBS transaction to rise, and in extreme cases could cause the servicer to seek the protection of any applicable bankruptcy or insolvency law. In any such proceeding, it is unclear whether the fees that the servicer charges in such transactions would be sufficient to permit that servicer or a successor servicer to service the mortgage loans in such transaction adequately. If such fees had to be increased, it is likely that the most subordinated security holders in such transactions would be effectively required to pay such increased fees. Finally, these entities may be the subject of future laws designed to protect consumers from defaulting on their mortgage loans. Such laws may have an adverse effect on the cash flows paid under such MBS. </div> </ix:continuation> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> </ix:continuation> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 61 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_10" continuedAt="TextSelectionAppend_62255261_11"> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_AdjustableRateMortgageRiskMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Adjustable Rate Mortgage Risk</div>. 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. Alternatively, certain ARMs contain limitations on changes in the required monthly payment. 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. If the monthly payment for such an instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the excess is used to reduce the then-outstanding principal balance of the ARM. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, certain ARMs may provide for an initial fixed, below-market or &#8220;teaser&#8221; 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 &#8220;teaser&#8221; 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 MBS into which that loan has been bundled. This risk may be increased as increases in prevailing market interest rates, which are currently near historical lows, may result in increased payments for borrowers with ARMs. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_StrippedMbsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Stripped MBS Risk</div>.&#160;Stripped MBS may be subject to additional risks. One type of stripped MBS pays to one class all of the interest form the mortgage assets (the &#8220;IO class&#8221;), while the other class will receive all of the principal (the &#8220;PO class&#8221;). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets and a rapid rate of principal payments may have a material adverse effect on the Fund&#8217;s yield to maturity from these securities. 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></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_CmoRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255293"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">CMO Risk</div>.&#160;There are certain risks associated specifically with CMOs. CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities. The average life of a CMO is determined using mathematical models that incorporate prepayment assumptions and other factors that involve estimates of future economic and market conditions. Actual future results may vary from these estimates, particularly during periods of extreme market volatility. Further, under certain market conditions, such as those that occurred during the recent downturn in the mortgage markets, the weighted average life of certain CMOs may not accurately reflect the price volatility of such securities. For example, in periods of supply and demand imbalances in the market for such securities and/or in periods of sharp interest rate movements, the prices of CMOs may fluctuate to a greater extent than would be expected from interest rate movements alone. CMOs issued by private entities are not obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and are not guaranteed by any government agency, although the securities underlying a CMO may be subject to a guarantee. Therefore, if the collateral securing the CMO, as well as any third party credit support or guarantees, is insufficient to make payments when due, the holder could sustain a loss. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Inverse floating rate CMOs are typically more volatile than fixed or floating rate tranches of CMOs. Many inverse floating rate CMOs have coupons that move inversely to a multiple of an index. The effect of the coupon varying inversely to a multiple of an applicable index creates a leverage factor. Inverse floaters based on multiples of a stated index are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and loss of principal. The market for inverse floating rate CMOs with highly leveraged characteristics at times may be very thin. The Fund&#8217;s ability to dispose of its positions in such securities will depend on the degree of liquidity in the markets for such securities. It is impossible to predict the amount of trading interest that may exist in such securities, and therefore the future degree of liquidity. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:nonNumeric> </ix:continuation> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 62 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_11" continuedAt="TextSelectionAppend_62255261_12"><ix:continuation id="TextSelection_62255293"> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also invest in REMICs, which are CMOs that qualify for special tax treatment under the Code and invest in certain mortgages principally secured by interests in real property and other permitted investments. </div> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_AdditionalRisksOfMortgageRelatedSecuritiesMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Additional Risks of Mortgage Related Securities</div>.&#160;Additional risks associated with investments in MBS <div style="display:inline;">include</div>: </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_InterestRateRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Interest Rate Risk</div></div>.&#160;In addition to the interest rate risks described above, certain MBS may be subject to additional risks as the rate of interest payable on certain MBS may be set or effectively capped at the weighted average net coupon of the underlying mortgage loans themselves, often referred to as an &#8220;available funds cap.&#8221; As a result of this cap, the return to the holder of such MBS is dependent on the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. In general, early prepayments will have a greater negative impact on the yield to the holder of such MBS. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_StructuralRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Structural Risk</div></div>. Because MBS generally are ownership or participation interests in pools of mortgage loans secured by a pool of properties underlying the mortgage loan pool, the MBS are entitled to payments provided for in the underlying agreement only when and if funds are generated by the underlying mortgage loan pool. This likelihood of the return of interest and principal may be assessed as a credit matter. However, the holders of MBS do not have the legal status of secured creditors, and cannot accelerate a claim for payment on their securities, or force a sale of the mortgage loan pool in the event that insufficient funds exist to pay such amounts on any date designated for such payment. The holders of MBS do not typically have any right to remove a servicer solely as a result of a failure of the mortgage pool to perform as expected. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_SubordinationRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Subordination Risk</div></div>. MBS may be subordinated to one or more other senior classes of securities of the same series for purposes of, among other things, offsetting losses and other shortfalls with respect to the related underlying mortgage loans. For example, in the case of certain MBS, no distributions of principal will generally be made with respect to any class until the aggregate principal balances of the corresponding senior classes of securities have been reduced to zero. As a result, MBS may be more sensitive to risk of loss, writedowns, the&#160;non-fulfillment&#160;of repurchase obligations, overadvancing on a pool of loans and the costs of transferring servicing than senior classes of securities. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_PrepaymentExtensionAndRedemptionRisksMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255296"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Prepayment, Extension and Redemption Risks</div></div><div style="font-style:italic;display:inline;">.</div>&#160;MBS may reflect an interest in monthly payments made by the borrowers who receive the underlying mortgage loans. Although the underlying mortgage loans are for specified periods of time, such as 20 or 30 years, the borrowers can, and historically have paid them off sooner. When a prepayment happens, a portion of the MBS which represents an interest in the underlying mortgage loan will be prepaid. A borrower is more likely to prepay a mortgage which bears a relatively high rate of interest. This means that in times of declining interest rates, a portion of the Fund&#8217;s higher yielding securities are likely to be redeemed and the Fund will probably be unable to replace them with securities having as great a yield. In addition to reductions in the level of market interest rates and the prepayment provisions of the mortgage loans, repayments on the residential mortgage loans underlying an issue of RMBS may also be affected by a variety of economic, geographic and other factors, including the size difference between the interest rates on the underlying residential mortgage loans (giving consideration to the cost of refinancing) and prevailing mortgage rates and the availability of refinancing. Prepayments can result in lower yields to shareholders. The increased likelihood of prepayment when interest rates decline also limits market price appreciation of MBS. This is known as prepayment risk. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Except in the case of certain types of RMBS, the mortgage loans underlying RMBS generally do not contain prepayment penalties and a reduction in market interest rates will increase the likelihood of prepayments on the related RMBS. In the case of certain home equity loan securities and certain types of RMBS, even though the underlying mortgage loans often contain prepayment premiums, such prepayment premiums may not be sufficient to discourage borrowers from prepaying their mortgage loans in the event of a reduction in market interest rates, resulting in a reduction in the yield to maturity for holders of the related RMBS. RMBS typically contain provisions that require repurchase of mortgage loans by the originator or other seller in the event of a breach of a representation or warranty regarding loan quality and characteristics of such loan. Any repurchase of a mortgage loan as a result of a breach has the same effect on the yield received on the related issue of RMBS as a prepayment of such mortgage loan. Any increase in breaches of representations and the consequent repurchases of mortgage loans that result from inadequate underwriting procedures and policies and protections against fraud will have the same effect on the yield on the related RMBS as an increase in prepayment rates. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:nonNumeric> </ix:continuation> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 63 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_12" continuedAt="TextSelectionAppend_62255261_13"><ix:continuation id="TextSelection_62255296"> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Risk of prepayment may be reduced for commercial real estate property loans containing significant prepayment penalties or prohibitions on principal payments for a period of time following origination. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">MBS also are subject to extension risk. 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. The values of long-term securities generally fluctuate more widely in response to changes in interest rates than short or intermediate-term securities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, MBS may be subject to redemption at the option of the issuer. If a MBS held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem or&#160;&#8220;pay-off&#8221;&#160;the security, which could have an adverse effect on the Fund&#8217;s ability to achieve its investment objectives. </div> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_SpreadWideningRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Spread Widening Risk</div></div>. The prices of MBS may decline substantially, for reasons that may not be attributable to any of the other risks described in this Prospectus. In particular, purchasing assets at what may appear to be &#8220;undervalued&#8221; levels is no guarantee that these assets will not be trading at even more &#8220;undervalued&#8221; levels at a time of valuation or at the time of sale. It may not be possible to predict, or to protect against, such &#8220;spread widening&#8221; risk. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_IlliquidityRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Illiquidity Risk</div></div>. The liquidity of MBS varies by type of security; at certain times the Fund may encounter difficulty in disposing of such investments. Because MBS have the potential to be less liquid than other securities, the Fund may be more susceptible to illiquidity risk than funds that invest in other securities. In the past, in stressed markets, certain types of MBS suffered periods of illiquidity when disfavored by the market. Due to increased instability in the credit markets, the market for some MBS has experienced reduced liquidity and greater volatility with respect to the value of such securities, making it more difficult to value such securities. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_AssetBackedSecuritiesRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255372"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Asset-Backed Securities Risk</div>. ABS involve certain risks in addition to those presented by MBS. There is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. Relative to MBS, ABS may provide the Fund with a less effective security interest in the underlying collateral and are more dependent on the borrower&#8217;s ability to pay. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in an ABS transaction. Finally, ABS have structure risk due to a unique characteristic known as early amortization, or early payout, risk. Built into the structure of most ABS are triggers for early payout, designed to protect investors from losses. These triggers are unique to each transaction and can include a significant rise in defaults on the underlying loans, a sharp drop in the credit enhancement level or the bankruptcy of the originator. Once early amortization begins, all incoming loan payments (after expenses are paid) are used to pay investors as quickly as possible based upon a predetermined priority of payment. As a result, proceeds that would otherwise be distributed to holders of a junior tranche may be diverted to pay down more senior tranches. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The collateral underlying ABS may constitute assets related to a wide range of industries and sectors, such as credit card and automobile receivables. 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 debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Most 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. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have an effective security interest in all of the obligations backing such receivables. If the economy of the United States deteriorates, defaults on securities backed by credit card, automobile and other receivables may increase, which may adversely affect the value of any ABS owned by the Fund. There is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. In recent years, certain automobile manufacturers have been granted access to emergency loans from the U.S. Government and have experienced bankruptcy. As a result of these events, the value of securities backed by receivables from the sale or lease of automobiles may be adversely affected. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:nonNumeric> </ix:continuation> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 64 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_13" continuedAt="TextSelectionAppend_62255261_14"><ix:continuation id="TextSelection_62255372"> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Some ABS, particularly home equity loan transactions, are subject to interest rate risk and prepayment risk. A change in interest rates can affect the pace of payments on the underlying loans, which in turn, affects total return on the securities. </div> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_CollateralizedDebtObligationRisksMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Collateralized Debt Obligation Risks</div>. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and ABS generally discussed in this Prospectus, CDOs carry additional risks including, but not limited to: (i)&#160;the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii)&#160;the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii)&#160;the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv)&#160;the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v)&#160;the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi)&#160;the lack of a readily available secondary market for CDOs; (vii)&#160;the risk of forced &#8220;fire sale&#8221; liquidation due to technical defaults such as coverage test failures; and (viii)&#160;the CDO&#8217;s manager may perform poorly. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_ReitsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">REITs Risk</div>.&#160;To the extent that the Fund invests in real estate related investments, including REITs, it will be subject to the risks associated with owning real estate and with the real estate industry generally. These include difficulties in valuing and disposing of real estate, the possibility of declines in the value of real estate, risks related to general and local economic conditions, the possibility of adverse changes in the climate for real estate, environmental liability risks, the risk of increases in property taxes and operating expenses, possible adverse changes in zoning laws, the risk of casualty or condemnation losses, limitations on rents, the possibility of adverse changes in interest rates and in the credit markets and the possibility of borrowers paying off mortgages sooner than expected, which may lead to reinvestment of assets at lower prevailing interest rates. To the extent that the Fund invests in REITs, it will also be subject to the risk that a REIT may default on its obligations or go bankrupt. REITs are generally not taxed on income timely distributed to shareholders, provided they comply with the applicable requirements of the Code. By investing in REITs indirectly through the Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. Mortgage REITs are pooled investment vehicles that invest the majority of their assets in real property mortgages and which generally derive income primarily from interest payments thereon. Investing in mortgage REITs involves certain risks related to investing in real property mortgages. In addition, mortgage REITs must satisfy highly technical and complex requirements in order to qualify for the favorable tax treatment accorded to REITs under the Code. No assurances can be given that a mortgage REIT in which the Fund invests will be able to continue to qualify as a REIT or that complying with the REIT requirements under the Code will not adversely affect such REIT&#8217;s ability to execute its business plan. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Many REITs focus on particular types of properties or properties which are especially suited for certain uses, and those REITs are affected by the risks which impact the users of their properties. For REITs that own healthcare facilities, for example, the physical characteristics of these properties and their operations are highly regulated, and those regulations often require capital expenditures or restrict the profits realizable from these properties. Some of these properties are also highly dependent upon Medicare and Medicaid payments, which are subject to changes in governmental budgets and policies. These properties may experience losses if their tenants receive lower Medicare or Medicaid rates. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_U.s.GovernmentSecuritiesRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">U.S. Government Securities Risk</div>. U.S. Government debt securities generally involve lower levels of credit risk than other types of fixed-income securities of similar maturities, although, as a result, the yields available from U.S. Government debt securities are generally lower than the yields available from such other securities. Like other fixed-income securities, the values of U.S. Government securities change as interest rates fluctuate. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_ZeroCouponSecuritiesRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255368"><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Zero-Coupon Securities Risk</div>. Zero coupon securities are securities that are sold at a discount to par value and do not pay interest during the life of the security. The discount approximates the total amount of interest the security will accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the security. </div></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:nonNumeric> </ix:continuation> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 65 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_14" continuedAt="TextSelectionAppend_62255261_15"><ix:continuation id="TextSelection_62255368"> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">While interest payments are not made on zero coupon securities, holders of such securities are deemed to have received income (&#8220;phantom income&#8221;) annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon security, but at the same time eliminates the holder&#8217;s ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero coupon securities are more exposed to interest rate risk than shorter term zero coupon securities. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund accrues income with respect to these securities for Federal income tax and accounting purposes prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular intervals. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Further, to maintain its qualification for pass-through treatment under the Federal tax laws, the Fund is required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to generate the cash to satisfy these distributions. The required distributions may result in an increase in the Fund&#8217;s exposure to zero coupon securities. </div> <div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition to the above-described risks, there are certain other risks related to investing in zero coupon securities. During a period of severe market conditions, the market for such securities may become even less liquid. In addition, as these securities do not pay cash interest, the Fund&#8217;s investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Fund&#8217;s portfolio. </div></div> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_PayInKindBondsRisksMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Pay-In-Kind Bonds Risks</div>. The Fund may invest in PIK bonds. PIK bonds are bonds that pay interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, PIK bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date unless a portion of such securities is sold and, if the issuer defaults, the Fund may obtain no return at all on its investment. The market price of PIK bonds is affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that of securities that pay interest in cash. Additionally, current federal tax law requires the holder of certain PIK bonds to accrue income with respect to these securities prior to the receipt of cash payments. To maintain its qualification as a RIC and avoid liability for federal income and excise taxes, the Fund may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_InsolvencyOfIssuersOfIndebtednessRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255366"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Insolvency of Issuers of Indebtedness Risk</div>. Various laws enacted for the protection of creditors may apply to indebtedness in which the Fund invests. The information in this and the following paragraph is applicable with respect to U.S. issuers subject to U.S. federal bankruptcy law. Insolvency considerations may differ with respect to other issuers. If, in a lawsuit brought by an unpaid creditor or representative of creditors of an issuer of indebtedness, a court were to find that the issuer did not receive fair consideration or reasonably equivalent value for incurring the indebtedness and that, after giving effect to such indebtedness, the issuer (i)&#160;was insolvent, (ii)&#160;was engaged in a business for which the remaining assets of such issuer constituted unreasonably small capital or (iii)&#160;intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could determine to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of such issuer, or to recover amounts previously paid by such issuer in satisfaction of such indebtedness. The measure of insolvency for purposes of the foregoing will vary. Generally, an issuer would be considered insolvent at a particular time if the sum of its debts was then greater than all of its property at a fair valuation, or if the present fair saleable value of its assets was then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and </div></ix:nonNumeric> </ix:continuation> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 66 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_15" continuedAt="TextSelectionAppend_62255261_16"><ix:continuation id="TextSelection_62255366"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">matured. There can be no assurance as to what standard a court would apply in order to determine whether the issuer was &#8220;insolvent&#8221; after giving effect to the incurrence of the indebtedness in which the Fund invested or that, regardless of the method of valuation, a court would not determine that the issuer was &#8220;insolvent&#8221; upon giving effect to such incurrence. In addition, in the event of the insolvency of an issuer of indebtedness in which the Fund invests, payments made on such indebtedness could be subject to avoidance as a &#8220;preference&#8221; if made within a certain period of time (which may be as long as one year) before insolvency. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund does not anticipate that it will engage in conduct that would form the basis for a successful cause of action based upon fraudulent conveyance, preference or subordination. There can be no assurance, however, as to whether any lending institution or other party from which the Fund may acquire such indebtedness engaged in any such conduct (or any other conduct that would subject such indebtedness and the Fund to insolvency laws) and, if it did, as to whether such creditor claims could be asserted in a U.S. court (or in the courts of any other country) against the Fund. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Indebtedness consisting of obligations of&#160;non-U.S.&#160;issuers may be subject to various laws enacted in the countries of their issuance for the protection of creditors. These insolvency considerations will differ depending on the country in which each issuer is located or domiciled and may differ depending on whether the issuer is a&#160;non-sovereign&#160;or a sovereign entity. </div> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_RightsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Rights Risk</div>. The failure to exercise subscription rights to purchase common stock would result in the dilution of the Fund&#8217;s interest in the issuing company. The market for such rights is not well developed, and, accordingly, the Fund may not always realize full value on the sale of rights. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_MunicipalSecuritiesRisksMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Municipal Securities Risks</div>. Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. These risks include: </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_GeneralObligationBondsRisksMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">General Obligation Bonds Risks</div></div>. The full faith, credit and taxing power of the municipality that issues a general obligation bond secures payment of interest and repayment of principal. Timely payments depend on the issuer&#8217;s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_RevenueBondsRisksMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Revenue Bonds Risks</div></div>. Revenue bonds issued by state or local agencies to finance the development of&#160;low-income,&#160;multi-family housing involve special risks in addition to those associated with municipal bonds generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. Payments of interest and principal on revenue bonds are made only from the revenues generated by a particular facility, class of facilities or the proceeds of a special tax or other revenue source. These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. Such bonds are generally nonrecourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for issuers to meet payment obligations on subordinated bonds. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_PrivateActivityBondsRisksMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Private Activity Bonds Risks</div></div>. Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. If the private enterprise defaults on its payments, the Fund may not receive any income or get its money back from the investment. These bonds may subject certain investors in the Fund to the federal alternative minimum tax. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_MoralObligationBondsRisksMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Moral Obligation Bonds Risks</div></div>. Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_MunicipalNotesRisksMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Municipal Notes Risks</div></div>. Municipal notes are shorter term municipal debt obligations. They may provide interim financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money. </div></ix:nonNumeric> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> </ix:continuation> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 67 - </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_16" continuedAt="TextSelectionAppend_62255261_17"> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_MunicipalLeaseObligationsRisksMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Municipal Lease Obligations Risks</div></div>. In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not obligated to do so. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. However, if the issuer does not fulfill its payment obligation it may be difficult to sell the property and the proceeds of a sale may not cover the Fund&#8217;s loss. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of &#8220;nonappropriation&#8221; clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the lease premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of nonappropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover ownership of the assets. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certificates of participation, which represent interests in unmanaged pools of municipal leases or installment contracts, involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificate of participation to exercise remedies with respect to the underlying securities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of <div style="display:inline;">participation</div>. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_LiquidityOfInvestmentsMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255297"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Liquidity of Investments</div></div>. Certain municipal bonds in which the Fund invests may lack an established secondary trading market or are otherwise considered illiquid. Liquidity of a security relates to the ability to easily dispose of the security and the price to be obtained and does not generally relate to the credit risk or likelihood of receipt of cash at maturity. Illiquid securities may trade at a discount from comparable, more liquid investments. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The financial markets in general, and certain segments of the municipal securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods some securities could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may&#160;occur again at any time. </div></ix:nonNumeric> </ix:continuation></div><div></div></div> <div><div style="background-color:white;display: inline;"><ix:continuation id="TextSelectionAppend_62255261_17" continuedAt="TextSelectionAppend_62255261_18"><ix:continuation id="TextSelection_62255297"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Because the Fund does not expect that it will invest more 50% of its assets in&#160;tax-exempt&#160;municipal securities, the Fund will not be eligible to pass&#160;tax-exempt&#160;interest through to its shareholders in the form of &#8220;exempt-interest dividends.&#8221;&#160;The amount of&#160;tax-exempt&#160;interest earned by the Fund will, however, generally increase the Fund&#8217;s earnings and profits for U.S. federal income tax purposes.&#160;Accordingly, distributions of the Fund attributable to&#160;tax-exempt&#160;interest will generally be taxable to shareholders as ordinary dividend income that is not eligible for the preferential tax rates applicable to &#8220;qualified dividend income,&#8221; even though the&#160;tax-exempt&#160;income, if earned directly by the shareholder, would not have been subject to U.S. federal income tax. </div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_EmergingMarketsRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255298"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Emerging Markets Risk</div>. The Fund may invest in&#160;Non-U.S.&#160;Securities of issuers in&#160;so-called&#160;&#8220;emerging markets&#8221; (or lesser developed countries). Such investments are particularly speculative and entail all of the risks of investing in&#160;Non-U.S.&#160;Securities but to a heightened degree. &#8220;Emerging market&#8221; countries generally include every nation in the world except developed countries, that is, the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i)&#160;low or&#160;non-existent&#160;trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in </div></ix:nonNumeric> </ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 68 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_18" continuedAt="TextSelectionAppend_62255261_19"><ix:continuation id="TextSelection_62255298"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">more developed capital markets; (ii)&#160;uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii)&#160;possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments; (iv)&#160;national policies that may limit the Fund&#8217;s investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests; and (v)&#160;the lack or relatively early development of legal structures governing private and foreign investments and private property. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Foreign investment in certain emerging market countries may be restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in certain emerging market issuers and increase the costs and expenses of the Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons in a particular issuer, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries and/or impose additional taxes on foreign investors. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Many emerging markets have histories of political instability and abrupt changes in policies and these countries may lack the social, political and economic stability characteristic of more developed countries. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments in the affected market. Some countries have pervasiveness of corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that may limit the Fund&#8217;s investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests. In such a dynamic environment, there can be no assurance that any or all of these capital markets will continue to present viable investment opportunities for the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. </div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:continuation><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 69 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_19" continuedAt="TextSelectionAppend_62255261_20"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_ForeignCurrencyRiskMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Foreign Currency Risk</div>. Because the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund&#8217;s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Advisors may, but are not required to, elect for the Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. In addition, certain countries, particularly emerging market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation or convertibility of currency. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_SovereignGovernmentalAndSupranationalDebtRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Sovereign Governmental and Supranational Debt Risk</div>. Investments in sovereign debt involve special risks. Foreign governmental issuers of debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or pay interest when due. In the event of default, there may be limited or no legal recourse in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Political conditions, especially a sovereign entity&#8217;s willingness to meet the terms of its debt obligations, are of considerable significance. The ability of a foreign sovereign issuer, especially an emerging market country, to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer&#8217;s balance of payments, including export performance, its access to international credit facilities and investments, fluctuations of interest rates and the extent of its foreign reserves. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Also, there can be no assurances that the holders of commercial bank loans to the same sovereign entity may not contest payments to the holders of sovereign debt in the event of default under commercial bank loan agreements. In addition, there is no bankruptcy proceeding with respect to sovereign debt on which a sovereign has defaulted and the Fund may be unable to collect all or any part of its investment in a particular issue. Foreign investment in certain sovereign debt is restricted or controlled to varying degrees, including requiring governmental approval for the repatriation of income, capital or proceeds of sales by foreign investors. These restrictions or controls may at times limit or preclude foreign investment in certain sovereign debt and increase the costs and expenses of the Fund. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_LIBORRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">LIBOR Risk</div>. The Fund may be exposed to financial instruments that are tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The Fund&#8217;s investments may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing at floating rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The United Kingdom&#8217;s Financial Conduct Authority announced a phase out of LIBOR such that after June&#160;30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average (&#8220;EONIA&#8221;), ceased to be published or representative after December&#160;31, 2021. The Fund may have investments linked to other interbank offered rates that may also cease to be published in the future. Various financial industry groups have been planning for the transition away from LIBOR, but there remain challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (&#8220;SOFR&#8221;), which is intended to replace the U.S. dollar LIBOR). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. In addition, a liquid market for newly issued instruments that use a reference rate other than LIBOR still may be developing. There may also be challenges for the Fund to enter into hedging transactions against such newly issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund&#8217;s performance or NAV. </div></ix:nonNumeric> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:continuation><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 70 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_20" continuedAt="TextSelectionAppend_62255261_21"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_EventRiskMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Event Risk</div>. Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company&#8217;s securities may decline significantly. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_InverseFloaterAndRelatedSecuritiesRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Inverse Floater and Related Securities Risk</div>. Investments in inverse floaters, residual interest tender option bonds and similar instruments expose the Fund to the same risks as investments in fixed-income securities and derivatives, as well as other risks, including those associated with leverage and increased volatility. An investment in these securities typically will involve greater risk than an investment in a fixed rate security. Distributions on inverse floaters, residual interest tender option bonds and similar instruments will typically bear an inverse relationship to short term interest rates and typically will be reduced or, potentially, eliminated as interest rates rise. Inverse floaters, residual interest tender option bonds and similar instruments will underperform the market for fixed rate securities in a rising interest rate environment. Inverse floaters may be considered to be leveraged to the extent that their interest rates vary by a magnitude that exceeds the magnitude of the change in a reference rate of interest (typically a short term interest rate). The leverage inherent in inverse floaters is associated with greater volatility in their market values. Investments in inverse floaters, residual interest tender option bonds and similar instruments that have fixed-income&#160;securities underlying them will expose the Fund to the risks associated with those fixed-income securities and the values of those investments may be especially sensitive to changes in prepayment rates on the underlying fixed-income securities. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_InflationIndexedBondsRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255353"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Inflation-Indexed Bonds Risk</div>. Inflation-indexed securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPs, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Thus generally, during periods of rising inflation, the value of inflation-indexed securities will tend to increase and during periods of deflation, their value will tend to decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used (e.g., the Consumer Price Index for All Urban Consumers) will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity. In order to receive the special treatment accorded to RICs and their shareholders under the Code and to avoid U.S. federal income and/or excise taxes at the Fund level, the Fund may be required to distribute this income to shareholders in the tax year in which the income is recognized (without a corresponding receipt of cash). Therefore, the Fund may be required to pay out as an income distribution in any such tax year an amount greater than the total amount of cash income the Fund actually received and to sell portfolio securities, including at potentially disadvantageous times or prices, to obtain cash needed for these income distributions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issues pay out the Consumer Price Index (&#8220;CPI&#8221;) accruals as part of a semi-annual coupon. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over the first six months was 1%, the&#160;mid-year&#160;par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year&#8217;s inflation equaling 3%, the&#160;end-of-year&#160;par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%). </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:nonNumeric></ix:continuation><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 71 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_21" continuedAt="TextSelectionAppend_62255261_22"><ix:continuation id="TextSelection_62255353"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds that may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation index may not be correlated to the rate of inflation in the United States. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond&#8217;s inflation measure. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the Consumer Price Index for Urban Consumers&#160;(&#8220;CPI-U&#8221;),&#160;which is calculated monthly by the U.S. Bureau of Labor Statistics. The&#160;CPI-U&#160;is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the&#160;CPI-U&#160;or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. </div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_DefensiveInvestingRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Defensive Investing Risk</div>. For defensive purposes, the Fund may allocate assets into cash or short-term fixed-income securities without limitation. In doing so, the Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objectives. Further, the value of short-term fixed-income securities may be affected by changing interest rates and by changes in credit ratings of the investments. If the Fund holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_StructuredInvestmentsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Structured Investments Risk</div>. The Fund may invest in structured products, including structured notes, ELNs and other types of structured products. Holders of structured products bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may have the right to receive payments only from the structured product and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product&#8217;s administrative and other expenses. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining such financing, which may adversely affect the value of the structured products owned by the Fund. </div></ix:nonNumeric> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:continuation><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 72 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_22" continuedAt="TextSelectionAppend_62255261_23"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_StructuredNotesRiskMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Structured Notes Risk</div></div>. Investments in structured notes involve risks, including credit risk and market risk. Where the Fund&#8217;s investments in structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the note. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_EventLinkedSecuritiesRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Event-Linked Securities Risk</div></div>. Event-linked securities are a form of derivative issued by insurance companies and insurance-related special purpose vehicles that apply securitization techniques to catastrophic property and casualty damages. Unlike other insurable&#160;low-severity,&#160;high-probability events, the insurance risk of which can be diversified by writing large numbers of similar policies, the holders of a typical event-linked securities are exposed to the risks from high-severity,&#160;low-probability&#160;events such as that posed by major earthquakes or hurricanes. If a catastrophe occurs that &#8220;triggers&#8221; the event-linked security, investors in such security may lose some or all of the capital invested. In the case of an event, the funds are paid to the bond sponsor&#8212;an insurer, reinsurer or corporation&#8212;to cover losses. In return, the bond sponsors pay interest to investors for this catastrophe protection. Event-linked securities can be structured to&#160;pay-off&#160;on three types of variables&#8212;insurance-industry catastrophe loss indices, insured-specific catastrophe losses and parametric indices based on the physical characteristics of catastrophic events. Such variables are difficult to predict or model, and the risk and potential return profiles of event-linked securities may be difficult to assess. Catastrophe-related event-linked securities have been in use since the 1990s, and the securitization and risk-transfer aspects of such event-linked securities are beginning to be employed in other insurance and risk-related areas. No active trading market may exist for certain event-linked securities, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_EquityLinkedNotesRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Equity-Linked Notes Risk</div></div>.&#160;ELNs are hybrid securities with characteristics of both fixed-income and equity securities. An ELN is a debt instrument, usually a bond, that pays interest based upon the performance of an underlying equity, which can be a single stock, basket of stocks or an equity index. The interest payment on an ELN may in some cases be leveraged so that, in percentage terms, it exceeds the relative performance of the market. ELNs generally are subject to the risks associated with the securities of equity issuers, default risk and counterparty risk. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_CreditLinkedNotesRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Credit-Linked Notes Risk</div></div>. A credit-linked note is a derivative instrument. It is a synthetic obligation between two or more parties where the payment of principal and/or interest is based on the performance of some obligation (a reference obligation). In addition to the credit risk of the reference obligations and interest rate risk, the buyer/seller of the credit-linked note is subject to counterparty risk. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_RepurchaseAgreementsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Repurchase Agreements Risk</div>. Subject to its investment objectives and policies, the Fund may invest in repurchase agreements for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; possible lack of access to income on the underlying security during this period; and expenses of enforcing its rights. While repurchase agreements involve certain risks not associated with direct investments in debt securities, the Fund follows procedures approved by the Fund&#8217;s Board that are designed to minimize such risks. In addition, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund&#8217;s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. </div></ix:nonNumeric> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:continuation><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 73 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_23" continuedAt="TextSelectionAppend_62255261_24"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_DollarRollTransactionsRiskMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Dollar Roll Transactions Risk</div>. Dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the Fund sells securities becomes insolvent, the Fund&#8217;s right to purchase or repurchase securities may be restricted. Successful use of dollar rolls may depend upon the Advisors&#8217; ability to predict correctly interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed. These transactions may involve leverage. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_WhenIssuedForwardCommitmentAndDelayedDeliveryTransactionsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">When-Issued, Forward Commitment and Delayed Delivery Transactions Risk</div>. The Fund may purchase securities on a &#8220;when-issued&#8221; basis and may purchase or sell securities on a &#8220;forward commitment&#8221; basis in order to acquire the security or to offset against anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of these assets will be monitored daily to ensure that their marked to market value will at all times equal or exceed the corresponding obligations of the Fund. There is always a risk that the securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions and, accordingly, are not subject to the foregoing restrictions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Rule 18f-4 under the Investment Company Act permits the Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section&#160;18 of the Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the &#8220;Delayed-Settlement Securities Provision&#8221;). If a when-issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule 18f-4. See &#8220;Additional Risk Factors&#8212;Risk Factors in Strategic Transactions and Derivatives&#8212;Rule 18f-4 Under the Investment Company Act&#8221; below. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_SecuritiesLendingRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Securities Lending Risk</div>. The Fund may lend securities to financial institutions. Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), &#8220;gap&#8221; risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Fund has agreed to pay a borrower), foreign exchange risk (i.e., the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and market risks. If a securities lending counterparty were to default, the Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return the Fund&#8217;s securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for the Fund. The Fund could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute payments for dividends received by the Fund for securities loaned out by the Fund will generally not be considered qualified dividend income. The securities lending agent will take the tax effects on shareholders of this difference into account in connection with the Fund&#8217;s securities lending program. Substitute payments received on&#160;tax-exempt&#160;securities loaned out will not be&#160;tax-exempt&#160;income. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_InflationRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Inflation Risk</div>. Inflation risk is the risk that the value of assets or income from investment will be worth less in the future, as inflation decreases the value of money. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy. As inflation increases, the real value of the common shares and distributions on those shares can decline. In addition, during any periods of rising inflation, interest rates on any borrowings by the Fund would likely increase, which would tend to further reduce returns to the holders of common shares. </div></ix:nonNumeric> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:continuation><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 74 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_24" continuedAt="TextSelectionAppend_62255261_25"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_DeflationRiskMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Deflation Risk</div>. Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#8217;s portfolio. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_RiskAssociatedWithRecentMarketEventsMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Risk Associated with Recent Market Events</div>.&#160;While interest rates have been historically low in recent years in the United States and abroad, inflation rates have recently risen significantly and the Federal Reserve and other central banks have recently begun raising interest rates to address inflation which, among other factors, has led to markets to experiencing high volatility. A significant increase in interest rates may cause a further decline in the market for equity securities and could lead to a recession. Further, regulators have expressed concern that rate increases may contribute to price volatility. The impact of inflation and the recent actions of the Federal Reserve have led to market volatility and may negatively affect the value of debt instruments held by the Fund and result in a negative impact on the Fund&#8217;s performance. See &#8220;Risks&#8212;Inflation Risk.&#8221; </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the current contentious domestic political environment, as well as political and diplomatic events in the United States and abroad, such as presidential elections in the United States or the U.S. government&#8217;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in adverse consequences (including a government shutdown) to the U.S. regulatory landscape, the general market environment and/or investment sentiment, which could negatively impact the Fund&#8217;s investments and operations. Such adverse consequences may affect investor and/or consumer confidence and may adversely impact financial markets and the broader economy, potentially to a significant degree. In recent years, some countries, including the United States, have adopted and/or are considering the adoption of more protectionist trade policies. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health, may add to instability in world economies and markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund&#8217;s investments may be negatively affected by such events. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_EmuAndRedenominationRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">EMU and Redenomination Risk</div>.&#160;As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the EMU, or even the collapse of the Euro as a common currency, arose, creating significant volatility at times in currency and financial markets generally. The effects of the collapse of the Euro, or of the exit of one or more countries from the EMU, on the U.S. and global economy and securities markets are impossible to predict and any such events could have a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. Any partial or complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#8217;s portfolio investments. If one or more EMU countries were to stop using the Euro as its primary currency, the Fund&#8217;s investments in such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to foreign currency risk, illiquidity risk and valuation risk to a greater extent than similar investments currently denominated in Euros. To the extent a currency used for redenomination purposes is not specified in respect of certain&#160;EMU-related&#160;investments, or should the Euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required to seek judicial or other clarification of the denomination or value of such securities.</div></ix:nonNumeric><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:continuation><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 75 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_25" continuedAt="TextSelectionAppend_62255261_26"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_MarketDisruptionAndGeopoliticalRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255311"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Market Disruption and Geopolitical Risk</div><div style="font-style:italic;display:inline;">.&#160;</div>The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, new and ongoing epidemics and pandemics of infectious diseases and other global health events, natural/environmental disasters, terrorist attacks in the United States and around the world, social and political discord, debt crises (such as the Greek crisis), sovereign debt downgrades, the Russian invasion of Ukraine, increasingly strained relations between the United States and a number of foreign countries, including historical adversaries, such as North Korea, Iran, China and Russia, and the international community generally, new and continued political unrest in various countries, such as Venezuela and Spain, the exit or potential exit of one or more countries from the European Union (&#8220;EU&#8221;) or the European Monetary Union, continued changes in the balance of political power among and within the branches of the U.S. government, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Russia launched a large-scale invasion of Ukraine on February&#160;24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, in the region are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, could have a severe adverse effect on Russia and the European region, including significant negative impacts on the Russian economy, the European economy and the markets for certain securities and commodities, such as oil and natural gas, and may likely have collateral impacts on such sectors globally as well as other sectors. How long such military action and related events will last cannot be predicted. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">China and the United States have each imposed tariffs on the other country&#8217;s products. These actions may cause a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China&#8217;s export industry, which could have a negative impact on the Fund&#8217;s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">On January&#160;31, 2020, the United Kingdom (&#8220;UK&#8221;) officially withdrew from the EU (commonly known as &#8220;Brexit&#8221;). The UK and EU reached a preliminary trade agreement, which became effective on January&#160;1, 2021, regarding the terms of their future trading relationship relating principally to the trading of goods; however, negotiations are ongoing for matters not covered by the agreement, such as the trade of financial services. Due to uncertainty of the current political environment, it is not possible to foresee the form or nature of the future trading relationship between the UK and the EU. The longer term economic, legal, political and social framework to be put in place between the UK and the EU remains unclear and the ongoing political and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets may continue for some time. In particular, Brexit may lead to a call for similar referendums in other European jurisdictions which may cause increased economic volatility in the European and global markets and may destabilize some or all of the other EU member countries. This uncertainty may have an adverse effect on the economy generally and on the ability of the Fund and its investments to execute their respective strategies, to receive attractive returns and/or to exit certain investments at an advantageous time or price. In particular, currency volatility may mean that the returns of the Fund and its investments are adversely affected by market movements and may make it more difficult, or more expensive, if the Fund elects to execute currency hedges. Potential decline in the value of the British Pound and/or the Euro against other currencies, along with the potential downgrading of the UK&#8217;s sovereign credit rating, may also have an impact on the performance of portfolio companies or investments located in the UK or Europe. In light of the above, no definitive assessment can currently be made regarding the impact that Brexit will have on the Fund, its investments or its organization more generally. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Cybersecurity incidents affecting particular companies or industries may adversely affect the economies of particular countries, regions or parts of the world in which the Fund invests. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:nonNumeric></ix:continuation><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 76 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_26" continuedAt="TextSelectionAppend_62255261_27"><ix:continuation id="TextSelection_62255311"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The occurrence of any of these above events could have a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. The Fund does not know how long the securities markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. economy and securities markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications. </div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_RegulationAndGovernmentInterventionRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Regulation and Government Intervention Risk</div><div style="font-style:italic;display:inline;">.&#160;</div>Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take actions that affect the regulation of the issuers in which the Fund invests in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund is regulated. Such legislation or regulation could limit or preclude the Fund&#8217;s ability to achieve its investment objectives. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In light of popular, political and judicial focus on finance related consumer protection, financial institution practices are also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors holding common shares of a closed-end investment company such as the Fund and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Fund and its ability to achieve its investment objectives. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_InvestmentCompanyActRegulationsMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Investment Company Act Regulations</div></div>. The Fund is a registered closed-end management investment company and as such is subject to regulations under the Investment Company Act. Generally speaking, any contract or provision thereof that is made, or where performance involves a violation of the Investment Company Act or any rule or regulation thereunder is unenforceable by either party unless a court finds otherwise. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_RegulationAsACommodityPoolMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Regulation as a &#8220;Commodity Pool&#8221;</div>. The CFTC subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i)&#160;invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps (&#8220;CFTC Derivatives&#8221;), or (ii)&#160;markets itself as providing investment exposure to such instruments. To the extent the Fund uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a &#8220;commodity pool&#8221; or a vehicle for trading such instruments. Accordingly, the Advisors have claimed an exclusion from the definition of the term &#8220;commodity pool operator&#8221; under the Commodity Exchange Act (the &#8220;CEA&#8221;) pursuant to Rule 4.5 under the CEA. The Advisors are not, therefore, subject to registration or regulation as a &#8220;commodity pool operator&#8221; under the CEA in respect of the Fund. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_FailuresOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Failures of Futures Commission Merchants and Clearing Organizations Risk. </div>The Fund is required to deposit funds to margin open positions in cleared derivative instruments (both futures and swaps) with a clearing broker registered as a &#8220;futures commission merchant&#8221; (&#8220;FCM&#8221;). The CEA requires an FCM to segregate all funds received from customers with respect to any orders for the purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM&#8217;s proprietary assets. Similarly, the CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any orders for the purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures contracts. However, all funds and other property received by an FCM from its customers are held by an FCM on a commingled basis in an omnibus account and amounts in excess of assets posted to the clearing organization may be invested by an FCM in certain instruments permitted under the applicable regulation. There is a risk that assets deposited by the Fund with any FCM as margin for futures contracts or commodity options may, in certain circumstances, be used to satisfy losses of other clients of the Fund&#8217;s FCM. In addition, the assets of the Fund posted as margin against both swaps and futures contracts may not be fully protected in the event of the FCM&#8217;s bankruptcy. </div></ix:nonNumeric> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:continuation><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 77 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_27" continuedAt="TextSelectionAppend_62255261_28"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_LegalTaxAndRegulatoryRisksMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Legal, Tax and Regulatory Risks</div>. Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its &#8220;investment company taxable income&#8221; (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). If for any taxable year the Fund does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&#8217;s current and accumulated earnings and profits. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Biden presidential administration has called for significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and&#160;difficult-to-quantify&#160;macroeconomic and political risks with potentially&#160;far-reaching&#160;implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Fund cannot predict the impact, if any, of these changes to the Fund&#8217;s business, they could adversely affect the Fund&#8217;s business, financial condition, operating results and cash flows. Until the Fund knows what policy changes are made and how those changes impact the Fund&#8217;s business and the business of the Fund&#8217;s competitors over the long term, the Fund will not know if, overall, the Fund will benefit from them or be negatively affected by them. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_PotentialConflictsOfInterestOfTheAdvisorSubadvisorAndOthersMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Potential Conflicts of Interest of the Advisor, Sub-Advisor and Others</div>. The investment activities of BlackRock, Inc. (&#8220;BlackRock&#8221;), the ultimate parent company of the Advisors, and its affiliates (including BlackRock and its subsidiaries (collectively, the &#8220;Affiliates&#8221;), and their respective directors, officers or employees, in the management of, or their interest in, their own accounts and other accounts they manage, may present conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock and its Affiliates provide investment management services to other funds and discretionary managed accounts that may follow investment programs similar to that of the Fund. Subject to the requirements of the Investment Company Act, BlackRock and its Affiliates intend to engage in such activities and may receive compensation from third parties for their services. Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of the Fund&#8217;s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by BlackRock or an Affiliate, and it is possible that the Fund could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. BlackRock has adopted policies and procedures designed to address potential conflicts of&#160;interest. For additional information about potential conflicts of interest and the way in which BlackRock addresses such conflicts, please see &#8220;Conflicts of Interest&#8221; and &#8220;Management of the Fund&#8212;Portfolio Management&#8212;Potential Material Conflicts of Interest&#8221; in the SAI. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_DecisionMakingAuthorityRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Decision-Making Authority Risk</div>. Investors have no authority to make decisions or to exercise business discretion on behalf of the Fund, except as set forth in the Fund&#8217;s governing documents. The authority for all such decisions is generally delegated to the Board, which in turn, has delegated the&#160;day-to-day&#160;management of the Fund&#8217;s investment activities to the Advisors, subject to oversight by the Board. </div></ix:nonNumeric> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:continuation><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 78 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_28" continuedAt="TextSelectionAppend_62255261_29"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_ManagementRiskMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Management Risk</div>. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisors and the individual portfolio managers will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund may be subject to a relatively high level of management risk because the Fund may invest in derivative instruments, which may be highly specialized instruments that require investment techniques and risk analyses different from those associated with equities and bonds. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_ValuationRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Valuation Risk</div>. The Fund is subject to valuation risk, which is the risk that one or more of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability or human error. The Advisors may use an independent pricing service or prices provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. See &#8220;Net Asset Value.&#8221; When market quotations are not available, the Advisors may price such investments pursuant to a number of methodologies, such as computer-based analytical modeling or individual security evaluations. These methodologies generate approximations of market values, and there may be significant professional disagreement about the best methodology for a particular type of financial instrument or different methodologies that might be used under different circumstances. In the absence of an actual market transaction, reliance on such methodologies is essential, but may introduce significant variances in the ultimate valuation of the Fund&#8217;s investments. Technological issues and/or errors by pricing services or other third-party service providers may also impact the Fund&#8217;s ability to value its investments and the calculation of the Fund&#8217;s NAV. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When market quotations are not readily available or are believed by the Advisor to be unreliable, the Advisor will fair value the Fund&#8217;s investments in accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset or the cost to extinguish that liability in an arm&#8217;s-length transaction. Fair value pricing may require determinations that are inherently subjective and inexact about the value of a security or other asset. As a result, there can be no assurance that fair value priced assets will not result in future adjustments to the prices of securities or other assets, or that fair value pricing will reflect a price that the Fund is able to obtain upon sale, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. For example, the Fund&#8217;s NAV could be adversely affected if the Fund&#8217;s determinations regarding the fair value of the Fund&#8217;s investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments. Where market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available. The Advisors anticipate that up to approximately 25% of the Fund&#8217;s net assets (calculated at the time of investment) may be valued using fair value. This percentage may increase over the life of the Fund and may exceed 25% of the Fund&#8217;s net assets due to a number of factors, such as when the Fund nears dissolution; outflows of cash from time to time; and changes in the valuation of these investments. The Fund prices its shares daily and therefore all assets, including assets valued at fair value, are valued daily. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s NAV per common share is a critical component in several operational matters including computation of advisory and services fees. Consequently, variance in the valuation of the Fund&#8217;s investments will impact, positively or negatively, the fees and expenses shareholders will pay. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_RelianceOnTheAdvisorAndSubadvisorRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Reliance&#160;on the Advisor and Sub-Advisor Risk</div>. The Fund is dependent upon services and resources provided by the Advisors, and therefore the Advisors&#8217; parent, BlackRock. The Advisors are not required to devote their full time to the business of the Fund and there is no guarantee or requirement that any investment professional or other employee of the Advisors will allocate a substantial portion of his or her time to the Fund. The loss of one or more individuals involved with the Advisors could have a material adverse effect on the performance or the continued operation of the Fund. For additional information on the Advisor,&#160;the&#160;Sub-Advisor&#160;and&#160;BlackRock, see &#8220;Management of the Fund&#8212;Investment Advisor&#160;and&#160;Sub-Advisor.&#8221; </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_RelianceOnServiceProvidersRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255392"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Reliance on Service Providers Risk</div>. The Fund must rely upon the performance of service providers to perform certain functions, which may include functions that are integral to the Fund&#8217;s operations and financial performance. Failure by any service provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill or to perform its obligations to the Fund at all as a result of </div></ix:nonNumeric> </ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 79 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_29" continuedAt="TextSelectionAppend_62255261_30"><ix:continuation id="TextSelection_62255392"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">insolvency, bankruptcy or other causes could have a material adverse effect on the Fund&#8217;s performance and returns to shareholders. The termination of the Fund&#8217;s relationship with any service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of the Fund and could have a material adverse effect on the Fund&#8217;s performance and returns to shareholders. </div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_InformationTechnologySystemsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Information Technology Systems Risk</div>. The Fund is dependent on the Advisors for certain management services as well as back-office functions. The Advisors depend on information technology systems in order to assess investment opportunities, strategies and markets and to monitor and control risks for the Fund. It is possible that a failure of some kind which causes disruptions to these information technology systems could materially limit the Advisors&#8217; ability to adequately assess and adjust investments, formulate strategies and provide adequate risk control. Any such information technology-related difficulty could harm the performance of the Fund. Further, failure of the back-office functions of the Advisors to process trades in a timely fashion could prejudice the investment performance of the Fund. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_CyberSecurityRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Cyber Security Risk</div>. With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through &#8220;hacking&#8221; or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as&#160;causing&#160;denial-of-service&#160;attacks&#160;on websites (i.e., efforts to make network services unavailable to intended users). Cyber security failures by or breaches of the Advisors and other service providers (including, but not limited to, fund accountants, custodians, transfer agents and administrators), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund&#8217;s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Fund has established business continuity plans in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund and issuers in which the Fund invests. As a result, the Fund or its shareholders could be negatively impacted. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_MisconductOfEmployeesAndOfServiceProvidersRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Misconduct of Employees and of Service Providers Risk</div>. Misconduct or misrepresentations by employees of the Advisor,&#160;the&#160;Sub-Advisor&#160;or&#160;the Fund&#8217;s service providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund&#8217;s service providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Fund&#8217;s business prospects or future marketing activities. Despite the Advisors&#8217; due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Advisors&#8217; due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Advisors will identify or prevent any such misconduct. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_SpecialRisksForHoldersOfRightsMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Special Risks for Holders of Rights.</div> There is a risk that performance of the Fund may result in the common shares purchasable upon exercise of the rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the rights. Investors who receive rights may find that there is no market to sell rights they do not wish to exercise. If investors exercise only a portion of the rights, common shares may trade at less favorable prices than larger offerings for similar securities. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_AllocationRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_62255397"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Allocation Risk</div>. The Fund&#8217;s ability to achieve its investment objective depends upon the Advisors&#8217; skill in determining the Fund&#8217;s allocation of its assets and in selecting the best mix of investments. There is a risk that the Advisors&#8217; evaluation and assumptions regarding asset classes or investments may be incorrect in view of actual market conditions. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:nonNumeric></ix:continuation><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 80 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><ix:continuation id="TextSelectionAppend_62255261_30"><ix:continuation id="TextSelection_62255397"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s allocation of its investments across various segments of the securities markets and various countries, regions, asset classes and sectors may vary significantly over time based on the Advisors&#8217; analysis and judgment. As a result, the particular risks most relevant to an investment in the Fund, as well as the overall risk profile of the Fund&#8217;s portfolio, may vary over time. The Advisors employ an active approach to the Fund&#8217;s investment allocations, but there is no guarantee that the Advisors&#8217; allocation strategy will produce the desired results. The percentage of the Fund&#8217;s total assets allocated to any category of investment may at any given time be significantly less than the maximum percentage permitted pursuant to the Fund&#8217;s investment policies. It is possible that the Fund will focus on an investment that performs poorly or underperforms other investments under various market conditions. The flexibility of the Fund&#8217;s investment policies and the discretion granted to the Advisors to invest the Fund&#8217;s assets across various segments, classes and geographic regions of the securities markets and in securities with various characteristics means that the Fund&#8217;s ability to achieve its investment objective may be more dependent on the success of its investment advisers than other investment companies. </div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_PortfolioTurnoverRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Portfolio Turnover Risk</div>. The Fund&#8217;s annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. High portfolio turnover may result in an increased realization of net short-term capital gains by the Fund which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio turnover may create realized capital losses. </div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P12_28_2022To12_28_2022_AntiTakeoverProvisionsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Anti-Takeover Provisions Risk</div>. The Fund&#8217;s Charter and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to&#160;open-end&#160;status or to change the composition of the Board. Such provisions could limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. See &#8220;Certain Provisions of the Charter and Bylaws.&#8221; </div></ix:nonNumeric> </ix:continuation><div id="toc320889_60" style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">HOW THE FUND MANAGES RISK </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Investment Limitations </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund has adopted certain investment limitations designed to limit investment risk. Some of these limitations are fundamental and thus may not be changed without the approval of the holders of a majority of the outstanding common shares. See &#8220;Investment Objectives and Policies&#8212;Investment Restrictions&#8221; in the SAI. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The restrictions and other limitations set forth throughout this Prospectus and in the SAI apply only at the time of purchase of securities and will not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of the acquisition of securities. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Management of Investment Portfolio and Capital Structure to Limit Leverage Risk </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may take certain actions if short-term interest rates increase or market conditions otherwise change (or the Fund anticipates such an increase or change) and any leverage the Fund may have outstanding begins (or is expected) to adversely affect common shareholders. In order to attempt to offset such a negative impact of any outstanding leverage on common shareholders, the Fund may shorten the average maturity of its investment portfolio (by investing in short-term securities) or may reduce any indebtedness that it may have incurred. The success of any such attempt to limit leverage risk depends on the Advisors&#8217; ability to accurately predict interest rate or other market changes. Because of the difficulty of making such predictions, the Fund may never attempt to manage its capital structure in the manner described in this paragraph. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If market conditions suggest that employing additional leverage would be beneficial, the Fund may enter into one or more credit facilities, sell additional preferred shares or engage in additional leverage transactions, subject to the restrictions of the Investment Company Act. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 81 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Strategic Transactions </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may use certain Strategic Transactions designed to limit the risk of price fluctuations of securities and to preserve capital. These Strategic Transactions include using swaps, financial futures contracts, options on financial futures or options based on either an index of long-term securities, or on securities whose prices, in the opinion of the Advisors, correlate with the prices of the Fund&#8217;s investments. There can be no assurance that Strategic Transactions will be used or used effectively to limit risk, and Strategic Transactions may be subject to their own risks. </div><div id="toc320889_61" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">MANAGEMENT OF THE FUND </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Directors and Officers </div><div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Board is responsible for the overall management of the Fund, including supervision of the duties performed by the Advisors. There are ten Directors. A majority of the Directors are Independent Directors. The name and business address of the Directors and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth under &#8220;Management of the Fund&#8221; in the SAI. </div></div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Investment Advisor and Sub-Advisor </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Advisor is responsible for the management of the Fund&#8217;s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operation of the Fund. BlackRock International Limited serves as the Fund&#8217;s sub-advisor. BlackRock International Limited performs certain of the day-to-day investment management of the Fund. The Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware 19809, and BlackRock International Limited, located at Exchange Place One, 1 Semple Street, Edinburgh, EH3 8BL, United Kingdom, are wholly-owned subsidiaries of BlackRock. </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">BlackRock is one of the world&#8217;s largest publicly-traded investment management firms. As of September&#160;30, 2022, BlackRock&#8217;s assets under management were approximately $7.961&#160;trillion. BlackRock has over 30 years of experience managing&#160;closed-end&#160;products and, as of September&#160;30, 2022, advised a registered&#160;closed-end&#160;family of 50 active exchange-traded funds with approximately $46.4&#160;billion in managed assets. </div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">BlackRock is independent in ownership and governance, with no single majority shareholder and a majority of independent directors. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Investment Philosophy </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">BlackRock uses a relative value strategy that evaluates the trade-off between risk and return to seek to achieve the Fund&#8217;s investment objectives. The strategy&#8217;s investment philosophy is centered on a fundamental, relative value-driven approach to active high yield investing. The Advisor&#8217;s disciplined credit review process is rooted in a thorough analysis of issuer creditworthiness, an overall industry outlook and a relative value assessment to outline the merits of each potential investment. The Advisor applies the same discipline to initial investment decisions as it does to the ongoing surveillance of holdings, ensuring that decision-making is informed by the combined experience, skill sets and real-time information accessible to the investment team. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Portfolio Managers </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The members of the portfolio management team who are primarily responsible for the day-to-day management of the Fund&#8217;s portfolio are as follows: </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">James E. Keenan,</div> CFA, Managing Director, is Chief Investment Officer and Global Head of Credit for BlackRock Alternatives and Chairman and interim Chief Executive Officer of the BlackRock Capital Investment Corporation. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Mr.&#160;Keenan has led BlackRock&#8217;s Credit platform since 2006, overseeing investment strategy, processes, performance, risk management, platform strategic planning and growth initiatives, and partnerships with BlackRock&#8217;s distribution channels. Under Mr.&#160;Keenan&#8217;s leadership, the platform has significantly expanded to offer clients a full range of investment strategies and solutions in leveraged finance, hedge fund and liquid alternative strategies, and private credit opportunities in middle market direct lending, opportunistic credit, and specialty finance. Since 2004, he has managed investment portfolios at BlackRock across a range of strategies including high yield credit, opportunistic and distressed lending, and long/short hedge funds. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Mr.&#160;Keenan is a member of BlackRock&#8217;s Global Operating Committee, the Executive Committee of BlackRock Alternatives, and Investment Committees for BlackRock Private Equity Partners, Long-Term Private Capital, and Alternative Solutions Group. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Mr.&#160;Keenan began his career in credit research and trading with UBS Global Asset Management and Columbia Management Group. He earned a BBA in finance from the University of Notre Dame in 1998. He is a member of Notre Dame&#8217;s Wall Street Committee, its Athletic Advisory Council, and the Board of Directors of Good Shepherd Services, a service and advocacy partnership in New York City. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">David Delbos,</div> Managing Director, is the Co-Head of U.S. High Yield within BlackRock&#8217;s Global Credit team. He is also responsible for managing Global High Yield strategies. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Mr.&#160;Delbos joined BlackRock in 2002 as a credit research analyst in the Leveraged Finance Group. He transitioned to a portfolio management role in 2012. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Prior to joining the Leveraged Finance team at BlackRock in 2002, Mr.&#160;Delbos was an analyst at Deutsche Bank Securities Inc. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Mr.&#160;Delbos earned a BA degree, Magna Cum Laude, in history from Tufts University in 2000. </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 82 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Mitchell Garfin,</div> Managing Director, is the Co-Head of Leveraged Finance within BlackRock&#8217;s Global Credit team. He is responsible for managing US High Yield and Global strategies. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Mr.&#160;Garfin joined BlackRock in 1997 as an analyst in the Account Management Group working with taxable financial institutional clients. He joined the Portfolio Management Group in 2000 as a credit research analyst and in 2005 moved to portfolio management. Mr.&#160;Garfin moved to his current role in 2007 and serves as Head of the Global Credit Human Capital Committee. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Mr.&#160;Garfin earned a BA degree, with distinction, in finance from the University of Michigan in 1997, and an MBA degree in finance and economics from New York University in 2005. </div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The SAI provides additional information about each portfolio manager&#8217;s compensation, other accounts managed by the portfolio management team and the ownership of the Fund&#8217;s securities by each portfolio manager. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Investment Management Agreement </div><div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Pursuant to an investment management agreement between the Advisor and the Fund (the &#8220;Investment Management Agreement&#8221;), the Fund has agreed to pay the Advisor a monthly management fee at an annual rate equal to 0.55% of the Fund&#8217;s average daily Managed Assets (as defined above) (0.75% of the Fund&#8217;s net assets, assuming leverage of approximately 26.45% of the Fund&#8217;s Managed Assets). Because the management fee is calculated on the basis of Managed Assets, which includes assets attributable to leverage, the fee paid to the Advisor will be higher than if the Fund did not use leverage. </div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Effective December&#160;2, 2019, the Advisor entered into a sub-advisory agreement with BlackRock International Limited, an affiliate of BlackRock, Inc. The Advisor, and not the Fund, pays an annual sub-advisory fee to the Sub-Advisor. For that portion of the Fund for which the Sub-Advisor acts as sub-advisor, the Advisor pays to the Sub-Advisor an annual sub-advisory fee equal to a percentage of the management fee received by the Advisor from the Fund with respect to the average daily value of the Managed Assets of the Fund allocated to the Sub-Advisor. </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A discussion regarding the basis for the approval of the Investment Management Agreement and the sub-advisory agreement by the Board is available in the Fund&#8217;s semi-annual report to shareholders for the period ended June&#160;30, 2022. </div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Except as otherwise described in this Prospectus, the Fund pays, in addition to the fees paid to the Advisor, all other costs and expenses of its operations, including compensation of its Directors (other than those affiliated with the Advisor), custodian, leveraging expenses, transfer and dividend disbursing agent expenses, legal fees, rating agency fees, listing fees and expenses, expenses of independent auditors, expenses of repurchasing shares, expenses of preparing, printing and distributing shareholder reports, notices, proxy statements and reports to governmental agencies and taxes, if any. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund and the Advisor have entered into the Fee Waiver Agreement, pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#8217;s assets attributable to investments in any equity and fixed-income mutual funds and ETFs managed by the Advisor or its affiliates that have a contractual management fee, through June&#160;30, 2024. In addition, effective December&#160;1, 2019, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor indirectly through its investment in money market funds advised by the Advisor or its affiliates, through June&#160;30, 2024. The Fee Waiver Agreement may be continued from year to year thereafter, provided that such continuance is specifically approved by the Advisor and the Fund (including by a majority of the Fund&#8217;s Independent Directors). Neither the Advisor nor the Fund is obligated to extend the Fee Waiver Agreement. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Independent Directors or a majority of the outstanding voting securities of the Fund), upon 90 days&#8217; written notice by the Fund to the Advisor. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 83 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Administration and Accounting Services </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">State Street Bank and Trust Company provides certain administration and accounting services to the Fund pursuant to an Administration and Trust Accounting Services Agreement (the &#8220;Administration Agreement&#8221;). Pursuant to the Administration Agreement, State Street Bank and Trust Company provides the Fund with, among other things, customary fund accounting services, including computing the Fund&#8217;s NAV and maintaining books, records and other documents relating to the Fund&#8217;s financial and portfolio transactions, and customary fund administration services, including assisting the Fund with regulatory filings, tax compliance and other oversight activities. For these and other services it provides to the Fund, State Street Bank and Trust Company is paid a monthly fee from the Fund at an annual rate ranging from 0.0075% to 0.015% of the Fund&#8217;s Managed Assets, along with an annual fixed fee ranging from $3,000 to $10,000 for the services it provides to the Fund. </div></div><div></div></div> <div><div style="background-color:white;display: inline;"><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Custodian and Transfer Agent </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The custodian of the assets of the Fund is State Street Bank and Trust Company, whose principal business address is One Lincoln Street, Boston, Massachusetts 02111. The custodian is responsible for, among other things, receipt of and disbursement of funds from the Fund&#8217;s accounts, establishment of segregated accounts as necessary, and transfer, exchange and delivery of Fund portfolio securities. </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Computershare Trust Company, N.A., whose principal business address is 150 Royall Street, Canton, Massachusetts 02021, serves as the Fund&#8217;s transfer agent with respect to the common shares. </div></div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Independent Registered Public Accounting Firm </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Deloitte&#160;&amp; Touche LLP, whose principal business address is 200 Berkeley Street, Boston, Massachusetts 02116, is the independent registered public accounting firm of the Fund and is expected to render an opinion annually on the financial statements of the Fund. </div><div id="toc320889_62" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">NET ASSET VALUE </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The NAV of the Fund&#8217;s common shares will be computed based upon the value of the Fund&#8217;s portfolio securities and other assets. NAV per common share will be determined as of the close of the regular trading session on the NYSE (normally 4:00 p.m., Eastern time) on each business day on which the NYSE is open for trading. The Fund calculates NAV per common share by subtracting the Fund&#8217;s liabilities (including accrued expenses, dividends payable and any borrowings of the Fund), and the liquidation value of any outstanding preferred shares of the Fund from the Fund&#8217;s total assets (the value of the securities the Fund holds plus cash or other assets, including interest accrued but not yet received) and dividing the result by the total number of common shares of the Fund outstanding. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Valuation of assets held by the Fund is as follows: </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Equity Investments</div>. Equity securities traded on a recognized securities exchange (e.g., NYSE), on separate trading boards of a securities exchange or through a market system that provides contemporaneous transaction pricing information (each, an &#8220;Exchange&#8221;) are valued using information obtained via independent pricing services generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances, other means of determining current market value may be used. If an equity security is traded on more than one Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that there are no sales involving an equity security held by the Fund on a day on which the Fund values such security, the last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If the Fund holds both long and short positions in the same security, the last bid price will be applied to securities held long and the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which the Fund values such security, the prior day&#8217;s price will be used, unless the Advisor determines that such prior day&#8217;s price no longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as defined below). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Fixed-Income Investments.</div> Fixed-income securities for which market quotations are readily available are generally valued using such securities&#8217; current market value. The Fund values fixed-income portfolio securities using the last available bid prices or current market quotations provided by dealers or prices (including evaluated prices) supplied by the Fund&#8217;s approved independent third-party pricing services, each in accordance with the Advisor&#8217;s policies and procedures (the &#8220;Valuation Procedures&#8221;). The pricing services may use matrix pricing or valuation models that </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 84 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair value. Certain fixed-income investments including asset-backed and mortgage-related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Options, Futures, Swaps and Other Derivatives.</div> Exchange-traded equity options for which market quotations are readily available are valued at the mean of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In the event that there is no mean price available for an exchange-traded equity option held by the Fund on a day on which the Fund values such option, the last bid (long positions) or ask (short positions) price, if available, will be used as the value of such option. If no bid or ask price is available on a day on which the Fund values such option, the prior day&#8217;s price will be used, unless the Advisor determines that such prior day&#8217;s price no longer reflects the fair value of the option in which case such option will be treated as a fair value asset. OTC derivatives may be valued using a mathematical model which may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in accordance with the Valuation Procedures. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Underlying Funds. Shares of underlying open-end funds (including money market funds) are valued at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">General Valuation Information.</div> In determining the market value of portfolio investments, the Fund may employ independent third-party pricing services, which may use, without limitation, a matrix or formula method that takes into consideration market indexes, matrices, yield curves and other specified inputs and assumptions. This may result in the assets being valued at a price different from the price that would have been determined had the matrix or formula method not been used. The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund&#8217;s valuation of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service.&#160;As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.&#160;The Fund&#8217;s ability to value its investment may also be impacted by technological issues and/or errors by pricing services or other third-party service providers. </div><div style="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">All cash, receivables and current payables are carried on the Fund&#8217;s books at their fair value. </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Prices obtained from independent third-party pricing services, broker-dealers or market makers to value the Fund&#8217;s securities and other assets and liabilities are based on information available at the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be applied prospectively. Such determination will be made considering pertinent facts and circumstances surrounding the revision. </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In the event that application of the methods of valuation discussed above result in a price for a security which is deemed not to be representative of the fair market value of such security, the security will be valued by, under the direction of or in accordance with a method approved by the Advisor, the Fund&#8217;s valuation designee, as reflecting fair value. All other assets and liabilities (including securities for which market quotations are not readily available) held by the Fund (including restricted securities) are valued at fair value as determined in good faith by the Advisor pursuant to the Valuation Procedures. Any assets and liabilities which are denominated in a foreign currency are translated into U.S.&#160;dollars at the prevailing market rates. </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 85 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain of the securities acquired by the Fund may be traded on foreign exchanges or OTC markets on days on which the Fund&#8217;s NAV is not calculated and common shares are not traded. In such cases, the NAV of the Fund&#8217;s common shares may be significantly affected on days when investors can neither purchase nor sell shares of the Fund. </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Fair Value. When market quotations are not readily available or are believed by the Advisor to be unreliable, the Fund&#8217;s investments are valued at fair value (&#8220;Fair Value Assets&#8221;). Fair Value Assets are valued by the Advisor in accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of Directors has designated the Advisor as the valuation designee for the Fund. The Advisor may reasonably conclude that a market quotation is not readily available or is unreliable if, among other things, a security or other asset or liability does not have a price source due to its complete lack of trading, if the Advisor believes a market quotation from a broker-dealer or other source is unreliable (e.g., where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this purpose, a &#8220;significant event&#8221; is deemed to occur if the Advisor determines, in its reasonable business judgment, that an event that has occurred after the close of trading for an asset or liability but prior to or at the time of pricing the Fund&#8217;s assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of one or more assets or liabilities held by the Fund. On any day the NYSE is open and a foreign market or the primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using the prior day&#8217;s price, provided that the Advisor is not aware of any significant event or other information that would cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would be treated as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets following the close of the local markets to the price that might have prevailed as of the Fund&#8217;s pricing time. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Advisor&#8217;s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Fund&#8217;s accounting agent assists the Advisor by periodically endeavoring to confirm the prices it receives from all third-party pricing services, index providers and broker-dealers. The Advisor regularly evaluates the values assigned to the securities and other assets and liabilities of the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When determining the price for a Fair Value Asset, the Advisor will seek to determine the price that the Fund might reasonably expect to receive from the current sale of that asset or liability in an arm&#8217;s-length transaction on the date on which the asset or liability is being valued and does not seek to determine the price the Fund might reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value determinations will be based upon all available factors that the Advisor deems relevant at the time of the determination, and may be based on analytical values determined by the Advisor using proprietary or third-party valuation models. </div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Fair value represents a good faith approximation of the value of an asset or liability. When determining the fair value of an investment, one or more fair value methodologies may be used (depending on certain factors, including the asset type). For example, the investment may be initially priced based on the original cost of the investment or, alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a basis for establishing the fair value of an investment. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the period in which the particular fair values were used in determining the Fund&#8217;s NAV. As a result, the Fund&#8217;s sale or repurchase of its shares at NAV, at a time when a holding or holdings are valued at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 86 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s annual audited financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;), follow the requirements for valuation set forth in Financial Accounting Standards Board Accounting Standards Codification Topic 820, &#8220;Fair Value Measurements and Disclosures&#8221; (&#8220;ASC 820&#8221;), which defines and establishes a framework for measuring fair value under US&#160;GAAP and expands financial statement disclosure requirements relating to fair value measurements. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are evolving. Such changes may adversely affect the Fund. For example, the evolution of rules governing the determination of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn increase the costs associated with selling assets or affect their liquidity due to the Fund&#8217;s inability to obtain a third-party determination of fair market value. </div><div id="toc320889_63" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">DISTRIBUTIONS </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund intends to make regular monthly cash distributions of all or a portion of its net investment income, including current gains, to common shareholders. The Fund will pay common shareholders at least annually all or substantially all of its investment company taxable income. The Investment Company Act generally limits the Fund to one capital gain distribution per year, subject to certain exceptions, including as discussed below in connection with the Managed Distribution Plan. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund has, pursuant to an SEC exemptive order granted to certain of BlackRock&#8217;s closed-end funds, adopted a plan to support a level distribution of income, capital gains and/or return of capital. The Managed Distribution Plan has been approved by the Board and is consistent with the Fund&#8217;s investment objectives and policies. Under the Managed Distribution Plan, the Fund will distribute all available investment income, including current gains, to its shareholders, consistent with its investment objectives and as required by the Code. If sufficient investment income, including current gains, is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. A return of capital distribution may involve a return of the shareholder&#8217;s original investment. Though not currently taxable, such a distribution may lower a shareholder&#8217;s basis in the Fund, thus potentially subjecting the shareholder to future tax consequences in connection with the sale of Fund shares, even if sold at a loss to the shareholder&#8217;s original investment. Each monthly distribution to shareholders is expected to be at a fixed amount established by the Board, except for extraordinary distributions and potential distribution rate increases or decreases to enable the Fund to comply with the distribution requirements imposed by the Code. Shareholders should not draw any conclusions about the Fund&#8217;s investment performance from the amount of these distributions or from the terms of the Managed Distribution Plan. The Fund&#8217;s total return performance on NAV will be presented in its financial highlights table, which will be available in the Fund&#8217;s shareholder reports, every six-months. The Board may amend, suspend or terminate the Managed Distribution Plan without prior notice if it deems such actions to be in the best interests of the Fund or its shareholders. The suspension or termination of the Managed Distribution Plan could have the effect of creating a trading discount (if the Fund&#8217;s stock is trading at or above NAV) or widening an existing trading discount. The Fund is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please see &#8220;Risks&#8221; for a more complete description of the Fund&#8217;s risks. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The tax treatment and characterization of the Fund&#8217;s distributions may vary significantly from time to time because of the varied nature of the Fund&#8217;s investments. The final tax characterization of the Fund&#8217;s distributions made in a fiscal year cannot finally be determined until after the end of that fiscal year. As a result, there is a possibility that the Fund may make total distributions during a fiscal year in an amount that exceeds the Fund&#8217;s earnings and profits for U.S. federal income tax purposes. In such situations, the amount by which the Fund&#8217;s total distributions exceed earnings and profits would generally be treated as a return of capital reducing the amount of a shareholder&#8217;s tax basis in such shareholder&#8217;s shares, with any amounts exceeding such basis treated as gain from the sale of shares. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 87 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Various factors will affect the level of the Fund&#8217;s net investment income, such as its asset mix, portfolio turnover, performance of its investments, level of retained earnings, the amount of leverage utilized by the Fund and the effects thereof, the costs of such leverage, the movement of interest rates for municipal bonds and general market conditions. To permit the Fund to maintain a more stable monthly distribution, the Fund may from time to time distribute less than the entire amount of income earned in a particular period. The undistributed income would be available to supplement future distributions. As a result, the distributions paid by the Fund for any particular monthly period may be more or less than the amount of income actually earned by the Fund during that period. Undistributed earnings will increase the Fund&#8217;s NAV and, correspondingly, distributions from undistributed earnings and from capital, if any, will reduce the Fund&#8217;s NAV. The Fund intends to distribute any long-term capital gains not distributed under the Managed Distribution Plan annually. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Shareholders will automatically have all dividends and distributions reinvested in shares of the common shares of the Fund in accordance with the Fund&#8217;s dividend reinvestment plan, unless an election is made to receive cash by contacting the Reinvestment Plan Agent (as defined herein), at (800)&#160;699-1236. See &#8220;Dividend Reinvestment Plan.&#8221; </div><div id="toc320889_64" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">DIVIDEND REINVESTMENT PLAN </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Please refer to the section of the Fund&#8217;s most recent annual report on Form N-CSR entitled &#8220;Automatic Dividend Reinvestment Plan&#8221;, which is incorporated by reference herein, for a discussion of the Fund&#8217;s dividend reinvestment plan. </div><ix:nonNumeric name="cef:OtherSecurityDescriptionTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true" continuedAt="TextSelection_62255227"><div id="toc320889_65" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center"><ix:nonNumeric name="cef:OtherSecurityTitleTextBlock" contextRef="P12_28_2022To12_28_2022" escape="true">RIGHTS OFFERINGS</ix:nonNumeric> </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase common shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, we would distribute certificates or other documentation (<div style="font-style:italic;display:inline;">i.e.</div>, rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to our shareholders as of the record date that we set for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the Investment Company Act. Under the laws of Maryland, the Board is authorized to approve rights offerings without obtaining shareholder approval. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The staff of the SEC has interpreted the Investment Company Act as not requiring shareholder approval of a transferable rights offering to purchase common shares at a price below the then current NAV so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#8217;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#8217; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&#160;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered: </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights; </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">the exercise price for such rights (or method of calculation thereof); </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights; </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension); </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; and </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">termination rights we may have in connection with such rights offering. </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A certain number of rights would entitle the holder of the right(s) to purchase for cash such number of common shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such rights set forth in the Prospectus Supplement. After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the rights agent, or any other office indicated in the Prospectus Supplement, the common shares purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable Prospectus Supplement. </div></ix:continuation><div><div id="toc320889_66" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">TAX MATTERS </div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following discussion is a brief summary of certain U.S. federal income tax considerations affecting the Fund and the purchase, ownership and disposition of the Fund&#8217;s common shares. A more detailed discussion of the tax rules applicable to the Fund and its common shareholders can be found in the SAI that is incorporated by reference into this Prospectus. Except as otherwise noted, this discussion assumes you are a taxable U.S. holder (as defined below) and that you hold your common shares as capital assets for U.S. federal income tax purposes (generally, assets held for investment). This discussion is based upon current provisions of the Code, the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject to change or differing interpretations by the courts or the Internal Revenue Service, possibly with retroactive effect. No attempt is made to present a detailed explanation of all U.S. federal tax concerns affecting the Fund and its common shareholders.&#160;The Fund has not sought and will not seek any ruling from the Internal Revenue Service regarding any matters discussed herein. No assurance can be given that the Internal Revenue Service would not assert, or that a court would not sustain, a position contrary to those set forth below. This summary does not discuss any aspects of non-U.S., state or local tax.<div style="font-weight:bold;display:inline;"> The discussion set forth herein does not constitute tax advice and potential investors are urged to consult their own tax advisers to determine the specific U.S. federal, state, local and foreign tax consequences to them of investing in the Fund.</div> </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, no attempt is made to address tax considerations applicable to an investor with a special tax status, such as without limitation, a financial institution, REIT, insurance company, regulated investment company, individual retirement account, other tax-exempt organization, dealer in securities or currencies, person holding shares of the Fund as part of a hedging, integrated, conversion or straddle transaction, trader in securities that has elected the mark-to-market method of accounting for its securities, U.S. holder (as defined below) whose functional currency is not the U.S. dollar, investor with &#8220;applicable financial statements&#8221; within the meaning of Section&#160;451(b) of the Code, or non-U.S. investor. Furthermore, this discussion does not reflect possible application of the alternative minimum tax. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 89 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A U.S. holder is a beneficial owner that is for U.S. federal income tax purposes: </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">a citizen or individual resident of the United States (including certain former citizens and former&#160;long-term&#160;residents); </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia; </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or the trust has made a valid election in effect under applicable Treasury regulations to be treated as a U.S. person for U.S. federal income tax purposes, whose status as a U.S. person is not overridden by an applicable tax treaty. </div></td></tr></table><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Taxation of the Fund </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund has elected to be treated as a RIC under Subchapter M of the Code. In order to qualify as a RIC, the Fund must, among other things, satisfy certain requirements relating to the sources of its income, diversification of its assets, and distribution of its income to its shareholders. First, the Fund must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including but not limited to gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies, or net income derived from interests in &#8220;qualified publicly traded partnerships&#8221; (as defined in the Code) (the &#8220;90% gross income test&#8221;). Second, the Fund must diversify its holdings so that, at the close of each quarter of its taxable year, (i)&#160;at least 50% of the value of its total assets consists of cash, cash items, U.S. Government securities, securities of other RICs and other securities, with such other securities limited in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund&#8217;s total assets and to not more than 10% of the outstanding voting securities of such issuer, and (ii)&#160;not more than 25% of the market value of the total assets is invested in the securities (other than U.S. Government securities and securities of other RICs) of any one issuer, any two or more issuers controlled by the Fund and engaged in the same, similar or related trades or businesses, or any one or more &#8220;qualified publicly traded partnerships.&#8221; </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As long as the Fund qualifies as a RIC, the Fund will generally not be subject to corporate-level U.S. federal income tax on income and gains that it distributes each taxable year to its shareholders, provided that in such taxable year it distributes at least 90% of the sum of (i)&#160;its net tax-exempt interest income, if any, and (ii)&#160;its &#8220;investment company taxable income&#8221; (which includes, among other items, dividends, taxable interest, taxable original issue discount and market discount income, income from securities lending, net short-term capital gain in excess of net long-term capital loss, and any other taxable income other than &#8220;net capital gain&#8221; (as defined below) and is reduced by deductible expenses) determined without regard to the deduction for dividends paid. The Fund may retain for investment its net capital gain (which consists of the excess of its net long-term capital gain over its net short-term capital loss). However, if the Fund retains any net capital gain or any investment company taxable income, it will be subject to tax at regular corporate rates on the amount retained. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Code imposes a 4% nondeductible excise tax on the Fund to the extent the Fund does not distribute by the end of any calendar year at least the sum of (i)&#160;98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii)&#160;98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October&#160;31 of the calendar year (unless an election is made to use the Fund&#8217;s fiscal year). In addition, the minimum amounts that must be distributed in any year to avoid </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 90 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">the excise tax will be increased or decreased to reflect any under-distribution or over-distribution, as the case may be, from the previous year. For purposes of the excise tax, the Fund will be deemed to have distributed any income on which it paid U.S. federal income tax. While the Fund intends to distribute any income and capital gain in the manner necessary to minimize imposition of the 4% nondeductible excise tax, there can be no assurance&#160;that sufficient amounts of the Fund&#8217;s taxable income and capital gain will be distributed to entirely avoid the imposition of the excise tax. In that event, the Fund will be liable for the excise tax only on the amount by which it does not meet the foregoing distribution requirement. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If in any taxable year the Fund should fail to qualify under Subchapter M of the Code for tax treatment as a RIC, the Fund would incur a regular corporate U.S. federal income tax upon all of its taxable income for that year, and all distributions to its shareholders (including distributions of net capital gain) would be taxable to shareholders as ordinary dividend income for U.S. federal income tax purposes to the extent of the Fund&#8217;s earnings and profits. Provided that certain holding period and other requirements were met, such dividends would be eligible (i)&#160;to be treated as qualified dividend income in the case of shareholders taxed as individuals and (ii)&#160;for the dividends received deduction in the case of corporate shareholders.&#160;In addition, to qualify again to be taxed as a RIC in a subsequent year, the Fund would be required to distribute to shareholders its earnings and profits attributable to non-RIC years. In addition, if the Fund failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, the Fund would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years. </div><div style="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The remainder of this discussion assumes that the Fund qualifies for taxation as a RIC. </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">The Fund&#8217;s Investments.</div> Certain of the Fund&#8217;s investment practices are subject to special and complex U.S. federal income tax provisions (including mark-to-market, constructive sale, straddle, wash sale, short sale and other rules) that may, among other things, (i)&#160;disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii)&#160;convert lower taxed long-term capital gains or qualified dividend income into higher taxed short-term capital gains or ordinary income, (iii)&#160;convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited), (iv)&#160;cause the Fund to recognize income or gain without a corresponding receipt of cash, (v)&#160;adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi)&#160;adversely alter the characterization of certain complex financial transactions and (vii)&#160;produce income that will not be &#8220;qualified&#8221; income for purposes of the 90% annual gross income requirement described above. These U.S. federal income tax provisions could therefore affect the amount, timing and character of distributions to common shareholders. The Fund intends to monitor its transactions and may make certain tax elections and may be required to dispose of securities to mitigate the effect of these provisions and prevent disqualification of the Fund as a RIC. Additionally, the Fund may be required to limit its activities in derivative instruments in order to enable it to maintain its RIC status. </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 91 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest a portion of its net assets in below investment grade securities. Investments in these types of securities may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and income and whether modifications or exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues could affect the Fund&#8217;s ability to distribute sufficient income to preserve its status as a RIC or to avoid the imposition of U.S. federal income or excise tax. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain debt securities acquired by the Fund may be treated as debt securities that were originally issued at a discount. Generally, the amount of the original issue discount is treated as interest income and is included in taxable income (and required to be distributed by the Fund in order to qualify as a RIC and avoid U.S. federal income tax or the 4% excise tax on undistributed income) over the term of the security, even though payment of that amount is not received until a later time, usually when the debt security matures. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund purchases a debt security on a secondary market at a price lower than its adjusted issue price, the excess of the adjusted issue price over the purchase price is &#8220;market discount.&#8221; Unless the Fund makes an election to accrue market discount on a current basis, generally, any gain realized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the &#8220;accrued market discount&#8221; on the debt security. Market discount generally accrues in equal daily installments. If the Fund ultimately collects less on the debt instrument than its purchase price plus the market discount previously included in income, the Fund may not be able to benefit from any offsetting loss deductions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in preferred securities or other securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the Internal Revenue Service. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by the Fund, it could affect the timing or character of income recognized by the Fund, potentially requiring the Fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to RICs under the Code. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Gain or loss on the sale of securities by the Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than one year. Gain or loss on the sale of securities held for one year or less will be short-term capital gain or loss. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Because the Fund may invest in foreign securities, its income from such securities may be subject to non-U.S. taxes. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Foreign currency gain or loss on foreign currency exchange contracts, non-U.S. dollar-denominated securities contracts, and non-U.S. dollar-denominated futures contracts, options and forward contracts that are not section 1256 contracts (as defined below) generally will be treated as ordinary income and loss. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Income from options on individual securities written by the Fund will generally not be recognized by the Fund for tax purposes until an option is exercised, lapses or is subject to a &#8220;closing transaction&#8221; (as defined by applicable regulations) pursuant to which the Fund&#8217;s obligations with respect to the option are otherwise terminated. If the option lapses without exercise, the premiums received by the Fund from the writing of such options will generally be characterized as short-term capital gain. If the Fund enters into a closing transaction, the difference between the premiums received and the amount paid by the Fund to close out its position will generally be treated as short-term capital gain or loss. If an option written by the Fund is exercised, thereby requiring the Fund to sell the underlying security, the premium will increase the amount realized upon the sale of the security, and the character of any gain on such sale of the underlying security as short-term or long-term capital gain will depend on the holding period of the Fund in the underlying security. Because the Fund will not have control over the exercise of the options it writes, such exercises or other required sales of the underlying securities may cause the Fund to realize gains or losses at inopportune times. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Index options that qualify as &#8220;section 1256 contracts&#8221; will generally be &#8220;marked-to-market&#8221; for U.S. federal income tax purposes. As a result, the Fund will generally recognize gain or loss on the last day of each taxable year equal to the difference between the value of the option on that date and the adjusted basis of the option. The adjusted basis of the option will consequently be increased by such gain or decreased by such loss. Any gain or loss with respect to options on indices and sectors that qualify as &#8220;section 1256 contracts&#8221; will be treated as short-term capital gain or loss to the extent of 40% of such gain or loss and long-term capital gain or loss to the extent of 60% of such gain or loss. Because the mark-to-market rules may cause the Fund to recognize gain in advance of the receipt of cash, the Fund may be required to dispose of investments in order to meet its distribution requirements. &#8220;Mark-to-market&#8221; losses may be suspended or otherwise limited if such losses are part of a straddle or similar transaction. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 92 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Taxation of Common Shareholders </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund will either distribute or retain for reinvestment all or part of its net capital gain. If any such gain is retained, the Fund will be subject to a corporate income tax on such retained amount. In that event, the Fund expects to report the retained amount as undistributed capital gain in a notice to its common shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains, (i)&#160;will be required to include in income for U.S. federal income tax purposes as long-term capital gain its share of such undistributed amounts, (ii)&#160;will be entitled to credit its proportionate share of the tax paid by the Fund against its U.S. federal income tax liability and to claim refunds to the extent that the credit exceeds such liability and (iii)&#160;will increase its basis in its common shares by the amount of undistributed capital gains included in the shareholder&#8217;s income less the tax deemed paid by the shareholder under clause (ii). </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Distributions paid to you by the Fund from its net capital gain, if any, that the Fund properly reports as capital gain dividends (&#8220;capital gain dividends&#8221;) are taxable as long-term capital gains, regardless of how long you have held your common shares. All other dividends paid to you by the Fund (including dividends from net short-term capital gains) from its current or accumulated earnings and profits (&#8220;ordinary income dividends&#8221;) are generally subject to tax as ordinary income. Provided that certain holding period and other requirements are met, ordinary income dividends (if properly reported by the Fund) may qualify (i)&#160;for the dividends received deduction in the case of corporate shareholders to the extent that the Fund&#8217;s income consists of dividend income from U.S. corporations, and (ii)&#160;in the case of individual shareholders, as &#8220;qualified dividend income&#8221; eligible to be taxed at long-term capital gains rates to the extent that the Fund receives qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain qualified foreign corporations (e.g., generally, foreign corporations incorporated in a possession of the United States or in certain countries with a qualifying comprehensive tax treaty with the United States, or whose stock with respect to which such dividend is paid is readily tradable on an established securities market in the United States).&#160;The Fund does not expect that a significant portion of its distributions will consist of qualified dividend income or be eligible for the dividends received deduction. </div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any distributions you receive that are in excess of the Fund&#8217;s current and accumulated earnings and profits will be treated as a return of capital to the extent of your adjusted tax basis in your common shares, and thereafter as capital gain from the sale of common shares. The amount of any Fund distribution that is treated as a return of capital will reduce your adjusted tax basis in your common shares, thereby increasing your potential gain or reducing your potential loss on any subsequent sale or other disposition of your common shares. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Common shareholders may be entitled to offset their capital gain dividends with capital losses. The Code contains a number of statutory provisions affecting when capital losses may be offset against capital gain, and limiting the use of losses from certain investments and activities. Accordingly, common shareholders that have capital losses are urged to consult their tax advisers. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Dividends and other taxable distributions are taxable to you even though they are reinvested in additional common shares of the Fund. Dividends and other distributions paid by the Fund are generally treated under the Code as received by you at the time the dividend or distribution is made. If, however, the Fund pays you a dividend in January that was declared in the previous October, November or December to common shareholders of record on a specified date in one of such months, then such dividend will be treated for U.S. federal income tax purposes as being paid by the Fund and received by you on December&#160;31 of the year in which the dividend was declared. In addition, certain other distributions made after the close of the Fund&#8217;s taxable year may be &#8220;spilled back&#8221; and treated as paid by the Fund(except for purposes of the 4% nondeductible excise tax) during such taxable year. In such case, you will be treated as having received such dividends in the taxable year in which the distributions were actually made. </div><div> </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 93 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div> </div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The price of common shares purchased at any time may reflect the amount of a forthcoming distribution. Those purchasing common shares just prior to the record date of a distribution will receive a distribution which will be taxable to them even though it represents, economically, a return of invested capital. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund will send you information after the end of each year setting forth the amount and tax status of any distributions paid to you by the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The sale or other disposition of common shares will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have held such common shares for more than one year at the time of sale. Any loss upon the sale or other disposition of common shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain dividend) by you with respect to such common shares. Any loss you recognize on a sale or other disposition of common shares will be disallowed if you acquire other common shares (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after your sale or exchange of the common shares. In such case, your tax basis in the common shares acquired will be adjusted to reflect the disallowed loss. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund liquidates, shareholders generally will realize capital gain or loss upon such liquidation in an amount equal to the difference between the amount of cash or other property received by the shareholder (including any property deemed received by reason of its being placed in a liquidating trust) and the shareholder&#8217;s adjusted tax basis in its common shares. Any such gain or loss will be long-term if the shareholder is treated as having a holding period in the Fund shares of greater than one year, and otherwise will be short-term. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Current U.S. federal income tax law taxes both long-term and short-term capital gain of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, short-term capital gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is taxed at a reduced maximum rate. The deductibility of capital losses is subject to limitations under the Code. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain U.S. holders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare tax on all or a portion of their &#8220;net investment income,&#8221; which includes dividends received from the Fund and capital gains from the sale or other disposition of the Fund&#8217;s common shares. </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A common shareholder that is a nonresident alien individual or a foreign corporation (a &#8220;foreign investor&#8221;) generally will be subject to U.S. federal withholding tax at the rate of 30% (or possibly a lower rate provided by an applicable tax treaty) on ordinary income dividends (except as discussed below). In general, U.S. federal withholding tax and U.S. federal income tax will not apply to any gain or income realized by a foreign investor in respect of any distribution of net capital gain (including amounts credited as an undistributed capital gain dividend) or upon the sale or other disposition of common shares of the Fund. Different tax consequences may result if the foreign investor is engaged in a trade or business in the United States or, in the case of an individual, is present in the United States for 183 days or more during a taxable year and certain other conditions are met. Foreign investors should consult their tax advisers regarding the tax consequences of investing in the Fund&#8217;s common shares. </div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Ordinary income dividends properly reported by a RIC are generally exempt from U.S. federal withholding tax where they (i)&#160;are paid in respect of the RIC&#8217;s &#8220;qualified net interest income&#8221; (generally, its U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii)&#160;are paid in respect of the RIC&#8217;s &#8220;qualified short-term capital gains&#8221; (generally, the excess of the RIC&#8217;s net short-term capital gain over its long-term capital loss for such taxable year). Depending on its circumstances, the Fund may report all, </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 94 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains, and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a foreign investor needs to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute Form). In the case of common shares held through an intermediary, the intermediary may have withheld tax even if the Fund reported the payment as qualified net interest income or qualified short-term capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules to their accounts. There can be no assurance&#160;as to what portion of the Fund&#8217;s distributions would qualify for favorable treatment as qualified net interest income or qualified short-term capital gains. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition,&#160;withholding at a rate of 30% will apply to dividends paid in respect of common shares of the Fund held by or through certain foreign financial institutions (including investment funds), unless such institution enters into an agreement with the Treasury to report, on an annual basis, information with respect to shares in, and accounts maintained by, the institution to the extent such shares or accounts are held by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly, the entity through which common shares of the Fund are held will affect the determination of whether such withholding is required. Similarly, dividends paid in respect of common shares of the Fund held by an investor that is a non-financial foreign entity that does not qualify under certain exemptions will be subject to withholding at a rate of 30%, unless such entity either (i)&#160;certifies that such entity does not have any &#8220;substantial United States owners&#8221; or (ii)&#160;provides certain information regarding the entity&#8217;s &#8220;substantial United States owners,&#8221; which the Fund or applicable withholding agent will in turn provide to the Secretary of the Treasury. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify these requirements. The Fund will not pay any additional amounts to common shareholders in respect of any amounts withheld. Foreign investors are encouraged to consult with their tax advisers regarding the possible implications of these rules on their investment in the Fund&#8217;s common shares. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">U.S. federal backup withholding tax may be required on dividends, distributions and sale proceeds payable to certain non-exempt common shareholders who fail to supply their correct taxpayer identification number (in the case of individuals, generally, their social security number) or to make required certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax and any amount withheld may be refunded or credited against your U.S. federal income tax liability, if any, provided that you timely furnish the required information to the Internal Revenue Service. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Ordinary income dividends, capital gain dividends, and gain from the sale or other disposition of common shares of the Fund also may be subject to state, local, and/or foreign taxes. Common shareholders are urged to consult their own tax advisers regarding specific questions about U.S. federal, state, local or foreign tax consequences to them of investing in the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The foregoing is a general and abbreviated summary of certain provisions of the Code and the Treasury regulations currently in effect as they directly govern the taxation of the Fund and its common shareholders. These provisions are subject to change by legislative or administrative action, and any such change may be retroactive. A more detailed discussion of the tax rules applicable to the Fund and its common shareholders can be found in the SAI that is incorporated by reference into this Prospectus. Common shareholders are urged to consult their tax advisers regarding specific questions as to U.S. federal, state, local and foreign income or other taxes. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Please refer to the SAI for more detailed information. You are urged to consult your tax adviser. </div><div id="toc320889_67" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">TAXATION OF HOLDERS OF RIGHTS </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of a right will not be includible in the income of a common shareholder at the time the right is issued. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The basis of a right issued to a common shareholder will be zero, and the basis of the share with respect to which the subscription right was issued (the old share) will remain unchanged, unless either (a)&#160;the fair market value of the right on the date of distribution is at least 15% of the fair market value of the old share, or (b)&#160;such shareholder affirmatively elects (in the manner set out in Treasury regulations under the Code) to allocate to the subscription right a portion of the basis of the old share. If either (a)&#160;or (b)&#160;applies, then except as described below such shareholder must allocate basis between the old share and the right in proportion to their fair market values on the date of distribution. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 95 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The basis of a right purchased in the market will generally be its purchase price. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The holding period of a right issued to a common shareholder will include the holding period of the old share. No gain or loss will be recognized by a common shareholder upon the exercise of a right. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">No loss will be recognized by a common shareholder if a right distributed to such common shareholder expires unexercised because the basis of the old share may be allocated to a right only if the right is exercised. If a right that has been purchased in the market expires unexercised, there will be a recognized loss equal to the basis of the right. </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any gain or loss on the sale of a right will be a capital gain or loss if the right is held as a capital asset (which in the case of rights issued to common shareholders will depend on whether the old share of beneficial interest is held as a capital asset), and will be a long-term capital gain or loss if the holding period is deemed to exceed one year. </div><div id="toc320889_68" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">CERTAIN PROVISIONS OF THE CHARTER AND BYLAWS </div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s Charter and Bylaws include provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition of the Board. This could have the effect of depriving shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control over the Fund. Such attempts could have the effect of increasing the expenses of the Fund and disrupting the normal operation of the Fund. </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s Charter requires the favorable vote of the holders of at least 66 2/3% of the Fund&#8217;s shares to approve, adopt or authorized the following: </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">a merger or consolidation or statutory share exchange of the Fund with any other corporation; </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">a sale of all or substantially all of the Fund&#8217;s assets (other than in the regular course of the Fund&#8217;s investment activities); or </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">a liquidation or dissolution of the Fund; </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">unless such action has been approved, adopted or authorized by the affirmative vote of at least two-thirds of the total number of Directors fixed in accordance with the Bylaws, in which case the affirmative vote of a majority of the Fund&#8217;s shares of capital stock is required. </div><div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, conversion of the Fund to an open-end investment company would require an amendment to the Fund&#8217;s Charter. Such an amendment would require the favorable vote of the holders of at least 66 2/3% of the Fund&#8217;s outstanding shares of capital stock entitled to be voted on the matter, voting as a single class (or a majority of such shares if the amendment was previously approved, adopted or authorized by two-thirds of the total number of Directors fixed in accordance with the Bylaws). Such a vote also would satisfy a separate requirement in the Investment Company Act that the change be approved by the stockholders. Shareholders of an open-end investment company may require the company to redeem their common shares at any time (except in </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 96 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">certain circumstances as authorized by or under the Investment Company Act) at their NAV, less such redemption charge, if any, as might be in effect at the time of a redemption. If the Fund is converted to an open-end investment company, it could be required to liquidate portfolio securities to meet requests for redemption, and the common shares would no longer be listed on a stock exchange. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Charter and Bylaws provide that the Board of Directors has the power, to the exclusion of stockholders, to make, alter or repeal any of the Bylaws (except for any Bylaw specified not to be amended or repealed by the Board), subject to the requirements of the Investment Company Act. Neither this provision of the Charter, nor any of the foregoing provisions of the Charter requiring the affirmative vote of 66 2/3% of shares of capital stock of the Fund, can be amended or repealed except by the vote of such required number of shares. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Board of Directors has determined that the 66 2/3% voting requirements described above, which are greater than the minimum requirements under Maryland law or the Investment Company Act, are in the best interests of stockholders generally. Reference should be made to the Charter on file with the SEC for the full text of these provisions. </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund has elected to be subject to the Maryland Control Share Acquisition Act (the &#8220;MCSAA&#8221;). In general, the MCSAA limits the ability of holders of &#8220;control shares&#8221; to vote those shares above various threshold levels that start at 10% unless the other stockholders of the Fund reinstate those voting rights at a meeting of stockholders as provided in the MCSAA. &#8220;Control shares&#8221; are generally defined in the MCSAA as shares of stock that, if aggregated with all other shares of stock that are either (i)&#160;owned by a person or (ii)&#160;as to which that person is entitled to exercise or direct the exercise of voting power, except solely by virtue of a revocable proxy, would entitle that person to exercise voting power in electing directors above various thresholds of voting power starting at 10%. The Bylaws also provide that the provisions of the MCSAA shall not apply to the voting rights of the holders of any shares of preferred stock of the Fund (but only with respect to such preferred stock) or to the voting rights of any person acquiring shares of stock in a control share acquisition if, prior to the acquisition, the person obtains approval of the Board of Directors exempting the acquisition from application of the MCSAA. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">On February&#160;18, 2022, the U.S. District Court for the Southern District of New York granted judgment in favor of a plaintiff&#8217;s claim for rescission of a control share provision in the bylaws of certain Nuveen-sponsored closed-end funds that are Massachusetts business trusts and the plaintiff&#8217;s declaratory judgment claim, and declared that the funds&#8217; control share bylaw provision violates Section&#160;18(i) of the Investment Company Act. The Nuveen-sponsored closed-end funds have appealed the district court&#8217;s decision. Although the district court&#8217;s decision relates to closed-end funds that adopted a control share provision in their bylaws, as opposed to a closed-end fund opting into a state&#8217;s control share statute (as the Fund did here), it is possible that a court could decide that the Nuveen ruling applies to the Fund&#8217;s decision to opt into the MCSAA. </div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s Bylaws generally require that advance notice be given to the Fund in the event a stockholder desires to nominate a person for election to the Board of Directors or to transact any other business at an annual meeting of stockholders. Notice of any such nomination or business must be delivered to or received at the principal executive offices of the Fund not less than 120 calendar days nor more than 150 calendar days prior to the anniversary date of the prior year&#8217;s annual meeting (subject to certain exceptions). Any notice by a stockholder must be accompanied by certain information as provided in the Bylaws. </div><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Maryland General Corporation Law provides that a Maryland corporation that has a class of securities registered under the Exchange Act and has at least three outside directors can elect (either by resolution of the board of directors or through its charter or bylaws) to be subject to certain corporate governance provisions, that may be inconsistent with the corporation&#8217;s charter or bylaws. Under the applicable statute, if so elected, a board of directors may classify itself without the vote of stockholders. Further, the board of directors may, by electing into applicable statutory provisions and notwithstanding the charter or bylaws, (i)&#160;reserve for itself the right to fix the number of directors; (ii)&#160;retain for itself sole authority to fill vacancies created by an increase in the size of the board of directors or the death, removal or resignation of a director; and (iii)&#160;provide that all vacancies on the board of directors may be filled only by the affirmative vote of a majority of the remaining directors, in office, even if the remaining directors do not constitute a quorum. Any director elected to fill such vacancy shall hold office for the remainder of the unexpired term and until his or her successor is elected and qualified. A board of directors may implement all or any of these provisions without amending the charter or bylaws and without stockholder approval. A corporation may be prohibited by its charter or by resolution of its board of directors from electing any of the provisions of the statute. The Fund is not prohibited from implementing any or all of the statute. </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 97 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund has elected to be subject to the provisions of Section&#160;3-803 of the Maryland General Corporation Law. Pursuant to this election, the Board was divided into three classes. At each annual meeting of shareholders, or special meeting in lieu thereof, the term of only one class of Directors expires and only the Directors in that one class stand for re-election. Directors standing for election at an annual meeting of shareholders or special meeting in lieu thereof are elected to a three-year term. This provision could delay for up to two years the replacement of a majority of the Board. A Director may be removed from office, with or without cause, but only by action taken by shareholders of at least sixty-six percent (66 2/3%) of the shares of common stock then entitled to vote in an election to fill that directorship. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Pursuant to the Fund&#8217;s Bylaws and Charter, the Fund has also elected to be subject to a specific provision of the statute such that, at all times that the Fund is eligible to make that election, all vacancies on the Board of Directors resulting from an increase in the size of the Board or the death, resignation or removal of a Director, may be filled only by the affirmative vote of a majority of the remaining Directors, even if the remaining Directors do not constitute a quorum. </div></div><div id="toc320889_69" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">CLOSED-END FUND STRUCTURE </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is a diversified, closed-end management investment company (commonly referred to as a closed-end fund). Closed-end funds differ from open-end funds (which are generally referred to as mutual funds) in that closed-end funds generally list their shares for trading on a stock exchange and do not redeem their shares at the request of the shareholder. This means that if you wish to sell your shares of a closed-end fund you must trade them on the stock exchange like any other stock at the prevailing market price at that time. In a mutual fund, if the shareholder wishes to sell shares of the fund, the mutual fund will redeem or buy back the shares at NAV. Also, mutual funds generally offer new shares on a continuous basis to new investors and closed-end funds generally do not. The continuous inflows and outflows of assets in a mutual fund can make it difficult to manage the fund&#8217;s investments. By comparison, closed-end funds are generally able to stay more fully invested in securities that are consistent with their investment objectives and also have greater flexibility to make certain types of investments and to use certain investment strategies, such as financial leverage and investments in illiquid securities. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Shares of closed-end funds frequently trade at a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the interest of shareholders, the Board might consider from time to time engaging in open-market repurchases, tender offers for shares or other programs intended to reduce the discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if undertaken, would result in the shares trading at a price equal or close to the NAV. See &#8220;Repurchase of Common Shares&#8221; below and &#8220;Repurchase of Common Shares&#8221; in the SAI. The Board might also consider converting the Fund to an open-end mutual fund, which would also require a vote of the shareholders of the Fund. </div><div id="toc320889_70" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">REPURCHASE OF COMMON SHARES </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Shares of closed-end investment companies often trade at a discount to their NAVs and the Fund&#8217;s common shares may also trade at a discount to their NAV, although it is possible that they may trade at a premium above NAV. The market price of the Fund&#8217;s common shares will be determined by such factors as relative demand for and supply of such common shares in the market, the Fund&#8217;s NAV, general market and economic conditions, market sentiment and other factors beyond the control of the Fund. See &#8220;Net Asset Value&#8221; and &#8220;Description of Capital Stock&#8212;Common Shares.&#8221; Although the Fund&#8217;s common shareholders will not have the right to redeem their common shares, the Fund may take action to repurchase common shares in the open market or make tender offers for its common shares. This may have the effect of reducing any market discount from NAV. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 98 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There is no assurance that, if action is undertaken to repurchase or tender for common shares, such action will result in the common shares&#8217; trading at a price which approximates their NAV. Although share repurchases and tender offers could have a favorable effect on the market price of the Fund&#8217;s common shares, you should be aware that the acquisition of common shares by the Fund will decrease the capital of the Fund and, therefore, may have the effect of increasing the Fund&#8217;s expense ratio and decreasing the asset coverage with respect to any borrowings or preferred shares outstanding. Any share repurchases or tender offers will be made in accordance with the requirements of the Exchange Act, the Investment Company Act and the principal stock exchange on which the common shares are traded. For additional information, see &#8220;Repurchase of Common Shares&#8221; in the SAI. </div><div id="toc320889_71" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">PLAN OF DISTRIBUTION </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">We may sell common shares, including to existing shareholders in a rights offering, through underwriters or dealers, directly to one or more purchasers (including existing shareholders in a rights offering), through agents, to or through underwriters or dealers, or through a combination of any such methods of sale. The applicable Prospectus Supplement will identify any underwriter or agent involved in the offer and sale of our common shares, any sales loads, discounts, commissions, fees or other compensation paid to any underwriter, dealer or agent, the offering price, net proceeds and use of proceeds and the terms of any sale. In the case of a rights offering, the applicable Prospectus Supplement will set forth the number of our common shares issuable upon the exercise of each right and the other terms of such rights offering. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The distribution of our common shares may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, at prevailing market prices at the time of sale, at prices related to such prevailing market prices, or at negotiated prices. Sales of our common shares may be made in transactions that are deemed to be &#8220;at the market&#8221; as defined in Rule 415 under the Securities Act, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">We may sell our common shares directly to, and solicit offers from, institutional investors or others who may be deemed to be underwriters as defined in the Securities Act for any resales of the securities. In this case, no underwriters or agents would be involved. We may use electronic media, including the Internet, to sell offered securities directly. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In connection with the sale of our common shares, underwriters or agents may receive compensation from us in the form of discounts, concessions or commissions. Underwriters may sell our common shares to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of our common shares may be deemed to be underwriters under the Securities Act, and any discounts and commissions they receive from us and any profit realized by them on the resale of our common shares may be deemed to be underwriting discounts and commissions under the Securities Act. Any such underwriter or agent will be identified and any such compensation received from us will be described in the applicable Prospectus Supplement. The maximum amount of compensation to be received by any Financial Industry Regulatory Authority member or independent broker-dealer will not exceed eight percent for the sale of any securities being offered pursuant to Rule 415 under the Securities Act. We will not pay any compensation to any underwriter or agent in the form of warrants, options, consulting or structuring fees or similar arrangements. </div></div><div></div></div> <div><div style="background-color:white;display: inline;"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If a Prospectus Supplement so indicates, we may grant the underwriters an option to purchase additional common shares at the public offering price, less the underwriting discounts and commissions, within 45 days from the date of the Prospectus Supplement, to cover any over-allotments. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under agreements into which we may enter, underwriters, dealers and agents who participate in the distribution of our common shares may be entitled to indemnification by us against certain liabilities, including liabilities under the Securities Act. Underwriters, dealers and agents may engage in transactions with us, or perform services for us, in the ordinary course of business. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If so indicated in the applicable Prospectus Supplement, we will ourselves, or will authorize underwriters or other persons acting as our agents to solicit offers by certain institutions to purchase our common shares from us pursuant to contracts providing for payment and delivery on a future date. Institutions with which such contacts may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and others, but in all cases such institutions must be approved by us. The </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 99 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"> obligation of any purchaser under any such contract will be subject to the condition that the purchase of the common shares shall not at the time of delivery be prohibited under the laws of the jurisdiction to which such purchaser is subject. The underwriters and such other agents will not have any responsibility in respect of the validity or performance of such contracts. Such contracts will be subject only to those conditions set forth in the Prospectus Supplement, and the Prospectus Supplement will set forth the commission payable for solicitation of such contracts. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent permitted under the Investment Company Act and the rules and regulations promulgated thereunder, the underwriters may from time to time act as brokers or dealers and receive fees in connection with the execution of our portfolio transactions after the underwriters have ceased to be underwriters and, subject to certain restrictions, each may act as a broker while it is an underwriter. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A Prospectus and accompanying Prospectus Supplement in electronic form may be made available on the websites maintained by underwriters. The underwriters may agree to allocate a number of securities for sale to their online brokerage account holders. Such allocations of securities for Internet distributions will be made on the same basis as other allocations. In addition, securities may be sold by the underwriters to securities dealers who resell securities to online brokerage account holders. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In order to comply with the securities laws of certain states, if applicable, our common shares offered hereby will be sold in such jurisdictions only through registered or licensed brokers or dealers. </div><div id="toc320889_72" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">INCORPORATION BY REFERENCE </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">This Prospectus is part of a registration statement that we have filed with the SEC. We are allowed to &#8220;incorporate by reference&#8221; the information that we file with the SEC, which means that we can disclose important information to you by referring you to those documents. We incorporate by reference into this Prospectus the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, including any filings on or after the date of this Prospectus from the date of filing (excluding any information furnished, rather than filed), until we have sold all of the offered securities to which this Prospectus and any accompanying prospectus supplement relates or the offering is otherwise terminated. The information incorporated by reference is an important part of this Prospectus. Any statement in a document incorporated by reference into this Prospectus will be deemed to be automatically modified or superseded to the extent a statement contained in (1)&#160;this Prospectus or (2)&#160;any other subsequently filed document that is incorporated by reference into this Prospectus modifies or supersedes such statement. The documents incorporated by reference herein include: </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">The Fund&#8217;s SAI, dated December&#160;[&#9679;], 2022, filed with this Prospectus; </div></td></tr></table> </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">our <a href="http://www.sec.gov/Archives/edgar/data/0001259708/000119312522065652/d297148dncsr.htm">annual report</a> on Form N-CSR for the fiscal year ended December&#160;31, 2021 filed with the SEC on March&#160;4, 2022; </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">our <a href="http://www.sec.gov/Archives/edgar/data/1051003/000119312522236278/d366274dncsrs.htm">semi-annual report</a> on Form N-CSRS for the fiscal period ended June&#160;30, 2022 filed with the SEC on September&#160;1,&#160;2022; and </div></td></tr></table> </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">the <a href="http://www.sec.gov/Archives/edgar/data/1051003/0000905148-98-000474.txt">description of the Fund&#8217;s common shares</a> contained in our Registration Statement on Form 8-A (File No.&#160;001-13987) filed with the SEC on March&#160;26, 1998, including any amendment or report filed for the purpose of updating such description prior to the termination of the offering registered hereby. </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund will provide without charge to each person, including any beneficial owner, to whom this Prospectus is delivered, upon written or oral request, a copy of any and all of the documents that have been or may be incorporated by reference in this Prospectus or the accompanying prospectus supplement. You should direct requests for documents by calling: </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Client Services Desk </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">(800) 882-0052 </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 100 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund makes available this Prospectus, SAI and the Fund&#8217;s annual and semi-annual reports, free of charge, at http://www.blackrock.com. You may also obtain this Prospectus, the SAI, other documents incorporated by reference and other information the Fund files electronically, including reports and proxy statements, on the SEC website (http://www.sec.gov) or with the payment of a duplication fee, by electronic request at publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&#8217;s website is not incorporated by reference into this Prospectus and should not be considered to be part of this Prospectus or the accompanying prospectus supplement. </div><div id="toc320889_73" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">PRIVACY PRINCIPLES OF THE FUND </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Fund collects, how we protect that information, and why in certain cases we may share such information with select other parties. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund does not receive any non-public personal information relating to its shareholders who purchase shares through their broker-dealers. In the case of shareholders who are record holders of the Fund, the Fund receives personal non-public information on account applications or other forms. With respect to these shareholders, the Fund also has access to specific information regarding their transactions in the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund does not disclose any non-public personal information about its shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service our shareholders&#8217; accounts (for example, to a transfer agent). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund restricts access to non-public personal information about its shareholders to BlackRock employees with a legitimate business need for the information. The Fund maintains physical, electronic and procedural safeguards designed to protect the non-public personal information of our shareholders. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 101 - </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold;text-align:center">16,000,000 Shares </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman;font-weight:bold;text-align:center">BLACKROCK DEBT STRATEGIES FUND, INC. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman;font-weight:bold;text-align:center">Shares of Common Stock </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman;font-weight:bold;text-align:center">Rights to Purchase Shares of Common Stock </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div style="text-align:center"> <div style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman;font-weight:bold;text-align:center">PROSPECTUS </div><div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><div style="font-weight:bold;display:inline;">December [</div>&#9679;<div style="font-weight:bold;display:inline;"></div><div style="font-weight:bold;display:inline;">], 2022 </div></div> </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div style="text-align:center"> <div style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</div></div><div style="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&#160;</div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="color:#cc062a;display:inline;">The information in this Prospectus Supplement is not complete and may be changed. BlackRock Debt Strategies Fund, Inc. may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus Supplement is not an offer to sell these securities and is not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><div style="color:#cc062a;display:inline;"><div style="font-weight:bold;display:inline;">SUBJECT TO COMPLETION, DATED [&#8226;], 2022 </div></div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PROSPECTUS SUPPLEMENT </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">(To Prospectus dated [&#8226;], 2022) </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:right">Filed Pursuant to Rule 424(b)([&#8226;]) </div><div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:right">Registration Statement <div style="white-space:nowrap;display:inline;">No.&#160;333-267429</div> </div> </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold;text-align:center">BLACKROCK DEBT STRATEGIES FUND, INC. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">Up to [&#8226;] Shares of Common Stock </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">BlackRock Debt Strategies Fund, Inc. (the &#8220;Fund,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;) is offering for sale [&#8226;] of our common stock (&#8220;common shares&#8221;). Our common shares are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;DSU.&#8221; As of the close of business on [&#8226;], 2022, the last reported net asset value per share of our common shares was $[&#8226;] and the last reported sales price per share of our common shares on the NYSE was $[&#8226;]. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is a diversified, <div style="white-space:nowrap;display:inline;">closed-end</div> management investment company registered under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;). The Fund&#8217;s primary investment objective is to seek to provide current income by investing primarily in a diversified portfolio of U.S. companies&#8217; debt instruments, including senior and subordinated corporate loans, both secured and unsecured (&#8220;Corporate Loans&#8221;), which are rated in the lower rating categories of the established rating services (Baa or lower by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB or lower by Standard&#160;&amp; Poor&#8217;s Ratings Services (&#8220;Standard&#160;&amp; Poor&#8217;s&#8221; or &#8220;S&amp;P&#8221;)) or unrated debt instruments which are in the judgment of the Fund&#8217;s investment advisor, BlackRock Advisors, LLC (the &#8220;Advisor&#8221;), to be of equivalent quality. Debt securities rated below investment grade commonly are referred to as &#8220;junk bonds.&#8221; As a secondary objective, the Fund will seek to provide capital appreciation. BlackRock International Limited serves as <div style="white-space:nowrap;display:inline;">sub-advisor</div> to the Fund (the <div style="white-space:nowrap;display:inline;">&#8220;Sub-Advisor&#8221;).</div> </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Sales of our common shares, if any, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &#8220;at the market&#8221; as defined in Rule&#160;415 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange. </div><div> <div style="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:justify">Investing in the Fund&#8217;s common shares involves certain risks, including risks of leverage, which are described in the &#8220;Risks&#8221; section beginning on page [50] of the accompanying Prospectus and the &#8220;Leverage&#8221; section beginning on page [21] of the accompanying Prospectus. </div> </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:justify">NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">[&#8226;], 2022 </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-1 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">This Prospectus Supplement, together with the accompanying Prospectus, sets forth concisely the information about the Fund that a prospective investor should know before investing. You should read this Prospectus Supplement and the accompanying Prospectus, which contain important information, before deciding whether to invest in the common shares. You should retain the accompanying Prospectus and this Prospectus Supplement for future reference. A Statement of Additional Information (&#8220;SAI&#8221;), dated [&#8226;], 2022, containing additional information about the Fund, has been filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) and, as amended from time to time, is incorporated by reference in its entirety into this Prospectus Supplement and the accompanying Prospectus. This Prospectus Supplement, the accompanying Prospectus and the SAI are part of a &#8220;shelf&#8221; registration statement filed with the SEC. This Prospectus Supplement describes the specific details regarding this offering, including the method of distribution. If information in this Prospectus Supplement is inconsistent with the accompanying Prospectus or the SAI, you should rely on this Prospectus Supplement. You may call (800) <div style="white-space:nowrap;display:inline;">882-0052,</div> visit the Fund&#8217;s website (http://www.blackrock.com) or write to the Fund to obtain, free of charge, copies of the SAI and the Fund&#8217;s semi-annual and annual reports, as well as to obtain other information about the Fund or to make shareholder inquiries. The SAI, as well as the Fund&#8217;s semi-annual and annual reports, are also available for free on the SEC&#8217;s website (http://www.sec.gov). You may also <div style="white-space:nowrap;display:inline;">e-mail</div> requests for these documents to publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&#8217;s website is not part of this Prospectus Supplement or the accompanying Prospectus. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">You should not construe the contents of this Prospectus Supplement and the accompanying Prospectus as legal, tax or financial advice. You should consult with your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund. </div><div style="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:justify">The common shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-2 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:justify">You should rely only on the information contained or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus. Neither the Fund nor the underwriters have authorized anyone to provide you with different information. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this Prospectus Supplement and the accompanying Prospectus is accurate as of any date other than the date of this Prospectus Supplement and the accompanying Prospectus, respectively. Our business, financial condition, results of operations and prospects may have changed since those dates. In this Prospectus Supplement and in the accompanying Prospectus, unless otherwise indicated, &#8220;Fund,&#8221; &#8220;us,&#8221; &#8220;our&#8221; and &#8220;we&#8221; refer to BlackRock Debt Strategies Fund, Inc., a Maryland corporation. </div><div style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">TABLE OF CONTENTS </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Prospectus Supplement </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:95%"/>
<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">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">Page</div></td>
<td style="vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx320889_201">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">S-4</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx320889_202">PROSPECTUS SUPPLEMENT SUMMARY</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">S-5</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx320889_203">SUMMARY OF FUND EXPENSES</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">S-5</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx320889_204">USE OF PROCEEDS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">S-7</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx320889_205">CAPITALIZATION</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">S-7</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx320889_206">PLAN OF DISTRIBUTION</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">S-7</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx320889_207">LEGAL MATTERS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">S-7</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx320889_208">ADDITIONAL INFORMATION</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">S-7</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr> </table><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">TABLE OF CONTENTS </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Prospectus </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:95%"/>
<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">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">Page</div></td>
<td style="vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_51">PROSPECTUS SUMMARY</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">1</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_52">SUMMARY OF FUND EXPENSES</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">5</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_53">FINANCIAL HIGHLIGHTS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">7</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_54">USE OF PROCEEDS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">10</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_55">THE FUND</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">10</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_56">DESCRIPTION OF CAPITAL STOCK</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">10</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_57">THE FUND&#8217;S INVESTMENTS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">12</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_58">LEVERAGE</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">48</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_59">RISKS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">52</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_60">HOW THE FUND MANAGES RISK</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">81</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_61">MANAGEMENT OF THE FUND</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">82</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_62">NET ASSET VALUE</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">84</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_63">DISTRIBUTIONS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">87</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_64">DIVIDEND REINVESTMENT PLAN</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">88</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_65">RIGHTS OFFERINGS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">88</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_66">TAX MATTERS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">89</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_67">TAXATION OF HOLDERS OF RIGHTS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">95</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_68">CERTAIN PROVISIONS OF THE CHARTER AND BYLAWS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">96</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_69"><span style="white-space:nowrap;display:inline;">CLOSED-END</span> FUND STRUCTURE</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">98</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_70">REPURCHASE OF COMMON SHARES</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">98</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_71">PLAN OF DISTRIBUTION</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">99</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_72">INCORPORATION BY REFERENCE</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">100</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#toc320889_73">PRIVACY PRINCIPLES OF THE FUND</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">101</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr> </table> </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-3 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div id="tx320889_201" style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">This Prospectus Supplement, the accompanying Prospectus and the SAI contain &#8220;forward-looking statements.&#8221; Forward-looking statements can be identified by the words &#8220;may,&#8221; &#8220;will,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; and similar terms and the negative of such terms. Such forward-looking statements may be contained in this Prospectus Supplement as well as in the accompanying Prospectus. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities we hold, the price at which our shares will trade in the public markets and other factors discussed in our periodic filings with the SEC. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Although we believe that the expectations expressed in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in the &#8220;Risks&#8221; section of the accompanying Prospectus. All forward-looking statements contained or incorporated by reference in this Prospectus Supplement or the accompanying Prospectus are made as of the date of this Prospectus Supplement or the accompanying Prospectus, as the case may be. Except for our ongoing obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update any forward-looking statement. The forward-looking statements contained in this Prospectus Supplement, the accompanying Prospectus and the SAI are excluded from the safe harbor protection provided by Section&#160;27A of the Securities Act. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Currently known risk factors that could cause actual results to differ materially from our expectations include, but are not limited to, the factors described in the &#8220;Risks&#8221; section of the accompanying Prospectus. We urge you to review carefully those sections for a more detailed discussion of the risks of an investment in our common shares. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-4 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%"> <div id="tx320889_202" style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">PROSPECTUS SUPPLEMENT SUMMARY </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">The following summary is qualified in its entirety by reference to the more detailed information included elsewhere in this Prospectus Supplement and in the accompanying Prospectus and in the SAI. </div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">The Fund </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is a diversified, <div style="white-space:nowrap;display:inline;">closed-end</div> management investment company. The Fund&#8217;s primary investment objective is to seek to provide current income by investing primarily in a diversified portfolio of U.S. companies&#8217; debt instruments, including Corporate Loans, which are rated in the lower rating categories of the established rating services (Baa or lower by Moody&#8217;s or BBB or lower by S&amp;P or unrated debt instruments which are in the judgment of the Advisor of equivalent quality. Debt securities rated below investment grade commonly are referred to as &#8220;junk bonds.&#8221; As a secondary objective, the Fund will seek to provide capital appreciation. There can be no assurance that the Fund&#8217;s investment objectives will be achieved or that the Fund&#8217;s investment program will be successful. The Fund&#8217;s common shares are listed for trading on the NYSE under the symbol &#8220;DSU.&#8221; </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Investment Advisor </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">BlackRock Advisors, LLC (previously defined as the &#8220;Advisor&#8221;) is the Fund&#8217;s investment adviser. The Advisor receives an annual fee, payable monthly, in an amount equal to 0.55% of the average daily value of the Fund&#8217;s Managed Assets (as defined below). BlackRock International Limited serves as <div style="white-space:nowrap;display:inline;">sub-advisor</div> to the Fund (the <div style="white-space:nowrap;display:inline;">&#8220;Sub-Advisor&#8221;</div> and, together with the Advisor, the &#8220;Advisors&#8221;). The Advisor, and not the Fund, pays an annual <div style="white-space:nowrap;display:inline;">sub-advisory</div> fee to the <div style="white-space:nowrap;display:inline;">Sub-Advisor.</div> For that portion of the Fund for which the <div style="white-space:nowrap;display:inline;">Sub-Advisor</div> acts as <div style="white-space:nowrap;display:inline;">sub-advisor,</div> the Advisor pays to the <div style="white-space:nowrap;display:inline;">Sub-Advisor</div> an annual <div style="white-space:nowrap;display:inline;">sub-advisory</div> fee equal to a percentage of the management fee received by the Advisor from the Fund with respect to the average daily value of the Managed Assets of the Fund allocated to the <div style="white-space:nowrap;display:inline;">Sub-Advisor.</div> </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">The Offering </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">[The provisions of the Investment Company Act generally require that the public offering price of common shares (less any underwriting commissions and discounts) must equal or exceed the net asset value per share of a company&#8217;s common shares (calculated within 48 hours of pricing). </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Sales of our common shares, if any, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &#8220;at the market&#8221; as defined in Rule 415 under the Securities Act, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange.] </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Use of Proceeds </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">We currently anticipate that we will be able to invest all of the net proceeds of any sales of common shares pursuant to this Prospectus Supplement in accordance with our investment objectives and policies as described in the accompanying Prospectus under &#8220;The Fund&#8217;s Investments&#8221; within approximately three months of the receipt of such proceeds. Pending such investment, it is anticipated that the proceeds will be invested in short-term, <div style="white-space:nowrap;display:inline;">tax-exempt</div> or taxable investment grade securities or in high quality, short-term money market instruments. Depending on market conditions and operations, a portion of the cash held by the Fund, including any proceeds raised from the offering, may be used to pay distributions in accordance with the Fund&#8217;s distribution policy and may be a return of capital. </div> <div id="tx320889_203" style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SUMMARY OF FUND EXPENSES </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table and example are intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in our common shares. </div> </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-5 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">Shareholder Transaction Expenses</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales load paid by you (as a percentage of offering price)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(1)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#9679;]%</td>
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Offering expenses borne by the Fund (as a percentage of offering price)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(1) </div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#9679;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend reinvestment plan fees</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;<br/> <div style="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"></div></td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">$[&#8226;]&#160;per&#160;share&#160;for&#160;open-market</div><br/><br/> <div style="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman;text-align:right">purchases&#160;of&#160;common&#160;shares<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(2)</div></div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;<br/> <div style="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&#160;</div></td></tr>
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend reinvestment plan sale transaction fee</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">$[&#9679;]<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(2)</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><div style="font-weight:bold;display:inline;">Estimated Annual Expenses</div> (as a percentage of net assets attributable to common shares)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(3)(4)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#9679;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(5),(6)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#9679;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Other Expenses</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#9679;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest Expense<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(7)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#9679;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Annual Fund Operating Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(6)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#9679;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fee Waivers and/or Expense Reimbursements<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(4)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">&#8212;&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(4)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#9679;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr> </table> </div><div style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</div>
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<td style="width:4%;vertical-align:top;text-align:left;">(1)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Fund shareholders will pay all offering expenses involved with this offering. </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(2)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Computershare Trust Company, N.A.&#8217;s (the &#8220;Reinvestment Plan Agent&#8221;) fees for the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(3)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.55% based on an aggregate of (i)&#160;the Fund&#8217;s average daily Net Assets and (ii)&#160;the proceeds of any outstanding debt securities or borrowings used for leverage (together, &#8220;average daily Managed Assets&#8221;).&#160;&#8221;Net Assets&#8221; means the total assets of the Fund minus the sum of the accrued liabilities.&#160;The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund&#8217;s net asset value.&#160;The Fund uses leverage in the form of a credit facility, which as of [&#8226;], 2022 amounted to approximately [&#8226;]% of the Fund&#8217;s Managed Assets (approximately [&#8226;]% of the Fund&#8217;s net assets).&#160;&#8220;Managed Assets&#8221; means the total assets of the Fund minus the sum of the Fund&#8217;s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund&#8217;s net assets attributable to common&#160;stock are the Fund&#8217;s Managed Assets minus the value of the Fund&#8217;s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Fund&#8217;s use of leverage in the form of higher fees as a percentage of the Fund&#8217;s net assets attributable to common&#160;stock than if the Fund did not use leverage. </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(4)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund and the Advisor have entered into a fee waiver agreement (the &#8220;Fee Waiver Agreement&#8221;), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#8217;s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Advisor or its affiliates that have a contractual management fee, through June&#160;30, 2024. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June&#160;30, 2024. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Directors who are not &#8220;interested persons&#8221; (as defined in the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), of the Fund (the &#8220;Independent Directors&#8221;)) or a majority of the outstanding voting securities of the Fund), upon 90 days&#8217; written notice by the Fund to the Advisor. </div></td></tr></table><div>
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<td style="width:4%;vertical-align:top;text-align:left;">(5)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Other Expenses have been restated to reflect current fees. </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(6)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund&#8217;s most recent annual report, which do not include the restatement of Miscellaneous Other Expenses and Interest Expense to reflect current fees. </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(7)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Reflects leverage, in the form of a credit facility, in an amount equal to approximately [&#8226;]% of the Fund&#8217;s Managed Assets as of [&#8226;], 2022. The interest expense borne by the Fund will vary over time in accordance with the level of the Fund&#8217;s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Fund for accounting purposes. </div></td></tr></table> </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Example </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The following example illustrates the expenses (including the sales load of $[&#8226;] and offering costs of $[&#8226;]) that you would pay on a $1,000 investment in common shares, assuming (i)&#160;total net annual expenses of [&#8226;]% of net assets attributable to common shares and (ii)&#160;a 5% annual return: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total expenses incurred</div></td>
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<td style="vertical-align:bottom;text-align:right;">[&#8226;]</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">[&#8226;]</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr> </table><div style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:justify">The example should not be considered a representation of future expenses. The example assumes that the estimated &#8220;Other expenses&#8221; set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at net asset value. Actual expenses may be greater or less than those assumed. 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We currently anticipate that we will be able to invest all of the net proceeds in accordance with our investment objectives and policies within approximately three months of the receipt of such proceeds. Pending such investment, it is anticipated that the proceeds will be invested in short-term, <div style="white-space:nowrap;display:inline;">tax-exempt</div> or taxable investment grade securities or in high quality, short-term money market instruments. Depending on market conditions and operations, a portion of the cash held by the Fund, including any proceeds raised from the offering, may be used to pay distributions in accordance with the Fund&#8217;s distribution policy and may be a return of capital. A return of capital is a return to investors of a portion of their original investment in the Fund. In general terms, a return of capital would involve a situation in which a Fund distribution (or a portion thereof) represents a return of a portion of a shareholder&#8217;s investment in the Fund, rather than making a distribution that is funded from the Fund&#8217;s earned income or other profits. Although return of capital distributions may not be currently taxable, such distributions would decrease the basis of a shareholder&#8217;s shares, and therefore, may increase a shareholder&#8217;s tax liability for capital gains upon a sale of shares, even if sold at a loss to the shareholder&#8217;s original investments. </div><div id="tx320889_205" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">CAPITALIZATION </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table sets forth the unaudited capitalization of the Fund as of [&#8226;], 2022 and its adjusted capitalization assuming the common shares available in the offering discussed in this Prospectus Supplement had been issued. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[To be provided.] </div><div id="tx320889_206" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">PLAN OF DISTRIBUTION </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[To be provided.] </div><div id="tx320889_207" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">LEGAL MATTERS </div><div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain legal matters in connection with the common shares will be passed upon for the Fund by Willkie Farr&#160;&amp; Gallagher LLP, New York, New York, counsel to the Fund. Willkie Farr&#160;&amp; Gallagher LLP may rely as to certain matters of Maryland law on the opinion of Miles&#160;&amp; Stockbridge P.C., Baltimore, Maryland. [Certain legal matters will be passed on by [&#8226;] as special counsel to the Underwriters in connection with the offering.] </div> </div><div id="tx320889_208" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">ADDITIONAL INFORMATION </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">This Prospectus Supplement and the accompanying Prospectus constitute part of a Registration Statement filed by the Fund with the SEC under the Securities Act and the Investment Company Act. This Prospectus Supplement and the accompanying Prospectus omit certain of the information contained in the Registration Statement, and reference is hereby made to the Registration Statement and related exhibits for further information with respect to the Fund and the common shares offered hereby. Any statements contained herein concerning the provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by such reference. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations or free of charge through the SEC&#8217;s website (http://www.sec.gov). </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-7 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold;text-align:center">BLACKROCK DEBT STRATEGIES FUND, INC. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman;font-weight:bold;text-align:center">[&#8226;] Shares of Common Stock </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div style="text-align:center"> <div style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman;font-weight:bold;text-align:center">PROSPECTUS SUPPLEMENT </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">[&#8226;], 2022 </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div style="text-align:center"> <div style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</div></div><div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Until [&#160;&#160;&#160;&#160;], 2023 (25 days after the date of this Prospectus Supplement), all dealers that buy, sell or trade the common shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers&#8217; obligation to deliver a prospectus when acting as underwriters. </div> </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="color:#cc062a;display:inline;">The information in this Prospectus Supplement is not complete and may be changed. BlackRock Debt Strategies Fund, Inc. may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus Supplement is not an offer to sell these securities and is not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><div style="color:#cc062a;display:inline;"><div style="font-weight:bold;display:inline;">SUBJECT TO COMPLETION, DATED [&#8226;], 2022 </div></div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:right">Filed Pursuant to Rule 424 </div><div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:right">Registration Statement <div style="white-space:nowrap;display:inline;">No.&#160;333-267429</div> </div> </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PROSPECTUS SUPPLEMENT </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(To Prospectus dated [&#8226;], 2022) </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold;text-align:center">BLACKROCK DEBT STRATEGIES FUND, INC. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">[&#8226;] Rights for [&#8226;] Shares of Common Stock </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">Issuable Upon the Exercise of </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">Transferable Subscription Rights to Acquire Shares of Common Stock </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div style="text-align:center"> <div style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">BlackRock Debt Strategies Fund, Inc. (the &#8220;Fund,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;) is issuing transferrable subscription rights (the &#8220;Rights&#8221;) to our common shareholders (the &#8220;Common Shareholders&#8221;) to subscribe for an aggregate of [&#8226;] shares of common stock (each, a &#8220;Common Share&#8221; and collectively, the &#8220;Common Shares&#8221;). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is a diversified, <div style="white-space:nowrap;display:inline;">closed-end</div> management investment company registered under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;). The Fund&#8217;s primary investment objective is to seek to provide current income by investing primarily in a diversified portfolio of U.S. companies&#8217; debt instruments, including senior and subordinated corporate loans, both secured and unsecured (&#8220;Corporate Loans&#8221;), which are rated in the lower rating categories of the established rating services (Baa or lower by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB or lower by Standard&#160;&amp; Poor&#8217;s Ratings Services (&#8220;Standard&#160;&amp; Poor&#8217;s&#8221; or &#8220;S&amp;P&#8221;)) or unrated debt instruments which are in the judgment of the Fund&#8217;s investment advisor, BlackRock Advisors, LLC (the &#8220;Advisor&#8221;), to be of equivalent quality. Debt securities rated below investment grade commonly are referred to as &#8220;junk bonds.&#8221; As a secondary objective, the Fund will seek to provide capital appreciation. BlackRock International Limited serves as <div style="white-space:nowrap;display:inline;">sub-advisor</div> to the Fund (the <div style="white-space:nowrap;display:inline;">&#8220;Sub-Advisor&#8221;).</div> </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Common Shares are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;DSU.&#8221; Common Shareholders of record on [&#8226;], 2022 (the &#8220;Record Date&#8221;) will receive [&#8226;] Right for each Common Share held. These Rights are transferable and will allow the holders thereof to purchase additional Common Shares. The Rights will be listed for trading on the [&#8226;] under the symbol &#8220;[&#8226;]&#8221; during the course of the Rights offering. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Rights entitle their holders to purchase [&#8226;] new Common Share for every [&#8226;] Rights held. Any Common Shareholder who owns fewer than [&#8226;] Common Shares as of the close of business on the Record Date may subscribe for [&#8226;] full Common Share. Common Shareholders as of the close of business on the Record Date who fully exercise all Rights initially issued to them (other than those Rights that cannot be exercised because they represent the right to acquire less than one Common Share) will be entitled to subscribe for additional Common Shares that remain unsubscribed as a result of any unexercised Rights. This over-subscription privilege is subject to a number of limitations and subject to allotment. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The subscription price per Common Share (the &#8220;Subscription Price&#8221;) will be determined based upon a formula equal to [&#8226;]% of the average of the last reported sales price of a Common Share on the NYSE on the date on which the </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-1 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"> Rights offering expires, as such date may be extended from time to time, and each of the [&#8226; (&#8226;)]&#160;preceding trading days (the &#8220;Formula Price&#8221;). If, however, the Formula Price is less than [&#8226;]% of the net asset value (&#8220;NAV&#8221;) per Common Share at the close of trading on the NYSE on the Expiration Date (as defined below), then the Subscription Price will be [&#8226;]% of the Fund&#8217;s NAV per Common Share at the close of trading on the NYSE on the Expiration Date. All offering expenses, including sales commissions, will be borne by the Advisor, and not the Fund or any Common Shareholders. The Rights offering will expire at 5:00 p.m., Eastern time, on [&#8226;], 2022, unless extended as described in this Prospectus Supplement (the &#8220;Expiration Date&#8221;). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">On [&#8226;], 2022 (the last trading date prior to the Common Shares trading <div style="white-space:nowrap;display:inline;">ex-Rights),</div> the last reported net asset value per share of the Common Shares was $[&#8226;] and the last reported sales price per share of Common Shares on the NYSE was $[&#8226;], representing a [premium] to net asset value of [&#8226;]%. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">This Prospectus Supplement, together with the accompanying Prospectus, sets forth concisely the information about the Fund that a prospective investor should know before investing. You should read this Prospectus Supplement and the accompanying Prospectus, which contain important information, before deciding whether to invest in the Common Shares. You should retain the accompanying Prospectus and this Prospectus Supplement for future reference. A Statement of Additional Information (&#8220;SAI&#8221;), dated [&#8226;], 2022, containing additional information about the Fund, has been filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) and, as amended from time to time, is incorporated by reference in its entirety into this Prospectus Supplement and the accompanying Prospectus. This Prospectus Supplement, the accompanying Prospectus and the SAI are part of a &#8220;shelf&#8221; registration statement filed with the SEC. This Prospectus Supplement describes the specific details regarding this offering, including the method of distribution. If information in this Prospectus Supplement is inconsistent with the accompanying Prospectus or the SAI, you should rely on this Prospectus Supplement. You may call (800) <div style="white-space:nowrap;display:inline;">882-0052,</div> visit the Fund&#8217;s website (<div style="text-decoration:underline;display:inline;">http://www.blackrock.com</div>) or write to the Fund to obtain, free of charge, copies of the SAI and the Fund&#8217;s semi-annual and annual reports, as well as to obtain other information about the Fund or to make shareholder inquiries. The SAI, as well as the Fund&#8217;s semi-annual and annual reports, are also available for free on the SEC&#8217;s website (http://www.sec.gov). You may also <div style="white-space:nowrap;display:inline;">e-mail</div> requests for these documents to publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&#8217;s website is not part of this Prospectus Supplement or the accompanying Prospectus. Common Shareholders please call toll-free at [&#8226;] (banks and brokers please call [&#8226;]) or please send written requests to [&#8226;]. </div><div style="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:justify">Investing in Common Shares through Rights involves certain risks that are described in the &#8220;Special Characteristics and Risks of the Rights Offering&#8221; section of this Prospectus Supplement. </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:justify">SHAREHOLDERS WHO DO NOT FULLY EXERCISE THEIR RIGHTS MAY, AT THE COMPLETION OF THE RIGHTS OFFERING, OWN A SMALLER PROPORTIONAL INTEREST IN THE FUND THAN IF THEY EXERCISED THEIR RIGHTS. AS A RESULT OF THE RIGHTS OFFERING YOU MAY EXPERIENCE SUBSTANTIAL DILUTION OF THE AGGREGATE NET ASSET VALUE OF YOUR COMMON SHARES DEPENDING UPON WHETHER THE FUND&#8217;S NET ASSET VALUE PER COMMON SHARE IS ABOVE OR BELOW THE SUBSCRIPTION PRICE ON THE EXPIRATION DATE. RIGHTS EXERCISED BY A SHAREHOLDER ARE IRREVOCABLE. </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:justify">THE FUND HAS DECLARED MONTHLY DISTRIBUTIONS PAYABLE ON [&#8226;], 2022 WITH A RECORD DATE OF [&#8226;], 2022. ANY COMMON SHARES ISSUED AS A RESULT OF THE RIGHTS OFFERING WILL NOT BE RECORD DATE SHARES FOR THE FUND&#8217;s MONTHLY DISTRIBUTION TO BE PAID ON [&#8226;], 2022 AND WILL NOT BE ENTITLED TO RECEIVE SUCH DISTRIBUTION. </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:justify">NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-2 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="width:67%"/>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">Per<br/>Common&#160;Share</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">Total<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(1)</div></div></td>
<td style="vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Estimated subscription price of Common Shares to shareholders exercising Rights<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(2)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">[</td>
<td style="white-space:nowrap;vertical-align:bottom">&#8226;]</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">[</td>
<td style="white-space:nowrap;vertical-align:bottom">&#8226;]&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Underwriting discounts and commissions</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">[</td>
<td style="white-space:nowrap;vertical-align:bottom">&#8226;]</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">[</td>
<td style="white-space:nowrap;vertical-align:bottom">&#8226;]&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Estimated proceeds, before expenses, to the Fund<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(3) (4)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">[</td>
<td style="white-space:nowrap;vertical-align:bottom">&#8226;]</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">[</td>
<td style="white-space:nowrap;vertical-align:bottom">&#8226;]&#160;</td></tr> </table><div style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left;">(1)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Assumes that all Rights are exercised at the estimated Subscription Price (as described below). All of the Rights may not be exercised, and the estimated Subscription Price may be higher or lower than the actual Subscription Price. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
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<td style="width:4%;vertical-align:top;text-align:left;">(2)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The estimated Subscription Price to the public is based upon [&#8226;]% of the last reported sales price of the Fund&#8217;s Common Shares on the NYSE on [&#8226;], 2022 and each of the [&#8226; (&#8226;)]&#160;preceding trading days. See &#8220;Terms of the Rights Offering&#8212;Subscription Price.&#8221; </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(3)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Before deduction of expenses related to the Rights offering, which are estimated approximately at $[&#8226;]. Any offering expenses are paid indirectly by shareholders. Such fees and expenses will immediately reduce the net asset value per share of each Common Share purchased by an investor in the Rights offering. The indirect expenses of the offering that shareholders will pay are estimated to be $[&#8226;] in the aggregate and $[&#8226;] per share. The amount of proceeds to the Fund net of any fees and expenses of the offering are estimated to be $[&#8226;] in the aggregate and $[&#8226;] per share. Shareholders will not directly bear any offering expenses. </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(4)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Funds received by check prior to the final due date of the Rights offering will be deposited into a segregated account pending proration and distribution of Common Shares. The Subscription Agent (as defined in this Prospectus Supplement) may receive investment earnings on the funds deposited into such account. </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Common Shares are expected to be ready for delivery in book-entry form through the [insert depository name] on or about [&#8226;], 2022 [, unless extended. If the offering is extended, the Common Shares are expected to be ready for delivery in book-entry form through the [&#8226;] on or about [&#8226;], 2022.] </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">You should not construe the contents of this Prospectus Supplement and the accompanying Prospectus as legal, tax or financial advice. You should consult with your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:justify">The Fund&#8217;s Common Shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">The date of this Prospectus Supplement is [&#8226;], 2022. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-3 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:justify">You should rely only on the information contained or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus. The Fund has not authorized anyone to provide you with different information. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this Prospectus Supplement and the accompanying Prospectus is accurate as of any date other than the date of this Prospectus Supplement and the accompanying Prospectus, respectively. This Prospectus Supplement will be amended to reflect material changes to the information contained herein and will be delivered to shareholders. Our business, financial condition, results of operations and prospects may have changed since those dates. In this Prospectus Supplement and in the accompanying Prospectus, unless otherwise indicated, &#8220;Fund,&#8221; &#8220;us,&#8221; &#8220;our&#8221; and &#8220;we&#8221; refer to BlackRock Debt Strategies Fund, Inc., a Maryland corporation. </div><div style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">TABLE OF CONTENTS </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Prospectus Supplement </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:94%"/>
<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">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">Page</div></td>
<td style="vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx2320889_236">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS </a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">R-5</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx2320889_237">SUMMARY OF THE TERMS OF THE RIGHTS OFFERING </a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">R-5</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx2320889_238">DESCRIPTION OF THE RIGHTS OFFERING </a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">R-9</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx2320889_239">SUMMARY OF FUND EXPENSES </a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">R-18</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx2320889_240">USE OF PROCEEDS </a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">R-19</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx2320889_241">CAPITALIZATION </a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">R-19</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx2320889_242">SPECIAL CHARACTERISTICS AND RISKS OF THE RIGHTS OFFERING </a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">R-20</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx2320889_243">TAXATION </a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">R-22</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx2320889_244">PLAN OF DISTRIBUTION </a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">R-23</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx2320889_245">LEGAL MATTERS </a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">R-25</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx2320889_246">FINANCIAL STATEMENTS </a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">R-25</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#tx2320889_247">ADDITIONAL INFORMATION </a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">R-25</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr> </table> </div></div><div></div></div> <div><div><div style="background-color:white;display: inline;"><div style="margin-top: 24pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: center;"><div style="font-weight:bold;display:inline;">Prospectus </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr style="font-size: 0px;">
<td style="width:95%">&#160;</td>
<td style="vertical-align:bottom;width:2%">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</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;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Page</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_51">PROSPECTUS SUMMARY</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">1</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_52">SUMMARY OF FUND EXPENSES</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">5</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_53">FINANCIAL HIGHLIGHTS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">7</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_54">USE OF PROCEEDS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">10</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_55">THE FUND</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">10</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_56">DESCRIPTION OF CAPITAL STOCK</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">10</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_57">THE FUND&#8217;S INVESTMENTS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">12</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_58">LEVERAGE</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">48</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_59">RISKS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">52</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_60">HOW THE FUND MANAGES RISK</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">81</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_61">MANAGEMENT OF THE FUND</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">82</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_62">NET ASSET VALUE</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">84</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_63">DISTRIBUTIONS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">87</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_64">DIVIDEND REINVESTMENT PLAN</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">88</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_65">RIGHTS OFFERINGS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">88</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_66">TAX MATTERS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">89</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_67">TAXATION OF HOLDERS OF RIGHTS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">95</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_68">CERTAIN PROVISIONS OF THE CHARTER AND BYLAWS</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">96</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_69"><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">CLOSED-END</span> FUND STRUCTURE</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">98</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_70">REPURCHASE OF COMMON SHARES</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">98</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_71">PLAN OF DISTRIBUTION</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">99</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_72">INCORPORATION BY REFERENCE</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">100</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><a href="#toc320889_73">PRIVACY PRINCIPLES OF THE FUND</a></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">101</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr></table> </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-4 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div id="prosupp2320889_236" style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: center;"><div style="font-weight:bold;display:inline;">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">This Prospectus Supplement, the accompanying Prospectus and the SAI contain &#8220;forward-looking statements.&#8221; Forward-looking statements can be identified by the words &#8220;may,&#8221; &#8220;will,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; and similar terms and the negative of such terms. Such forward-looking statements may be contained in this Prospectus Supplement as well as in the accompanying Prospectus and in the SAI. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities we hold, the price at which our shares will trade in the public markets and other factors discussed in our periodic filings with the SEC. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Although we believe that the expectations expressed in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in the &#8220;Risks&#8221; section of the accompanying Prospectus and &#8220;Special Characteristics and Risks of the Rights Offering&#8221; in this Prospectus Supplement. All forward-looking statements contained or incorporated by reference in this Prospectus Supplement or the accompanying Prospectus, or in the SAI, are made as of the date of this Prospectus Supplement or the accompanying Prospectus or SAI, as the case may be. Except for our ongoing obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update any forward-looking statement. The forward-looking statements contained in this Prospectus Supplement, the accompanying Prospectus and the SAI are excluded from the safe harbor protection provided by Section&#160;27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Currently known risk factors that could cause actual results to differ materially from our expectations include, but are not limited to, the factors described in the &#8220;Risks&#8221; section of the accompanying Prospectus as well as in the &#8220;Special Characteristics and Risks of the Rights Offering&#8221; section of this Prospectus Supplement. We urge you to review carefully those sections for a more detailed discussion of the risks of an investment in the Common Shares. </div><div id="prosupp2320889_237" style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: center;"><div style="font-weight:bold;display:inline;">SUMMARY OF THE TERMS OF THE RIGHTS OFFERING </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr style="font-size: 0px;">
<td style="width:50%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="width:49%">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Purpose of the Rights Offering</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">[To come.]</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Terms of the Rights Offering</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">[&#9679;] transferable subscription right (a &#8220;Right&#8221;) will be issued for each common share of the Fund (each, a &#8220;Common Share,&#8221; and collectively, the &#8220;Common Shares&#8221;) held on the Record Date (as defined below). Rights are expected to trade on the [&#9679;] under the symbol &#8220;[&#9679;].&#8221; The Rights will allow Common Shareholders to subscribe for new Common Shares of the Fund. [&#9679;] Common Shares of the Fund are outstanding as of [&#9679;], 2022. [&#9679;] Rights will be required to purchase one Common Share. Shares of the Fund, as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> fund, can trade at a discount to net asset value (&#8220;NAV&#8221;). Upon exercise of the Rights offering, Fund shares are expected to be issued at a price below NAV per Common Share. [An over-subscription privilege will be offered, [subject to the right of the Board of Directors of the Fund (the &#8220;Board&#8221;) to eliminate the over-subscription privilege.] [&#9679;] Common Shares of the Fund will be issued if all Rights are exercised. See &#8220;Terms of the Rights Offering.&#8221;</div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; line-height: normal;">&#160;</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">The Fund has declared monthly distributions payable on [&#9679;], 2022 with a record date of [&#9679;], 2022. Any Common Shares issued as a result of the Rights offering will not be record date shares for the Fund&#8217;s monthly distribution to be paid on [&#9679;], 2022 and will not be entitled to receive such distribution.</div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; line-height: normal;">&#160;</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">The exercise of Rights by a Rights holder is irrevocable.</div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-5 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr style="font-size: 0px;">
<td style="width:50%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="width:49%">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Title</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Subscription Rights to Acquire Shares of Common Stock</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Subscription Price</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">The final subscription price per Common Share (the &#8220;Subscription Price&#8221;) will be determined based upon a formula equal to [&#9679;]% of the average of the last reported sales price of the Fund&#8217;s Common Shares on the New York Stock Exchange (&#8220;NYSE &#8220;) on the Expiration Date (as defined below) and each of the [&#9679;] preceding trading days (the &#8220;Formula Price&#8221;). If, however, the Formula Price is less than [&#9679;]% of the NAV per Common Share of the Fund&#8217;s Common Shares at the close of trading on the NYSE on the Expiration Date, then the Subscription Price will be [&#9679;]% of the Fund&#8217;s NAV per Common Share at the close of trading on the NYSE on that day. See &#8220;Terms of the Rights Offering.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Record Date</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Rights will be issued to Common Shareholders of record as of the close of business on [&#9679;], 2022 (the &#8220;Record Date&#8221;). See &#8220;Terms of the Rights Offering.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Number of Rights Issued</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">[&#9679;] Right will be issued in respect of each Common Share of the Fund outstanding as of the close of business on the Record Date. See &#8220;Terms of the Rights Offering.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Number of Rights Required to Purchase One Common Share</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">A holder of Rights may purchase [&#9679;] Common Share of the Fund for every [&#9679;] Rights exercised. The number of Rights to be issued to a shareholder as of the close of business on the Record Date will be rounded up to the nearest number of Rights evenly divisible by [&#9679;]. See &#8220;Terms of the Rights Offering.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Over-Subscription Privilege</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Common Shareholders as of the close of business on the Record Date (&#8220;Record Date Shareholders&#8221;) who fully exercise all Rights initially issued to them (other than those Rights that cannot be exercised because they represent the right to acquire less than one Common Share) generally are entitled, subject to the limitations described herein, to buy those Common Shares, referred to as &#8220;primary over-subscription shares,&#8221; that were not purchased by other Rights holders at the same Subscription Price. If enough primary over-subscription shares are available, all such requests will be honored in full. If the requests for primary over-subscription shares exceed the primary over-subscription shares available, the available primary over-subscription shares will be allocated pro rata among those fully exercising Record Date Shareholders who over-subscribe based on the number of Rights originally issued to them by the Fund. Common Shares acquired pursuant to the primary over-subscription privilege are subject to allotment. <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Holders of</div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Rights acquired in the secondary market may not participate in the primary over-subscription privilege.</div></div></div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-6 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr style="font-size: 0px;">
<td style="width:50%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="width:49%">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">[In addition, the Fund, in its sole discretion, may determine to issue additional Common Shares at the same Subscription Price in an amount of up to [&#9679;]% of the shares issued pursuant to the primary subscription, referred to as &#8220;secondary over-subscription shares.&#8221; Should the Fund determine to issue some or all of the secondary over-subscription shares, they will be allocated only among Record Date Shareholders who submitted over-subscription requests. Secondary over-subscription shares will be allocated pro rata among those fully exercising Record Date Shareholders who over-subscribe based on the number of Rights originally issued to them by the Fund. <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Rights acquired in the secondary market may not participate in the secondary over-subscription privilege.</div></div>]</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Notwithstanding the above, the Board has the right in its absolute discretion to eliminate the primary over-subscription privilege and/or secondary over-subscription privilege (together, the &#8220;over-subscription privilege&#8221;) if it considers it to be in the best interest of the Fund to do so. The Board may make that determination at any time, without prior notice to Rights holders or others, up to and including the fifth day following the Expiration Date (as defined below). See &#8220;Over-Subscription Privilege.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Any Common Shares issued pursuant to the over-subscription privilege will be shares registered under the Prospectus.</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Transfer of Rights</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">The Rights will be transferable. See &#8220;Terms of the Rights Offering,&#8221; &#8220;Sale of Rights&#8221; and &#8220;Method of Transferring Rights.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Subscription Period</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">The Rights may be exercised at any time after issuance and prior to expiration of the Rights (the &#8220;Subscription Period&#8221;), which will be [5:00 PM Eastern Time] on [&#9679;], 2022 (the &#8220;Expiration Date&#8221;), unless otherwise extended. See &#8220;Terms of the Rights Offering&#8221; and &#8220;Method of Exercise of Rights.&#8221; The Rights offering may be terminated [or extended] by the Fund at any time for any reason before the Expiration Date. If the Fund terminates the Rights offering, the Fund will issue a press release announcing such termination and will direct the Subscription Agent (defined below) to return, without interest, all subscription proceeds received to such shareholders who had elected to purchase Common Shares.</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Distribution Arrangements</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">[&#9679;]</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Offering Expenses</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">The expenses of the Rights offering are expected to be approximately $[&#9679;] and will be borne by holders of the Fund&#8217;s Common Shares. See &#8220;Use of Proceeds.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Sale of Rights</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">The Rights are transferable until the completion of the Subscription Period and will be admitted for trading on the [&#9679;] under the symbol &#8220;[&#9679;]&#8221;. Although no assurance can be given that a market for the Rights will develop, trading in the Rights on the [&#9679;] is expected to begin two Business Days prior to the Record Date and may be conducted until the close of trading on the last [&#9679;] trading day prior to the Expiration Date. For purposes of this Prospectus Supplement, a &#8220;Business Day&#8221; shall mean any day on which trading is conducted on the [&#9679;].</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">The value of the Rights, if any, will be reflected by their market price on the [&#9679;]. Rights may be sold by individual holders through their broker or financial advisor or may be submitted to the Subscription Agent (defined below) for sale. Any Rights submitted to the Subscription Agent for sale must be received by the Subscription Agent prior to [5:00 PM, Eastern Time], on or before [&#9679;], 2022, [&#9679;] Business Days prior to the Expiration Date (or, if the Subscription Period is extended, prior to [5:00 PM, Eastern Time], on the [&#9679;] Business Day prior to the extended Expiration Date).</div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-7 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr style="font-size: 0px;">
<td style="width:50%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="width:49%">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Rights that are sold will not confer any right to acquire any Common Shares in any over-subscription, and any Record Date Shareholder who sells any Rights will not be eligible to participate in the over-subscription privilege, if any.</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Trading of the Rights on the [&#9679;] will be conducted on a when-issued basis until and including the date on which the Subscription Certificates (as defined below) are mailed to Record Date Shareholders of record and thereafter will be conducted on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">regular-way</div> basis until and including the last [&#9679;] trading day prior to the completion of the Subscription Period. The shares are expected to begin trading <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">ex-Rights</div> one Business Day prior to the Record Date.</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">If the Subscription Agent receives Rights for sale in a timely manner, the Subscription Agent will use its best efforts to sell the Rights on the [&#9679;]. The Subscription Agent will also attempt to sell any Rights attributable to shareholders of record whose addresses are outside the United States, or who have an APO or FPO address. See &#8220;Foreign Restrictions.&#8221; The Subscription Agent will attempt to sell such Rights, including by first offering such Rights to the Dealer Manager (defined below) for purchase by the Dealer Manager at the then-current market price on the [&#9679;]. The Subscription Agent will offer Rights to the Dealer Manager before attempting to sell them on the [&#9679;].</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Any commissions will be paid by the selling Rights holders. Neither the Fund nor the Subscription Agent will be responsible if Rights cannot be sold and neither has guaranteed any minimum sales price for the Rights. If the Rights can be sold, sales of these Rights will be deemed to have been effected at the weighted average price received by the Subscription Agent on the day such Rights are sold, less any applicable brokerage commissions, taxes and other expenses (<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">i.e.</div></div>, costs incidental to the sale of Rights).</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">For a discussion of actions that may be taken by [&#9679;] (the &#8220;Dealer Manager&#8221;) to seek to facilitate the trading market for Rights and the placement of Common Shares pursuant to the exercise of Rights, including the purchase of Rights and the sale during the Subscription Period by the Dealer Manager of Common Shares acquired through the exercise of Rights and the terms on which such sales will be made, see &#8220;Plan of Distribution.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Shareholders are urged to obtain a recent trading price for the Rights on the [&#9679;] from their broker, bank, financial advisor or the financial press.</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Banks, broker-dealers and trust companies that hold shares for the accounts of others are advised to notify those persons that purchase Rights in the secondary market that such Rights will not participate in any over-subscription privilege. See &#8220;Terms of the Rights Offering.&#8221;</div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-8 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr style="font-size: 0px;">
<td style="width:50%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="width:49%">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Use of Proceeds</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">The Fund estimates the net proceeds of the Rights offering to be approximately $[&#9679;]. This figure is based on the Subscription Price per Common Share of $[&#9679;] ([&#9679;]% of the last reported sales price of the Fund&#8217;s Common Shares on the NYSE on [&#9679;], 2022 and each of the [&#8226; (&#8226;)] preceding trading days) and assumes all new Common Shares offered are sold and that the expenses related to the Rights offering estimated at approximately $[&#9679;] are paid.</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">The Advisors anticipate that investment of the proceeds will be made in accordance with the Fund&#8217;s investment objectives and policies as appropriate investment opportunities are identified, which is expected to be substantially completed in approximately [three] months; however, the identification of appropriate investment opportunities pursuant to the Fund&#8217;s investment style or changes in market conditions may cause the investment period to extend as long as [six] months. Pending such investment, the proceeds will be held in [short-term, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> or taxable investment grade securities or in high quality, short-term money market instruments].</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Depending on market conditions and operations, a portion of the cash held by the Fund, including any proceeds raised from the offering, may be used to pay distributions in accordance with the Fund&#8217;s distribution policy and may be a return of capital. A return of capital is a return to investors of a portion of their original investment in the Fund. In general terms, a return of capital would involve a situation in which a Fund distribution (or a portion thereof) represents a return of a portion of a shareholder&#8217;s investment in the Fund, rather than making a distribution that is funded from the Fund&#8217;s earned income or other profits. Although return of capital distributions may not be currently taxable, such distributions would decrease the basis of a shareholder&#8217;s shares, and therefore, may increase a shareholder&#8217;s tax liability for capital gains upon a sale of shares, even if sold at a loss to the shareholder&#8217;s original investments. See &#8220;Use of Proceeds.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Taxation/ERISA</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">See &#8220;Taxation&#8221; and &#8220;Employee Benefit Plan and IRA Considerations.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Subscription Agent</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">[&#9679;]. See &#8220;Subscription Agent.&#8221;</div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-weight:bold;display:inline;">Information Agent</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">[&#9679;]. See &#8220;Information Agent.&#8221;</div></td></tr></table><div id="prosupp2320889_238" style="margin-top: 24pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: center;"><div style="font-weight:bold;display:inline;">DESCRIPTION OF THE RIGHTS OFFERING </div></div><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Terms of the Rights Offering </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is issuing to Record Date Shareholders Rights to subscribe for Common Shares of the Fund. Each Record Date Shareholder is being issued one transferable Right for each Common Share owned on the Record Date. The Rights entitle the holder to acquire, at a subscription price per Common Share (the &#8220;Subscription Price&#8221;) determined based upon a formula equal to [&#9679;]% of the average of the last reported sales price of the Fund&#8217;s Common Shares on the NYSE on the Expiration Date (as defined below) and each of the [&#9679;] preceding trading days (the &#8220;Formula Price&#8221;), [&#9679;] new Common Shares for each [&#9679;] Rights held. If, however, the Formula Price is less than [&#9679;]% of the NAV per share of the Fund&#8217;s Common Shares at the close of trading on the NYSE on the Expiration Date, then the Subscription Price will be [&#9679;]% of the Fund&#8217;s NAV per Common Share at the close of trading on the NYSE on that day. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The estimated Subscription Price to the public of $[&#9679;] is based upon [&#9679;]% of the last reported sales price of the Fund&#8217;s Common Shares on the NYSE on [&#9679;], 2022. Fractional shares will not be issued upon the exercise of the Rights. Accordingly, Common Shares may be purchased only pursuant to the exercise of Rights in integral multiples of [&#9679;]. The number of Rights to be issued to a Record Date Shareholder will be rounded up to the nearest number of Rights evenly divisible by [&#9679;]. In the case of Common Shares held of record by Cede&#160;&amp; Co. (&#8220;Cede&#8221;), as nominee for the Depository Trust Company (&#8220;DTC&#8221;), or any other depository or nominee, the number of Rights </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-9 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">issued to Cede or such other depository or nominee will be adjusted to permit rounding up (to the nearest number of Rights evenly divisible by [&#9679;]) of the Rights to be received by beneficial owners for whom it is the holder of record only if [insert nominee name] or such other depository or nominee provides to the Fund on or before the close of business on [&#9679;], 2022 written representation of the number of Rights required for such rounding. Rights may be exercised at any time during the period (the &#8220;Subscription Period&#8221;) which commences on [&#9679;], 2022, and ends at [5:00 PM Eastern Time] on [&#9679;], 2022 (the &#8220;Expiration Date&#8221;), unless otherwise extended. Shares of the Fund, as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> fund, can trade at a discount to NAV. Upon exercise of the Rights offering, Fund shares may be issued at a price below NAV per Common Share. The right to acquire one Common Share for each [&#9679;] Rights held during the Subscription Period (or any extension of the Subscription Period) at the Subscription Price will be referred to in the remainder of this Prospectus Supplement as the &#8220;Rights offering.&#8221; <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Rights will expire on the Expiration Date and thereafter may not be exercised. </div></div> </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund has declared monthly distributions payable on [&#9679;], 2022 with a record date of [&#9679;], 2022. <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: italic; letter-spacing: 0px; top: 0px;;display:inline;">Any Common Shares issued as a result of the Rights offering will not be Record Date shares for the Fund&#8217;s monthly distribution to be paid on </div></div></div>[&#9679;]<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: italic; letter-spacing: 0px; top: 0px;;display:inline;">, 2022 and will not be entitled to receive such distribution.</div></div></div> </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund has entered into a dealer manager agreement with [&#9679;] (the &#8220;Dealer Manager&#8221;) that allows the Dealer Manager to take actions to seek to facilitate the trading market for Rights and the placement of Common Shares pursuant to the exercise of Rights. Those actions are expected to involve the Dealer Manager purchasing and exercising Rights during the Subscription Period at prices determined at the time of such exercise, which are expected to vary from the Subscription Price. See &#8220;Plan of Distribution&#8221; for additional information. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Rights may be evidenced by subscription certificates or may be uncertificated and evidenced by other appropriate documentation (<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">i.e.</div></div>, a rights card distributed to registered shareholders in lieu of a subscription certificate) (&#8220;Subscription Certificates&#8221;). The number of Rights issued to each holder will be stated on the Subscription Certificate delivered to the holder. The method by which Rights may be exercised and Common Shares paid for is set forth below in &#8220;Method of Exercise of Rights,&#8221; &#8220;Payment for Shares&#8221; and &#8220;Plan of Distribution.&#8221; A holder of Rights will have no right to rescind a purchase after [&#9679;] (the &#8220;Subscription Agent&#8221;) has received payment. See &#8220;Payment for Shares&#8221; below. It is anticipated that the Common Shares issued pursuant to an exercise of Rights will be listed on the [&#9679;]. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[Holders of Rights [who are Record Date Shareholders] are entitled to subscribe for additional Common Shares at the same Subscription Price pursuant to the over-subscription privilege, subject to certain limitations, allotment and the right of the Board to eliminate the primary over-subscription privilege [or secondary] over-subscription privilege. See &#8220;Over-Subscription Privilege&#8221; below.] </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For purposes of determining the maximum number of Common Shares that may be acquired pursuant to the Rights offering, broker-dealers, trust companies, banks or others whose shares are held of record by Cede or by any other depository or nominee will be deemed to be the holders of the Rights that are held by Cede or such other depository or nominee on their behalf. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Rights are transferable until the completion of the Subscription Period and will be admitted for trading on the [&#9679;] under the symbol &#8220;[&#9679;].&#8221; Assuming a market exists for the Rights, the Rights may be purchased and sold through usual brokerage channels and also sold through the Subscription Agent. Although no assurance can be given that a market for the Rights will develop, trading in the Rights on the [&#9679;] is expected to begin two Business Days prior to the Record Date and may be conducted until the close of trading on the last [&#9679;] trading day prior to the Expiration Date. Trading of the Rights on the [&#9679;] is expected to be conducted on a when-issued basis until and including the date on which the Subscription Certificates are mailed to Record Date Shareholders of record and thereafter is expected to be conducted on a regular way basis until and including the last [&#9679;] trading day prior to the Expiration Date. The method by which Rights may be transferred is set forth below under &#8220;Method of Transferring Rights.&#8221; The Common Shares are expected to begin trading <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">ex-Rights</div> one Business Day prior to the Record Date as determined and announced by the [&#9679;]. The Rights offering may be terminated or extended by the Fund at any time for any reason before the Expiration Date. If the Fund terminates the Rights offering, the Fund will issue a press release announcing such termination and will direct the Subscription Agent to return, without interest, all subscription proceeds received to such shareholders who had elected to purchase Common Shares. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-10 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Nominees who hold the Fund&#8217;s Common Shares for the account of others, such as banks, broker-dealers, trustees or depositories for securities, should notify the respective beneficial owners of such shares as soon as possible to ascertain such beneficial owners&#8217; intentions and to obtain instructions with respect to the Rights. If the beneficial owner so instructs, the nominee should complete the Subscription Certificate and submit it to the Subscription Agent with proper payment. In addition, beneficial owners of the Common Shares or Rights held through such a nominee should contact the nominee and request the nominee to effect transactions in accordance with such beneficial owner&#8217;s instructions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[Participants in the Fund&#8217;s Dividend Reinvestment Plan (the &#8220;Plan&#8221;) will be issued Rights in respect of the Common Shares held in their accounts in the Plan. Participants wishing to exercise these Rights must exercise the Rights in accordance with the procedures set forth in &#8220;Method of Exercise of Rights&#8221; and &#8220;Payment for Shares.&#8221;] </div><div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Conditions of the Rights Offering </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Rights offering is being made in accordance with the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), without shareholder approval. The staff of the SEC has interpreted the Investment Company Act as not requiring shareholder approval of a transferable rights offering to purchase common shares at a price below the then current NAV so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#8217;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#8217; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii) management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held. </div><div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Important Dates to Remember </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[Please note that the dates in the table below may change if the Rights offering is extended.] </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr style="font-size: 0px;">
<td style="width:51%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="width:48%">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="font-weight:bold;display:inline;">Event</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Date</div></div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Record Date</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">[&#9679;], 2022</div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Subscription Period</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">[&#9679;], 2022 through&#160;[&#9679;], 2022&#8224;</div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Final Date Rights Will Trade</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Expiration Date*</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">[&#9679;], 2022&#8224;</div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Payment for Common Shares and Subscription Certificate or Notice of Guaranteed Delivery Due*</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">[&#9679;], 2022&#8224;</div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Issuance Date</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">[&#9679;], 2022&#8224;</div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Confirmation Date</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">[&#9679;], 2022&#8224;</div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left;">*</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">A shareholder exercising Rights must deliver to the Subscription Agent by [5:00 PM Eastern Time] on [&#9679;], 2022 (unless the Rights offering is extended) either (a)&#160;a Subscription Certificate and payment for Common Shares or (b)&#160;a notice of guaranteed delivery and payment for Common Shares. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left;">&#8224;</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Unless the Rights offering is extended. </div></td></tr></table><div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">[Over-Subscription Privilege </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Rights holders [who are Record Date Shareholders and who fully exercise all Rights initially issued to them (other than those Rights that cannot be exercised because they represent the right to acquire less than one Common Share)] are entitled to subscribe for additional Common Shares at the same Subscription Price pursuant to the over-subscription privilege, subject to certain limitations and subject to allotment. The Board has the right in its absolute discretion to eliminate the over-subscription privilege with respect to primary over-subscription shares and secondary over-subscription shares if it considers it to be in the best interest of the Fund to do so. The Board may make that determination at any time, without prior notice to Rights holders or others, up to and including the fifth day following the Expiration Date. If the primary over-subscription privilege is not eliminated, it will operate as set forth below. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-11 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[Record Date Shareholders who fully exercise all Rights initially issued to them (other than those Rights that cannot be exercised because they represent the right to acquire less than one Common Share)] are entitled to buy those Common Shares, referred to as &#8220;primary over-subscription shares,&#8221; that were not purchased by other holders of Rights at the same Subscription Price. If enough primary over-subscription shares are available, all such requests will be honored in full. If the requests for primary over-subscription shares exceed the primary over-subscription shares available, the available primary over-subscription shares will be allocated pro rata among those fully exercising [Record Date Shareholders] who over-subscribe based on the number of Rights originally issued to them by the Fund. <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: italic; letter-spacing: 0px; top: 0px;;display:inline;">Common Shares acquired pursuant to the over-subscription privilege are subject to allotment.</div></div></div> </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[In addition, the Fund, in its sole discretion, may determine to issue additional Common Shares at the same Subscription Price in an amount of up to [ ]% of the shares issued pursuant to the primary subscription, referred to as &#8220;secondary over-subscription shares.&#8221; Should the Fund determine to issue some or all of the secondary over-subscription shares, they will be allocated only among Record Date Shareholders who submitted over-subscription requests. Secondary over-subscription shares will be allocated pro rata among those fully exercising Record Date Shareholders who over-subscribe based on the number of Rights originally issued to them by the Fund. <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: italic; letter-spacing: 0px; top: 0px;;display:inline;">Holders of Rights acquired in the secondary market may not participate in the over-subscription privilege</div></div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">.</div></div> In the event that the Subscription Price is lower than the Fund&#8217;s NAV per share, any secondary over-subscription shares issued by the Fund will not result in the ratio of the Rights offering exceeding one new share for each three Rights.] </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Record Date Shareholders who are fully exercising their Rights during the Subscription Period should indicate, on the Subscription Certificate that they submit with respect to the exercise of the Rights issued to them, how many Common Shares they are willing to acquire pursuant to the over-subscription privilege. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent sufficient Common Shares are not available to fulfill all over-subscription requests, unsubscribed Common Shares (the &#8220;Excess Shares&#8221;) will be allocated pro rata among those Record Date Shareholders who over-subscribe based on the number of Rights issued to them by the Fund. The allocation process may involve a series of allocations in order to assure that the total number of Common Shares available for over-subscriptions is distributed on a pro rata basis. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The formula to be used in allocating the Excess Shares is as follows: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr style="font-size: 0px;">
<td style="width:49%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td>&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="width:48%">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 1pt; border-bottom: 1px solid rgb(0, 0, 0); font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;">Shareholder&#8217;s Record Date Position</div></td>
<td rowspan="2" style="vertical-align:bottom">&#160;&#160;</td>
<td rowspan="2" style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">X</div></td>
<td rowspan="2" style="vertical-align:bottom">&#160;&#160;</td>
<td rowspan="2" style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;">Excess Shares Remaining</div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center;">Total Record Date Position of All Over-Subscribers</td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Banks, broker-dealers, trustees and other nominee holders of Rights will be required to certify to the Subscription Agent, before any over-subscription privilege may be exercised with respect to any particular beneficial owner, as to the aggregate number of Rights exercised during the Subscription Period and the number of Common Shares subscribed for pursuant to the over-subscription privilege by such beneficial owner and that such beneficial owner&#8217;s subscription was exercised in full. Nominee holder over-subscription forms and beneficial owner certification forms will be distributed to banks, broker-dealers, trustees and other nominee holders of Rights with the Subscription Certificates. [Nominees should also notify holders purchasing Rights in the secondary market that such Rights may not participate in the over-subscription privilege.] </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund will not otherwise offer or sell any Common Shares that are not subscribed for pursuant to the primary subscription, the primary over-subscription privilege or the secondary over-subscription privilege pursuant to the Rights offering.] </div><div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">[Dealer Manager </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[&#9679;] (previously defined as the &#8220;Dealer Manager&#8221;), a registered broker-dealer, may also act on behalf of its clients to purchase or sell Rights in the open market and may receive commissions from its clients for such services. Holders of Rights attempting to sell any unexercised Rights in the open market through a broker-dealer other than the Dealer Manager may be charged a different commission and should consider the commissions and fees charged by the broker-dealer prior to selling their Rights on the open market. The Dealer Manager is not expected to purchase Rights as principal for its own account in order to seek to facilitate the trading market for Rights or otherwise. See &#8220;Plan of Distribution&#8221; for additional information.] </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-12 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Sale of Rights </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Rights are transferable and will be admitted for trading on the [&#9679;] under the symbol &#8220;[&#9679;].&#8221; Although no assurance can be given that a market for the Rights will develop, trading in the Rights on the [&#9679;] is expected to begin two Business Days prior to the Record Date and may be conducted until the close of trading on the last [&#9679;] trading day prior to the Expiration Date. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of the Rights, if any, will be reflected by the market price. Rights may be sold by individual holders through their broker or other financial intermediary. Holders of Rights attempting to sell any unexercised Rights in the open market through their broker or financial advisor may be charged a commission or incur other transaction expenses and should consider the commissions and fees charged prior to selling their Rights on the open market. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[Rights that are sold will not confer any right to acquire any Common Shares in any primary over-subscription privilege or secondary over-subscription privilege, if any, and any Record Date Shareholder who sells any Rights will not be eligible to participate in the primary over-subscription privilege or secondary over-subscription privilege, if any.] </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Trading of the Rights on the [&#9679;] will be conducted on a when-issued basis until and including the date on which the Subscription Certificates are mailed to Record Date Shareholders of record and thereafter will be conducted on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">regular-way</div> basis until and including the last [&#9679;] trading day prior to the Expiration Date. The Common Shares are expected to begin trading <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">ex-Rights</div> one Business Day prior to the Record Date. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Shareholders are urged to obtain a recent trading price for the Rights on the [&#9679;] from their broker, bank, financial advisor or the financial press. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Holders of Rights who are unable or do not wish to exercise any or all of their Rights may contact the Subscription Agent to facilitate the sale of any unexercised Rights. The Subscription Agent will contact the Dealer Manager or other brokers in order to assist Rights holders whose Rights are not currently held at a broker-dealer or other applicable financial intermediary to facilitate the sale of the Rights. Shareholders of record whose addresses are outside the United States, or who have an APO or FPO address, are encouraged to contact the Subscription Agent to facilitate the sale of their Rights if they are otherwise unable or unwilling to exercise the Rights. The selling Rights holder will pay all applicable brokerage commissions incurred. There can be no assurance that the Subscription Agent will be able to facilitate the sale of any of Rights and neither the Fund nor the Subscription Agent has guaranteed any minimum sales price for the Rights. </div><div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Method of Transferring Rights </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Rights evidenced by a single Subscription Certificate may be transferred in whole by endorsing the Subscription Certificate for transfer in accordance with the accompanying instructions. A portion of the Rights evidenced by a single Subscription Certificate (but not fractional Rights) may be transferred by delivering to the Subscription Agent a Subscription Certificate properly endorsed for transfer, with instructions to register the portion of the Rights evidenced thereby in the name of the transferee (and to issue a new Subscription Certificate to the transferee evidencing the transferred Rights). In this event, a new Subscription Certificate evidencing the balance of the Rights will be issued to the Rights holder or, if the Rights holder so instructs, to an additional transferee. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Holders wishing to transfer all or a portion of their Rights (but not fractional Rights) should promptly transfer such Rights to ensure that: (i)&#160;the transfer instructions will be received and processed by the Subscription Agent, (ii)&#160;a new Subscription Certificate will be issued and transmitted to the transferee or transferees with respect to transferred Rights, and to the holder with respect to retained Rights, if any, and (iii)&#160;the Rights evidenced by the new Subscription Certificates may be exercised or sold by the recipients thereof prior to the Expiration Date. Neither the Fund nor the Subscription Agent shall have any liability to a transferee or holder of Rights if Subscription Certificates are not received in time for exercise or sale prior to the Expiration Date. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-13 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Except for the fees charged by the Subscription Agent (which will be paid by the Fund as described below), all commissions, fees and other expenses (including brokerage commissions and transfer taxes) incurred in connection with the purchase, sale, transfer or exercise of Rights will be for the account of the holder of the Rights, and none of these commissions, fees or expenses will be borne by the Fund or the Subscription Agent. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund anticipates that the Rights will be eligible for transfer through, and that the exercise of the Rights may be effected through, the facilities of [insert depository] (Rights exercised through [insert depository] are referred to as &#8220;[insert depository] Exercised Rights&#8221;). </div><div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Subscription Agent </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Subscription Agent is [&#9679;]. The Subscription Agent will receive from the Fund an amount estimated to be $[&#9679;], comprised of the fee for its services and the reimbursement for certain expenses related to the Rights offering. The shareholders of the Fund will indirectly pay such amount. </div><div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Information Agent </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">INQUIRIES BY ALL HOLDERS OF RIGHTS SHOULD BE DIRECTED TO: THE INFORMATION AGENT, [&#9679;]; HOLDERS PLEASE CALL TOLL-FREE AT [&#9679;]; BANKS AND BROKERS PLEASE CALL [&#9679;]. </div><div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Method of Exercise of Rights </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Rights may be exercised by completing and signing the Subscription Certificate and delivering the completed and signed Subscription Certificate to the Subscription Agent, together with payment for the Common Shares as described below under &#8220;Payment for Shares.&#8221; Rights may also be exercised through the broker of a holder of Rights, who may charge the holder of Rights a servicing fee in connection with such exercise. See &#8220;Plan of Distribution&#8221; for additional information regarding the purchase and exercise of Rights by the Dealer Manager. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Completed Subscription Certificates and payment must be received by the Subscription Agent prior to [5:00 PM Eastern Time], on the Expiration Date (unless payment is effected by means of a notice of guaranteed delivery as described below under &#8220;Payment for Shares&#8221;). Your broker, bank, trust company or other intermediary may impose a deadline for exercising Rights earlier than [5:00 PM, Eastern Time], on the Expiration Date. The Subscription Certificate and payment should be delivered to the Subscription Agent at the following address: </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">If By Mail: </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">BlackRock Debt Strategies Fund, Inc. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">[&#9679;] </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">If By Overnight Courier: </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">BlackRock Debt Strategies Fund, Inc. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">[&#9679;] </div><div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Payment for Shares </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Holders of Rights who acquire Common Shares in the Rights offering may choose between the following methods of payment: </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-14 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="width:5%;vertical-align:top;text-align:left;">(1)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">A holder of Rights can send the Subscription Certificate, together with payment in the form of a check (which must include the name of the shareholder on the check) for the Common Shares subscribed for in the Rights offering and, if eligible, for any additional Common Shares subscribed for pursuant to the over-subscription privilege, to the Subscription Agent based on the Subscription Price. To be accepted, the payment, together with the executed Subscription Certificate, must be received by the Subscription Agent at one of the addresses noted above prior to [5:00 PM Eastern Time] on the Expiration Date. The Subscription Agent will deposit all share purchase checks received by it prior to the final due date into a segregated account pending proration and distribution of Common Shares. The Subscription Agent will not accept cash as a means of payment for Common Shares. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:5%;vertical-align:top;text-align:left;">(2)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Alternatively, a subscription will be accepted by the Subscription Agent if, prior to [5:00 PM Eastern Time] on the Expiration Date, the Subscription Agent has received a written notice of guaranteed delivery by mail or email from a bank, trust company, or a NYSE member, guaranteeing delivery of a properly completed and executed Subscription Certificate. In order for the notice of guarantee to be valid, full payment for the Common Shares at the Subscription Price must be received with the notice. The Subscription Agent will not honor a notice of guaranteed delivery unless a properly completed and executed Subscription Certificate is received by the Subscription Agent by the close of business on the [second] Business Day after the Expiration Date. The notice of guaranteed delivery must be emailed to the Subscription Agent at [&#9679;] or delivered to the Subscription Agent at one of the addresses noted above. </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A PAYMENT PURSUANT TO THIS METHOD MUST BE IN UNITED STATES DOLLARS BY CHECK (WHICH MUST INCLUDE THE NAME OF THE SHAREHOLDER ON THE CHECK) DRAWN ON A BANK LOCATED IN THE CONTINENTAL UNITED STATES, MUST BE PAYABLE TO BLACKROCK DEBT STRATEGIES FUND, INC. AND MUST ACCOMPANY AN EXECUTED SUBSCRIPTION CERTIFICATE TO BE ACCEPTED. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The method and timing of payment for Common Shares acquired by the Dealer Manager through the exercise of Rights is described under &#8220;Plan of Distribution.&#8221; </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If a holder of Rights who acquires Common Shares pursuant to the subscription makes payment of an insufficient amount, the Fund reserves the right to take any or all of the following actions: (i)&#160;reallocate such subscribed and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">unpaid-for</div> Common Shares to Record Date Shareholders exercising the over-subscription privilege who did not receive the full over-subscription requested; (ii)&#160;apply any payment actually received by it toward the purchase of the greatest whole number of Common Shares which could be acquired by such holder upon exercise of the Rights or any over-subscription privilege; and (iii)&#160;exercise any and all other rights or remedies to which it may be entitled, including, without limitation, the right to set off against payments actually received by it with respect to such subscribed Common Shares (in other words, retain such payments) and to enforce the exercising Rights holder&#8217;s relevant payment obligation. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any payment required from a holder of Rights must be received by the Subscription Agent prior to [5:00 PM Eastern Time] on the Expiration Date. Issuance and delivery of the Common Shares purchased are subject to collection of checks. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Within [&#9679;] Business Days following the Expiration Date (the &#8220;Confirmation Date&#8221;), a confirmation will be sent by the Subscription Agent to each holder of Rights (or, if the Common Shares are held by [insert nominee name] or any other depository or nominee, to [insert nominee name] or such other depository or nominee), showing (i)&#160;the number of Common Shares acquired pursuant to the subscription, (ii)&#160;the number of Common Shares, if any, acquired pursuant to the over-subscription privilege, and (iii)&#160;the per share and total purchase price for the Common Shares. Any payment required from a holder of Rights must be received by the Subscription Agent on or prior to the Expiration Date. Any excess payment to be refunded by the Fund to a holder of Rights, or to be paid to a holder of Rights as a result of sales of Rights on its behalf by the Subscription Agent, will be mailed by the Subscription Agent to the holder within [&#9679;] Business Days after the Expiration Date. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-15 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A holder of Rights will have no right to rescind a purchase after the Subscription Agent has received payment either by means of a notice of guaranteed delivery or a check, which must include the name of the shareholder on the check. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Upon acceptance of a subscription, all funds received by the Subscription Agent shall be held by the Subscription Agent as agent for the Fund and deposited in one or more bank accounts. Such funds may be invested by the Subscription Agent in: bank accounts, short-term certificates of deposit, bank repurchase agreements, and disbursement accounts with commercial banks meeting certain standards. The Subscription Agent may receive interest, dividends or other earnings in connection with such deposits or investments. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Holders, such as broker-dealers, trustees or depositories for securities, who hold Common Shares for the account of others, should notify the respective beneficial owners of the Common Shares as soon as possible to ascertain such beneficial owners&#8217; intentions and to obtain instructions with respect to the Rights. If the beneficial owner so instructs, the record holder of the Rights should complete Subscription Certificates and submit them to the Subscription Agent with the proper payment. In addition, beneficial owners of Common Shares or Rights held through such a holder should contact the holder and request that the holder effect transactions in accordance with the beneficial owner&#8217;s instructions. <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">[Banks, broker-dealers, trustees and other nominee holders that hold Common Shares of the Fund for the accounts of others are advised to notify those persons that purchase Rights in the secondary market that such Rights may not participate in any over-subscription privilege offered.]</div></div> </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">THE INSTRUCTIONS ACCOMPANYING THE SUBSCRIPTION CERTIFICATES SHOULD BE READ CAREFULLY AND FOLLOWED IN DETAIL. DO NOT SEND SUBSCRIPTION CERTIFICATES TO THE FUND. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">THE METHOD OF DELIVERY OF SUBSCRIPTION CERTIFICATES AND PAYMENT OF THE SUBSCRIPTION PRICE TO THE SUBSCRIPTION AGENT WILL BE AT THE ELECTION AND RISK OF THE RIGHTS HOLDERS, BUT IF SENT BY MAIL IT IS RECOMMENDED THAT THE CERTIFICATES AND PAYMENTS BE SENT BY REGISTERED MAIL, PROPERLY INSURED, WITH RETURN RECEIPT REQUESTED, AND THAT A SUFFICIENT NUMBER OF DAYS BE ALLOWED TO ENSURE DELIVERY TO THE SUBSCRIPTION AGENT AND CLEARANCE OF PAYMENT PRIOR TO [5:00 PM EASTERN TIME], ON THE EXPIRATION DATE BECAUSE UNCERTIFIED PERSONAL CHECKS MAY TAKE AT LEAST FIVE BUSINESS DAYS TO CLEAR. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">All questions concerning the timeliness, validity, form and eligibility of any exercise of Rights will be determined by the Fund, whose determinations will be final and binding. The Fund in its sole discretion may waive any defect or irregularity, or permit a defect or irregularity to be corrected within such time as it may determine, or reject the purported exercise of any Right. Subscriptions will not be deemed to have been received or accepted until all irregularities have been waived or cured within such time as the Fund determines in its sole discretion. Neither the Fund nor the Subscription Agent will be under any duty to give notification of any defect or irregularity in connection with the submission of Subscription Certificates or incur any liability for failure to give such notification. </div><div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Foreign Restrictions </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Offering documents, including Subscription Certificates, will not be mailed to Record Date Shareholders whose addresses are outside the United States (for these purposes, the United States includes the District of Columbia and the territories and possessions of the United States) or who have an APO or FPO address (the &#8220;Foreign Shareholders&#8221;) if such mailing cannot be made into the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-U.S.</div> jurisdiction without additional registration and incurring other expense that the Board has determined is not in the best interest of the Fund and its shareholders. In such cases, unless determined to be not in the best interest of the Fund and its shareholders in accordance with the previous sentence, the Subscription Agent will send a letter via regular mail to Foreign Shareholders who own Common Shares directly (&#8220;Direct Foreign Shareholders&#8221;), as opposed to in &#8220;street name&#8221; with a broker or other financial intermediary, to notify them of the Rights offering. Direct Foreign Shareholders who wish to exercise their Rights should contact the Information Agent, as described above under &#8220;Information Agent,&#8221; to facilitate the exercise of such Rights and for instructions or any other special requirements that may apply in order for such </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-16 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Direct Foreign Shareholder to exercise its Rights. Direct Foreign Shareholders who wish to sell their Rights should contact the Subscription Agent and follow the procedures described above under &#8220;Sale of Rights.&#8221; Direct Foreign Shareholders are encouraged to contact the Fund or the Subscription Agent as far in advance of the Expiration Date as possible to ensure adequate time for their Rights to be exercised or sold. Foreign Shareholders who own Common Shares in &#8220;street name&#8221; through a broker or other financial intermediary should contact such broker or other financial intermediary with respect to any exercise or sale of Rights. </div><div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Employee Benefit Plan and IRA Considerations </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[Holders of Rights that are employee benefit plans subject to limitations imposed by the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), such as employee plans subject to the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;), Keogh Plans and Individual Retirement Accounts (&#8220;IRA&#8221;) (each a &#8220;Benefit Plan&#8221; and collectively, &#8220;Benefit Plans&#8221;), should be aware that the use of additional contributions of cash outside of the Benefit Plan to exercise Rights may be treated as additional contributions to the Benefit Plan. When taken together with contributions previously made, such deemed additional contributions may be in excess of tax limitations and subject the Rights holder to excise taxes for excess or nondeductible contributions. In the case of Benefit Plans qualified under Section&#160;401(a) of the Code, additional contributions could cause the maximum contribution limitations of Section&#160;415 of the Code or other qualification rules to be violated. Benefit Plans contemplating making additional contributions to exercise Rights should consult with their legal and tax counsel prior to making such contributions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Benefit Plans and other tax exempt entities, including governmental plans, should also be aware that if they borrow to finance their exercise of Rights, they may become subject to the tax on unrelated business taxable income (&#8220;UBTI&#8221;) under Section&#160;511 of the Code. If any portion of an IRA is used as security for a loan, the portion so used may also be treated as distributed to the IRA depositor. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A Benefit Plan may also be subject to laws, such as ERISA, that impose certain requirements on the Benefit Plan and on those persons who are fiduciaries with respect to the Benefit Plans. Such requirements may include prudence and diversification requirements and require that investments be made in accordance with the documents governing the fiduciary. The exercise of Rights by a fiduciary for a Benefit Plan should be considered in light of such fiduciary requirements. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, ERISA and the Code prohibit certain transactions involving the assets of a Benefit Plan and certain persons (referred to as &#8220;parties in interest&#8221; for purposes of ERISA and &#8220;disqualified persons&#8221; for purposes of the Code) having certain relationships to such Benefit Plans, unless a statutory or administrative exemption is applicable to the transaction. A party in interest or disqualified person who engages in a nonexempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code (or with respect to certain Benefit Plans, such as IRAs, a prohibited transaction may cause the Benefit Plan to lose its <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> status). In this regard, the U.S. Department of Labor has issued prohibited transaction class exemptions (&#8220;PTCEs&#8221;) that may apply to the exercise of the Rights and holding of the Common Shares. These class exemptions include, without limitation, PTCE <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">84-14</div> respecting transactions determined by independent qualified professional asset managers, PTCE <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">90-1</div> respecting insurance company pooled separate accounts, PTCE <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">91-38</div> respecting bank collective investment funds, PTCE <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">95-60</div> respecting life insurance company general accounts and PTCE <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">96-23</div> respecting transactions determined by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-house</div> asset managers, PTCE <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">84-24</div> governing purchases of shares in investment companies) and PTCE <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">75-1</div> respecting sales of securities. In addition, Section&#160;408(b)(17) of ERISA and Section&#160;4975(d)(20) of the Code each provides a limited exemption, commonly referred to as the &#8220;service provider exemption,&#8221; from the prohibited transaction provisions of ERISA and Section&#160;4975 of the Code for certain transactions between a Benefit Plan and a person that is a party in interest and/or a disqualified person (other than a fiduciary or an affiliate that, directly or indirectly, has or exercises any discretionary authority or control or renders any investment advice with respect to the assets of any Benefit Plan involved in the transaction) solely by reason of providing services to the Benefit Plan or by relationship to a service provider, provided that the Benefit Plan receives no less, nor pays no more, than adequate consideration. There can be no assurance that all of the conditions of any such exemptions or any other exemption will be satisfied at the time that the Rights are exercised, or thereafter while the Common Shares are held, if the facts relied upon for utilizing a prohibited transaction exemption change. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-17 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div></div><div>&#160;</div></div></div> <div><div style="background-color:white;display: inline;"><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Due to the complexity of these rules and the penalties for noncompliance, fiduciaries of Benefit Plans should consult with their legal and tax counsel regarding the consequences of their exercise of Rights under ERISA, the Code and other similar laws.] </div><div id="tx2320889_239" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SUMMARY OF FUND EXPENSES </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table and example are intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in our Common Shares as a percentage of net assets attributable to Common Shares. Amounts are for the current fiscal year after giving effect to anticipated net proceeds of the Rights offering. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">Shareholder Transaction Expenses</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales load paid by you (as a percentage of offering price)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(1)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#8226;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Offering expenses borne by the Fund (as a percentage of offering price)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(1)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#8226;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend reinvestment plan fees</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$<br/> <div style="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&#160;</div></td>
<td style="vertical-align:bottom;text-align:right;">[&#8226;]&#160;per&#160;share&#160;for&#160;open-market&#160;&#160;<br/> <div style="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman;text-align:right">purchases&#160;of&#160;common&#160;shares<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(2)</div></div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;<br/> <div style="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&#160;</div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend reinvestment plan sale transaction fee</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">$[&#8226;]<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(2)</div></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><div style="font-weight:bold;display:inline;">Estimated Annual Expenses </div>(as a percentage of net assets attributable to common shares)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/></tr>
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<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(3),(4)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#8226;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(5),(6)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#8226;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Other Expenses</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#8226;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest Expense<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(7)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#8226;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Annual Fund Operating Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(6)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#8226;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fee Waivers and/or Expense Reimbursements<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(4)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">&#8212;&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(4)</div></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">[&#8226;]%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr> </table> </div><div style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</div>
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<td style="width:4%;vertical-align:top;text-align:left;">(1)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Fund shareholders will pay all offering expenses involved with this offering. </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(2)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Computershare Trust Company, N.A.&#8217;s (in such capacity, the &#8220;Reinvestment Plan Agent&#8221;) fees for the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your Common Shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(3)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.55% based on an aggregate of (i)&#160;the Fund&#8217;s average daily Net Assets and (ii)&#160;the proceeds of any outstanding debt securities or borrowings used for leverage (together, &#8220;average daily Managed Assets&#8221;).&#160;&#8221;Net Assets&#8221; means the total assets of the Fund minus the sum of the accrued liabilities.&#160;The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund&#8217;s net asset value.&#160;The Fund uses leverage in the form of a credit facility, which as of [&#8226;], 2022 amounted to approximately [&#8226;]% of the Fund&#8217;s Managed Assets (approximately [&#8226;]% of the Fund&#8217;s net assets).&#160;&#8220;Managed Assets&#8221; means the total assets of the Fund minus the sum of the Fund&#8217;s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund&#8217;s net assets attributable to common&#160;stock are the Fund&#8217;s Managed Assets minus the value of the Fund&#8217;s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Fund&#8217;s use of leverage in the form of higher fees as a percentage of the Fund&#8217;s net assets attributable to common&#160;stock than if the Fund did not use leverage. </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(4)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund and the Advisor have entered into a fee waiver agreement (the &#8220;Fee Waiver Agreement&#8221;), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#8217;s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Advisor or its affiliates that have a contractual management fee, through June&#160;30, 2024. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June&#160;30, 2024. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Directors who are not &#8220;interested persons&#8221; (as defined in the Investment Company Act, of the Fund (the &#8220;Independent Directors&#8221;)) or a majority of the outstanding voting securities of the Fund), upon 90 days&#8217; written notice by the Fund to the Advisor. </div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-18 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div>
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<td style="width:4%;vertical-align:top;text-align:left;">(5)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Other Expenses have been restated to reflect current fees. </div></td></tr></table>
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<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left;">(6)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund&#8217;s most recent annual report, which do not include the restatement of Miscellaneous Other Expenses and Interest Expense to reflect current fees. </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(7)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Reflects leverage, in the form of a credit facility, in an amount equal to approximately [&#8226;]% of the Fund&#8217;s Managed Assets as of [&#8226;], 2022. The interest expense borne by the Fund will vary over time in accordance with the level of the Fund&#8217;s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Fund for accounting purposes. </div></td></tr></table> </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The purpose of the table above and the examples below is to help you understand all fees and expenses that you, as a holder of Common Shares, would bear directly or indirectly. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Example </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following example illustrates the expenses (including the sales load of $[&#8226;] and offering costs of $[&#8226;]) that you would pay on a $1,000 investment in common shares, assuming (i)&#160;total net annual expenses of [&#8226;]% of net assets attributable to common shares, and (ii)&#160;a 5% annual return: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">1&#160;Year</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">3&#160;Years</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">5&#160;Years</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">10&#160;Years</div></td>
<td style="vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total expenses incurred</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">[&#9679;]</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">[&#9679;]</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">[&#9679;]</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">[&#9679;]</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr> </table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:4%;vertical-align:top;text-align:left;">*</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The example should not be considered a representation of future expenses. The example assumes that the estimated &#8220;Other expenses&#8221; set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund&#8217;s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </div></td></tr></table><div id="tx2320889_240" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">USE OF PROCEEDS </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund estimates the net proceeds of the Rights offering to be approximately $[&#8226;], based on the estimated Subscription Price per Common Share of $[&#8226;] ([&#8226;]% of the last reported sales price of the Fund&#8217;s Common Shares on the NYSE on [&#8226;], 2022 and each of the [&#8226; (&#8226;)]&#160;preceding trading days), assuming all new Common Shares offered are sold and that the expenses related to the Rights offering estimated at approximately $[&#8226;] are paid. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The net proceeds from the Rights offering hereunder will be invested in accordance with the Fund&#8217;s investment objectives and policies as set forth in this Prospectus Supplement and the accompanying Prospectus. We currently anticipate that we will be able to invest all of the net proceeds in accordance with our investment objectives and policies within approximately three months of the receipt of such proceeds. Pending such investment, it is anticipated that the proceeds will be invested in short-term, <div style="white-space:nowrap;display:inline;">tax-exempt</div> or taxable investment grade securities. Depending on market conditions and operations, a portion of the cash held by the Fund, including any proceeds raised from the offering, may be used to pay distributions in accordance with the Fund&#8217;s distribution policy and may be a return of capital. A return of capital is a return to investors of a portion of their original investment in the Fund. In general terms, a return of capital would involve a situation in which a Fund distribution (or a portion thereof) represents a return of a portion of a shareholder&#8217;s investment in the Fund, rather than making a distribution that is funded from the Fund&#8217;s earned income or other profits. Although return of capital distributions may not be currently taxable, such distributions would decrease the basis of a shareholder&#8217;s shares, and therefore, may increase a shareholder&#8217;s tax liability for capital gains upon a sale of shares, even if sold at a loss to the shareholder&#8217;s original investments. </div><div id="tx2320889_241" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">CAPITALIZATION </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table sets forth the unaudited capitalization of the Fund as of [&#8226;], 2022 and its adjusted capitalization assuming the Common Shares available in the Rights offering discussed in this Prospectus Supplement had been issued. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">[To be provided.] </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-19 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div id="tx2320889_242" style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SPECIAL CHARACTERISTICS AND RISKS OF THE RIGHTS OFFERING </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Risk is inherent in all investing. Therefore, before investing in the Common Shares you should consider the risks associated with such an investment carefully. See &#8220;Risks&#8221; in the Prospectus. The following summarizes some of the matters that you should consider before investing in the Fund through the Rights offering: </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Dilution</div>. Record Date Shareholders who do not fully exercise their Rights will, at the completion of the Rights offering, own a smaller proportional interest in the Fund than owned prior to the Rights offering. The completion of the Rights offering will result in immediate voting dilution for such shareholders. [Further, both the sales load and the expenses associated with the Rights offering will immediately reduce the NAV of each outstanding Common Share.] In addition, if the Subscription Price is less than the NAV per Common Share as of the Expiration Date, the completion of this Rights offering will result in an immediate dilution of the NAV per Common Share for all existing Common Shareholders (<div style="font-style:italic;display:inline;">i.e.</div>, will cause the NAV per Common Share to decrease). As a result, existing Common Shareholders may experience immediate dilution even if they fully exercise their Rights. Such dilution, if any, is not currently determinable because it is not known how many Common Shares will be subscribed for, what the NAV per Common Share or market price of the Common Shares will be on the Expiration Date or what the Subscription Price per Common Share will be. If the Subscription Price is substantially less than the current NAV per Common Share, this dilution could be substantial. The Fund will pay expenses associated with the Rights offering, estimated at approximately $[&#8226;]. In addition, the Fund has agreed to pay a dealer manager fee (sales load) equal to [&#8226;]% of the Subscription Price per Common Share issued pursuant to the exercise of Rights (including pursuant to the Over-Subscription Privilege). The Fund, not investors, pays the sales load, which is ultimately borne by all Common Shareholders. All of the costs of the Rights offering will be borne by the Fund&#8217;s Common Shareholders. See &#8220;Table of Fees and Expenses&#8221; in this Prospectus Supplement and &#8220;Summary of Fund Expenses&#8221; in the accompanying Prospectus for more information. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">You will experience an immediate dilution of the aggregate NAV per Common Share if you do not participate in the Rights offering and will experience a reduction in the NAV per Common Share whether or not you exercise your Rights, if the Subscription Price is below the Fund&#8217;s NAV per Common Share on the Expiration Date, because: </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top;text-align:left;">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">the offered Common Shares are being sold at less than their current NAV; </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top;text-align:left;">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">you will indirectly bear the expenses of the Rights offering; and </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top;text-align:left;">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">the number of Common Shares outstanding after the Rights offering will have increased proportionately more than the increase in the amount of the Fund&#8217;s net assets. </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">On the other hand, if the Subscription Price is above the Fund&#8217;s NAV per Common Share on the Expiration Date, you may experience an immediate accretion of the aggregate NAV per share of your Common Shares even if you do not exercise your Rights and an immediate increase in the NAV per Common Share whether or not you participate in the Rights offering, because: </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top;text-align:left;">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">the offered Common Shares are being sold at more than their current NAV after deducting the expenses of the Rights offering; and </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top;text-align:left;">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">the number of Common Shares outstanding after the Rights offering will have increased proportionately less than the increase in the amount of the Fund&#8217;s net assets. </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[Furthermore, if you do not participate in the secondary over-subscription, if it is available, your percentage ownership will also be diluted.] The Fund cannot state precisely the amount of any dilution because it is not known at this time what the NAV per Common Share will be on the Expiration Date or what proportion of the Rights will be exercised or what the Subscription Price per Common Share will be. The impact of the Rights offering on NAV per Common Share is shown by the following examples, assuming the Rights offering is fully subscribed and the estimated Subscription Price of $[&#8226;]: </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-20 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:35%"/>
<td style="vertical-align:bottom;width:1%"/>
<td style="width:32%"/>
<td style="vertical-align:bottom;width:1%"/>
<td style="width:31%"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td colspan="5" style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">[Scenario 1: (assumes NAV per share is above Subscription Price)(1)</div></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"/>
<td colspan="2" style="height:12pt"/>
<td colspan="2" style="height:12pt"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NAV(2)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;text-align:center;">[&#8226;]</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Subscription Price(3)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;text-align:center;">[&#8226;]</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reduction in NAV ($)(4)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;text-align:center;">[&#8226;]</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reduction in NAV (%)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;text-align:center;">[&#8226;]]</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/></tr> </table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:35%"/>
<td style="vertical-align:bottom;width:1%"/>
<td style="width:32%"/>
<td style="vertical-align:bottom;width:1%"/>
<td style="width:31%"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td colspan="5" style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">[Scenario 2: (assumes NAV per share is below Subscription Price)(1)</div></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"/>
<td colspan="2" style="height:12pt"/>
<td colspan="2" style="height:12pt"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NAV(2)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;text-align:center;">[&#8226;]</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Subscription Price(3)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;text-align:center;">[&#8226;]</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in NAV ($)(4)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;text-align:center;">[&#8226;]</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in NAV (%)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;text-align:center;">[&#8226;]]</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/></tr> </table><div style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left;">(1)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Both examples assume the full primary subscription [and secondary over-subscription privilege] are exercised. Actual amounts may vary due to rounding. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left;">(2)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">For illustrative purposes only. It is not known at this time what the NAV per Common Share will be on the Expiration Date. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left;">(3)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">For illustrative purposes only; reflects an estimated Subscription Price of $[&#8226;] based upon [&#8226;]% of the last reported sales price of the Fund&#8217;s Common Shares on the NYSE on [&#8226;], 2022 and each of the [&#8226; (&#8226;)]&#160;preceding trading days. It is not known at this time what the Subscription Price will be on the Expiration Date. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left;">(4)</td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Assumes $[&#8226;] in estimated offering expenses. </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If you do not wish to exercise your Rights, you should consider selling them as set forth in this Prospectus Supplement. Any cash you receive from selling your Rights may serve as partial compensation for any possible dilution of your interest in the Fund. The Fund cannot give assurance, however, that a market for the Rights will develop or that the Rights will have any marketable value. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[The Fund&#8217;s largest shareholders could increase their percentage ownership in the Fund through the exercise of the primary subscription and over-subscription privilege.] </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Risks of Investing in Rights.</div> Shares of <div style="white-space:nowrap;display:inline;">closed-end</div> funds such as the Fund frequently trade at a discount to NAV. The Subscription Price may be greater than the market price of a Common Share on the Expiration Date. If that is the case, the Rights will have no value, and a person who exercises Rights will experience an immediate loss of value. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Leverage. </div>Leverage creates a greater risk of loss, as well as a potential for more gain, for the Common Shares than if leverage were not used. Following the completion of the Rights offering, the Fund&#8217;s amount of leverage outstanding will decrease. The leverage of the Fund as of [&#8226;], 2022 was approximately [&#8226;]% of the Fund&#8217;s Managed Assets. After the completion of the Rights offering, the amount of leverage outstanding is expected to decrease to approximately [&#8226;]% of the Fund&#8217;s Managed Assets. The use of leverage for investment purposes creates opportunities for greater total returns but at the same time increases risk. When leverage is employed, the NAV and market price of the Common Shares and the yield to holders of Common Shares may be more volatile. Any investment income or gains earned with respect to the amounts borrowed in excess of the interest due on the borrowing will augment the Fund&#8217;s income. Conversely, if the investment performance with respect to the amounts borrowed fails to cover the interest on such borrowings, the value of the Fund&#8217;s Common Shares may decrease more quickly than would otherwise be the case, and distributions on the Common Shares could be reduced or eliminated. Interest payments and fees incurred in connection with such borrowings will reduce the amount of net income available for distribution to holders of the Common Shares. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Because the fee paid to the Advisor is calculated on the basis of the Fund&#8217;s Managed Assets, which include the proceeds of leverage, the dollar amount of the management fee paid by the Fund to the Advisor will be higher (and the Advisor will be benefited to that extent) when leverage is used. The Advisor will use leverage only if it believes such action would result in a net benefit to the Fund&#8217;s shareholders after taking into account the higher fees and expenses associated with leverage (including higher management fees). </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-21 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s leveraging strategy may not be successful. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Increase in Share Price Volatility; Decrease in Share Price. </div>The Rights offering may result in an increase in trading of the Common Shares, which may increase volatility in the market price of the Common Shares. The Rights offering may result in an increase in the number of shareholders wishing to sell their Common Shares, which would exert downward price pressure on the price of Common Shares. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Under-Subscription. </div>It is possible that the Rights offering will not be fully subscribed. Under-subscription of the Rights offering would have an impact on the net proceeds of the Rights offering and whether the Fund achieves any benefits. </div><div id="tx2320889_243" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">TAXATION </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following is a general summary of the U.S. federal income tax consequences of the Rights offering to Record Date Shareholders who are U.S. persons for U.S. federal income tax purposes. The following summary supplements the discussion set forth in the accompanying Prospectus and SAI and is subject to the qualifications and assumptions set forth therein. 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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">The value of a Right will not be includible in the income of a Common Shareholder at the time the subscription Right is issued. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">The basis of a Right issued to a Common Shareholder will be zero, and the basis of the share with respect to which the Right was issued (the old share) will remain unchanged, unless either (a)&#160;the fair market value of the Right on the date of distribution is at least 15% of the fair market value of the old share, or (b)&#160;such Common Shareholder affirmatively elects (in the manner set out in Treasury regulations under the Code) to allocate to the Right a portion of the basis of the old share. If either (a)&#160;or (b) applies, such Common Shareholder must allocate basis between the old share and the Right in proportion to their fair market values on the date of distribution. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">The basis of a Right purchased in the market will generally be its purchase price. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">The holding period of a Right issued to a Common Shareholder will include the holding period of the old share. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">No loss will be recognized by a Common Shareholder if a Right distributed to such Common Shareholder expires unexercised because the basis of the old share may be allocated to a Right only if the Right is exercised. If a Right that has been purchased in the market expires unexercised, there will be a recognized loss equal to the basis of the Right. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">Any gain or loss on the sale of a Right will be a capital gain or loss if the Right is held as a capital asset (which in the case of a Right issued to Record Date Shareholders will depend on whether the old share is held as a capital asset), and will be a long term capital gain or loss if the holding period is deemed to exceed one year. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">No gain or loss will be recognized by a Common Shareholder upon the exercise of a Right, and the basis of any Common Share acquired upon exercise (the new Common Share) will equal the sum of the basis, if any, of the Right and the subscription price for the new Common Share. The holding period for the new Common Share will begin on the date when the Right is exercised (or, in the case of a Right purchased in the market, potentially the day after the date of exercise). </div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-22 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">The foregoing is a general and abbreviated summary of the provisions of the Code and the Treasury regulations in effect as they directly govern the taxation of the Fund and holders of its Common Shares, with respect to U.S. federal income taxation only. Other tax issues such as state and local taxation may apply. Investors are urged to consult their own tax advisers to determine the tax consequences of investing in the Fund. These provisions are subject to change by legislative or administrative action, and any such change may be retroactive. </div></div><div id="tx2320889_244" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">PLAN OF DISTRIBUTION </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">[Distribution Arrangements </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[&#9679;] will act as Dealer Manager for this Rights offering. Under the terms and subject to the conditions contained in the Dealer Manager Agreement among the Dealer Manager, the Fund and the Advisors, the Dealer Manager will provide financial structuring and solicitation services in connection with the Rights offering and will solicit the exercise of Rights and participation in the over-subscription privilege. The Rights offering is not contingent upon any number of Rights being exercised. The Dealer Manager will also be responsible for forming and managing a group of selling broker-dealers (each, a &#8220;Selling Group Member&#8221; and collectively, the &#8220;Selling Group Members&#8221;), whereby each Selling Group Member will enter into a Selling Group Agreement with the Dealer Manager to solicit the exercise of Rights and to sell Common Shares purchased by the Selling Group Member from the Dealer Manager. In addition, the Dealer Manager will enter into a Soliciting Dealer Agreement with other soliciting broker-dealers (each, a &#8220;Soliciting Dealer&#8221; and collectively, the &#8220;Soliciting Dealers&#8221;) to solicit the exercise of Rights. See &#8220;&#8212;Compensation to Dealer Manager&#8221; for a discussion of fees and other compensation to be paid to the Dealer Manager, Selling Group Members and Soliciting Dealers in connection with the Rights offering. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund and the Advisors have each agreed to indemnify the Dealer Manager for losses arising out of certain liabilities, including liabilities under the Securities Act. The Dealer Manager Agreement also provides that the Dealer Manager will not be subject to any liability to the Fund in rendering the services contemplated by the Dealer Manager Agreement except for any act of willful misfeasance, bad faith or gross negligence of the Dealer Manager or reckless disregard by the Dealer Manager of its obligations and duties under the Dealer Manager Agreement. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In order to seek to facilitate the trading market in the Rights for the benefit of <div style="white-space:nowrap;display:inline;">non-exercising</div> shareholders, and the placement of the Common Shares to new or existing investors pursuant to the exercise of the Rights, the Dealer Manager Agreement provides for special arrangements with the Dealer Manager. Under these arrangements, the Dealer Manager is expected to purchase Rights on the [&#8226;], as well as Rights received by the Subscription Agent for sale by Record Date Shareholders and offered to the Dealer Manager and unexercised Rights of Record Date Shareholders whose record addresses are outside the United States that are held by the Subscription Agent and for which no instructions are received. The number of rights, if any, purchased by the Dealer Manager will be determined by the Dealer Manager in its sole discretion. The Dealer Manager is not obligated to purchase Rights or Common Shares as principal for its own account to facilitate the trading market for Rights or for investment purposes. Rather, its purchases are expected to be closely related to interest in acquiring Common Shares generated by the Dealer Manager through its marketing and soliciting activities. The Dealer Manager intends to exercise Rights purchased by it during the Subscription Period but prior to the Expiration Date. The Dealer Manager may exercise those Rights at its option on one or more dates, which are expected to be prior to the Expiration Date. The Subscription Price for the Common Shares issued through the exercise of Rights by the Dealer Manager prior to the Expiration Date will be the greater of [&#8226;]% of the last reported sale price of a Common Share on the NYSE on the date of exercise or [&#8226;]% of the last reported NAV of a Common Share on the date prior to the date of exercise. The price and timing of these exercises are expected to differ from those described herein for the Rights offering. The Subscription Price will be paid to the Fund and the dealer manager fee with respect to such proceeds will be paid by the Fund on the applicable settlement date(s) of such exercise(s). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In connection with the exercise of Rights and receipt of Common Shares, the Dealer Manager intends to offer those Common Shares for sale to the public and/or through a group of selling members it has established. The Dealer Manager may set the price for those Common Shares at any price that it determines, in its sole discretion. The Dealer Manager has advised that the price at which such Common Shares are offered is expected to be at or slightly </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-23 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"> below the closing price of the Common Shares on the NYSE on the date the Dealer Manager exercises Rights. No portion of the amount paid to the Dealer Manager or to a Selling Group Member from the sale of Common Shares in this manner will be paid to the Fund. If the sales price of the Common Shares is greater than the Subscription Price paid by the Dealer Manager for such Common Shares plus the costs to purchase Rights for the purpose of acquiring those Common Shares, the Dealer Manager will receive a gain. Alternatively, if the sales price of the Common Shares is less than the Subscription Price for such Common Shares plus the costs to purchase Rights for the purpose of acquiring those Common Shares, the Dealer Manager will incur a loss. The Dealer Manager will pay a concession to Selling Group Members in an amount equal to approximately [2.50]% of the aggregate price of the Common Shares sold by the respective Selling Group Member. Neither the Fund nor the Advisors have a role in setting the terms, including the sales price, on which the Dealer Manager offers for sale and sells Common Shares it has acquired through purchasing and exercising Rights or the timing of the exercise of Rights or sales of Common Shares by the Dealer Manager. Persons who purchase Common Shares from the Dealer Manager or the selling group will purchase shares at a price set by the Dealer Manager, which may be more or less than the Subscription Price, and at a time set by the Dealer Manager, which is expected to be prior to the Expiration Date. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Dealer Manager may purchase Rights as principal or act as agent on behalf of its clients for the resale of such Rights. The Dealer Manager may realize gains (or losses) in connection with the purchase and sale of Rights and the sale of Common Shares, although such transactions are intended by the Dealer Manager to facilitate the trading market in the Rights and the placement of the Common Shares to new or existing investors pursuant to the exercise of the Rights. Any gains (or losses) realized by the Dealer Manager from the purchase and sale of Rights and the sale of Common Shares is independent of and in addition to its fee as Dealer Manager. The Dealer Manager has advised that any such gains (or losses) are expected to be immaterial relative to its fee as Dealer Manager. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Since neither the Dealer Manager nor persons who purchase Common Shares from the Dealer Manager or members of the selling group were Record Date Shareholders, they would not be able to participate in the over-subscription privilege. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Persons who purchase Common Shares from the Dealer Manager or the selling group will not purchase shares at the Subscription Price based on the formula price mechanism through which Common Shares will be sold in the Rights offering. Instead, those persons will purchase Common Shares at a price set by the Dealer Manager, which may be more or less than the Subscription Price, and will not have the uncertainty of waiting for the determination of the Subscription Price on the Expiration Date. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There is no limit on the number of Rights the Dealer Manager can purchase or exercise. Common Shares acquired by the Dealer Manager pursuant to the exercise of Rights acquired by it will reduce the number of Common Shares available pursuant to the over-subscription privilege, perhaps materially, depending on the number of Rights purchased and exercised by the Dealer Manager. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Although the Dealer Manager can seek to facilitate the trading market for Rights as described above, investors can acquire Common Shares at the Subscription Price by acquiring Rights on the [&#8226;] and exercising them in the method described above under &#8220;Description of the Rights&#8212;Method of Exercise of Rights&#8221; and &#8220;Description of the Rights&#8212;Payment for Shares.&#8221; </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">[The Dealer Manager and selling members may engage in stabilizing activities, which may have the effect of lowering or otherwise affecting the market price of the common shares.] </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In the ordinary course of their businesses, the Dealer Manager and/or its affiliates may engage in investment banking or financial transactions with the Fund, the Advisors and their affiliates. In addition, in the ordinary course of their businesses, the Dealer Manager and/or its affiliates may, from time to time, own securities of the Fund or its affiliates. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The principal business address of the Dealer Manager is [&#9679;]. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-24 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Compensation to Dealer Manager </div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Pursuant to the Dealer Manager Agreement, the Fund has agreed to pay the Dealer Manager a fee for its financial structuring and solicitation services equal to [&#8226;]% of the Subscription Price per Common Share for each Common Share issued pursuant to the exercise of Rights, including the over-subscription privilege. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Dealer Manager will reallow to Selling Group Members in the selling group to be formed and managed by the Dealer Manager selling fees equal to [&#8226;]% of the Subscription Price for each Common Share issued pursuant to the Rights offering or the over-subscription privilege as a result of their selling efforts. In addition, the Dealer Manager will reallow to Soliciting Dealers that have executed and delivered a Soliciting Dealer Agreement and have solicited the exercise of Rights, solicitation fees equal to [&#8226;]% of the Subscription Price for each Common Share issued pursuant to the exercise of Rights as a result of their soliciting efforts, subject to a maximum fee based on the number of Common Shares held by such Soliciting Dealer through [insert depository] on the Record Date. Fees will be paid to the broker-dealer designated on the applicable portion of the subscription certificates or, in the absence of such designation, to the Dealer Manager. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the Fund, has agreed to pay the Dealer Manager an amount up to $[&#8226;] as a partial reimbursement of its expenses incurred in connection with the Rights offering, including reasonable <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">out-of-pocket</div></div> fees and expenses, if any and not to exceed $[&#8226;], incurred by the Dealer Manager, Selling Group Members, Soliciting Dealers and other brokers, dealers and financial institutions in connection with their customary mailing and handling of materials related to the Rights offering to their customers. No other fees will be payable by the Fund or the Advisors to the Dealer Manager in connection with the Rights offering. </div><div id="tx2320889_245" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">LEGAL MATTERS </div><div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain legal matters in connection with the Common Shares will be passed upon for the Fund by Willkie Farr&#160;&amp; Gallagher LLP, New York, New York, counsel to the Fund. Willkie Farr&#160;&amp; Gallagher LLP may rely as to certain matters of Maryland law on the opinion of Miles&#160;&amp; Stockbridge P.C., Baltimore, Maryland. [Certain legal matters will be passed on by [&#8226;] as special counsel to the Dealer Manager in connection with the Rights offering.] </div> </div><div id="tx2320889_246" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">FINANCIAL STATEMENTS </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The audited annual financial statements of the Fund for the fiscal year ended December&#160;31, 202[&#8226;] [and the unaudited financial statements for the six months ended June&#160;30, 202[&#8226;]] are incorporated by reference into this Prospectus Supplement, the accompanying Prospectus and the SAI. </div><div id="tx2320889_247" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">ADDITIONAL INFORMATION </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">This Prospectus Supplement and the accompanying Prospectus constitute part of a Registration Statement filed by the Fund with the SEC under the Securities Act and the Investment Company Act. This Prospectus Supplement and the accompanying Prospectus omit certain of the information contained in the Registration Statement, and reference is hereby made to the Registration Statement and related exhibits for further information with respect to the Fund and the common shares offered hereby. Any statements contained herein concerning the provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by such reference. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations or free of charge through the SEC&#8217;s website (http://www.sec.gov). </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">R-25 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:60pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">BLACKROCK DEBT STRATEGIES FUND, INC. </div><div style="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">[&#8226;] Rights for [&#8226;] Shares of Common Stock </div><div style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Subscription Rights to Acquire Shares of Common Stock </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Issuable Upon Exercise of Rights to Subscribe for </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Such Shares of Common Stock </div><div style="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">PROSPECTUS SUPPLEMENT </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div style="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">[&#8226;]<div style="font-weight:bold;display:inline;">, 2022</div> </div><div> <div style="margin-top:60pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Until [&#160;&#160;&#160;&#160; ], 2023 (25 days after the date of this Prospectus Supplement), all dealers that buy, sell or trade the common shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers&#8217; obligation to deliver a prospectus when acting as underwriters. </div> </div></div><div></div></div>


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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="color:#de1a1e"><span style="font-weight:bold">THE INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. </span></span></p> <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="color:#de1a1e"><span style="font-weight:bold">Subject to Completion </span></span></p> <div> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="color:#de1a1e"><span style="font-weight:bold">Dated December&#160;28, 2022 </span></span></p> </div> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:center">


<img src="g320889g1220215502331.jpg" alt="LOGO"/>
 </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">BlackRock Debt Strategies Fund, Inc. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">STATEMENT OF ADDITIONAL INFORMATION </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock Debt Strategies Fund, Inc. (the &#8220;Fund&#8221;) is a diversified, <span style="white-space:nowrap">closed-end</span> management investment company. This Statement of Additional Information (&#8220;SAI&#8221;) relating to shares of the Fund&#8217;s common stock (&#8220;common shares&#8221;) does not constitute a prospectus, but should be read in conjunction with the prospectus relating thereto dated December&#160;[&#9679;], 2022 and any related prospectus supplement. This SAI, which is not a prospectus, does not include all information that a prospective investor should consider before purchasing common shares, and investors should obtain and read the Prospectus and any related prospectus supplement prior to purchasing such shares. A copy of the Prospectus and any related prospectus supplement may be obtained without charge by calling (800) <span style="white-space:nowrap">882-0052.</span> You may also obtain a copy of the Prospectus on the Securities and Exchange Commission&#8217;s (the &#8220;SEC&#8221;) website (http://www.sec.gov). Capitalized terms used but not defined in this SAI have the meanings ascribed to them in the Prospectus. </p> </div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">References to the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221; or the &#8220;1940 Act&#8221;), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, <span style="white-space:nowrap">no-action</span> or other relief or permission from the SEC, SEC staff or other authority. </p> <p style="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&#160;</p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-1 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">TABLE OF CONTENTS </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:95%"/>

<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">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Page</span></td>
<td style="vertical-align:bottom">&#160;</td></tr>


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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_501">THE FUND</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-3</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_502">INVESTMENT OBJECTIVES AND POLICIES</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-3</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_504">OTHER INVESTMENT POLICIES AND TECHNIQUES</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-5</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_505">ADDITIONAL RISK FACTORS</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-6</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_506">MANAGEMENT OF THE FUND</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-15</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_507">PORTFOLIO TRANSACTIONS AND BROKERAGE</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-22</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_508">CONFLICTS OF INTEREST</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-27</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_509">DESCRIPTION OF CAPITAL STOCK</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-35</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_5010">REPURCHASE OF COMMON SHARES</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-36</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_5011">TAX MATTERS</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-37</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_5012">CUSTODIAN AND TRANSFER AGENT</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-44</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_5013">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-45</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_5014">CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-45</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_5015">INCORPORATION BY REFERENCE</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-45</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_5016">FINANCIAL STATEMENTS</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">S-46</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_5017">APPENDIX A&#8212;RATINGS OF INVESTMENTS</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">A-1</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai320889_5018">APPENDIX B&#8212;PROXY VOTING POLICY</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="white-space:nowrap">B-1</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table> </div> <div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="font-weight:bold">This Statement of Additional Information is dated December&#160;[</span>&#9679;<span style="font-weight:bold"></span><span style="font-weight:bold">], 2022. </span></p> </div>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-2 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_501">THE FUND </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund is a diversified, <span style="white-space:nowrap">closed-end</span> management investment company registered under the Investment Company Act. The Fund was incorporated as a Maryland corporation on December&#160;10, 1997. The Fund&#8217;s investment adviser is BlackRock Advisors, LLC (the &#8220;Advisor&#8221;). BlackRock International Limited serves as <span style="white-space:nowrap">sub-advisor</span> to the Fund (the <span style="white-space:nowrap">&#8220;Sub-Advisor&#8221;</span> and, together with the Advisor, the &#8220;Advisors&#8221;). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The common shares of the Fund are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;DSU.&#8221; As of <span style="font-weight:bold"></span>December 20, 2022, the Fund has outstanding <span style="font-weight:bold"></span>46,610,312 common shares. </p> </div> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_503">INVESTMENT OBJECTIVES AND POLICIES </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Investment Restrictions </p> <div> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund has adopted restrictions and policies relating to the investment of the Fund&#8217;s assets and its activities. Certain of the restrictions are fundamental policies of the Fund and may not be changed without the approval of the holders of a majority of the Fund&#8217;s outstanding shares of common stock (which for this purpose and under the Investment Company Act means the lesser of (i) 67% of the shares of common stock represented at a meeting at which more than 50% of the outstanding shares of common stock are represented, or (ii)&#160;more than 50% of the outstanding shares). </p> </div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Fundamental Investment Restrictions</span>. Under these fundamental investment restrictions, the Fund may not: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:4%">&#160;</td>
<td style="width:5%;vertical-align:top" align="left">1.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Make any investment inconsistent with the Fund&#8217;s classification as a diversified investment company under the Investment Company Act. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:4%">&#160;</td>
<td style="width:5%;vertical-align:top" align="left">2.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Make investments for the purpose of exercising control or management. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%">&#160;</td>
<td style="width:5%;vertical-align:top" align="left">3.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Purchase or sell real estate, commodities or commodity contracts; provided that the Fund may invest in securities secured by real estate or interests therein or issued by companies that invest in real estate or interests therein, and the Fund may purchase and sell financial futures contracts and options thereon. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%">&#160;</td>
<td style="width:5%;vertical-align:top" align="left">4.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Issue senior securities or borrow money except as permitted by Section&#160;18 of the Investment Company Act. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%">&#160;</td>
<td style="width:5%;vertical-align:top" align="left">5.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act in selling portfolio securities. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:4%">&#160;</td>
<td style="width:5%;vertical-align:top" align="left">6.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Make loans to other persons, except (i)&#160;to the extent that the Fund may be deemed to be making loans by purchasing senior and subordinated corporate loans, both secured and unsecured (&#8220;Corporate Loans&#8221;), as a <span style="white-space:nowrap">Co-Lender</span> or otherwise, and other debt securities and entering into repurchase agreements in accordance with its investment objectives, policies and limitations, and (ii)&#160;the Fund may lend its portfolio securities in an amount not in excess of 33 1/3% of its total assets, taken at market value, provided that such loans shall be made in accordance with the guidelines set forth herein. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div>
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<td style="width:5%;vertical-align:top" align="left">7.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Invest more than 25% of its total assets in the securities of issuers in any one industry; provided that this limitation shall not apply with respect to obligations issued or guaranteed by the U.S. Government or by its agencies or instrumentalities; and provided further that to the extent that the Fund invests in Corporate Loans the Fund may invest more than 25% and may invest up to 100% of its assets in securities of issuers in the industry group consisting of financial institutions and their holding companies, including commercial banks, thrift institutions, insurance companies and finance companies. For purposes of this restriction, the term &#8220;issuer&#8221; includes the borrower, the lender which is administering the Corporate Loan on behalf of the syndicate (the &#8220;Agent Bank&#8221;), lenders, any syndicate of lenders <span style="white-space:nowrap">(&#8220;Co-Lenders&#8221;),</span> and any third parties to which <span style="white-space:nowrap">Co-Lenders</span> may sell Corporate Loans interposed between the Fund and a borrower. </p></td></tr></table> </div>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-3 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a fundamental investment policy, to the extent the Fund invests in Corporate Loans, the Fund will invest more than 25% and may invest up to 100% of its assets in securities of issuers in the industry group consisting of financial institutions and their holding companies, including commercial banks, thrift institutions, insurance companies and finance companies. </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund intends to invest at all times a portion of its assets in Corporate Loans; thus, the Fund intends to have at all times more than 25% of its assets invested in securities of issuers in the industry group consisting of financial institutions and their holding companies, including commercial banks, thrift institutions, insurance companies and finance companies. </p> </div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund interprets its policies with respect to borrowing and lending to permit such activities as may be lawful for the Fund, to the full extent permitted by the Investment Company Act or by exemption from the provisions therefrom pursuant to exemptive order of the Securities and Exchange Commission. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic"><span style="white-space:nowrap">Non-Fundamental</span> Investment Restrictions. </span>Any policies of the Fund not described as fundamental in this Prospectus may be changed by the Fund&#8217;s Board of Directors (the &#8220;Board&#8221;) without shareholder approval.<span style="font-style:italic"> </span>Additional investment restrictions adopted by the Fund, which may be changed by the Board without shareholder approval, provide that the Fund: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">A.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">May not purchase securities of other investment companies, except to the extent that such purchases are permitted by applicable law. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">B.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">May not mortgage, pledge, hypothecate or in any manner transfer, as security for indebtedness, any securities owned or held by the Fund except as may be necessary in connection with borrowings mentioned in investment restriction (4)&#160;above or except as may be necessary in connection with transactions in financial futures contracts and options thereon. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">C.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">May not purchase any securities on margin, except that the Fund may obtain such short term credit as may be necessary for the clearance of purchases and sales of portfolio securities (the deposit or payment by the Fund of initial or variation margin in connection with financial futures contracts and options thereon is not considered the purchase of a security on margin). </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">D.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">May make short sales of securities, except that the market value of all securities sold short may not exceed 10% of its total assets. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The restrictions and other limitations set forth in the Fund&#8217;s Prospectus and in this SAI will apply only at the time of purchase of securities and will not be considered violated if an investment rating is subsequently downgraded to a rating that would have precluded the Fund&#8217;s initial investment in such security. In the event that the Fund disposes of a portfolio security subsequent to its being downgraded, the Fund may experience a greater risk of loss than if such security had been sold prior to such downgrade. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All references to securities ratings by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) and S&amp;P Global Ratings (&#8220;S&amp;P&#8221;) herein shall, unless otherwise indicated, include all securities within each such rating category (i.e., Ba1, Ba2 and Ba3 in the case of Moody&#8217;s and BB+, BB and BB&#8211; in the case of S&amp;P). For securities with split ratings (i.e., a security receiving two different ratings from two different rating agencies), the Fund will apply the lower of the applicable ratings. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any investment policy or restriction described in the Prospectus or in this SAI is deemed to be a <span style="white-space:nowrap">non-fundamental</span> policy or restriction of the Fund, unless otherwise stated. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the Fund may not purchase securities of an issuer (other than (i)&#160;obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities and (ii)&#160;securities of other investment companies) if, with respect to 75% of its total assets, (a)&#160;more than 5% of the Fund&#8217;s total assets would be invested in securities of that issuer or (b)&#160;the Fund would hold more than 10% of the outstanding voting securities of that issuer. For purposes of this restriction, the </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-4 </p>



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Fund will regard each state and each political subdivision, agency or instrumentality of such state and each multi-state agency of which such state is a member and each public authority which issues securities on behalf of a private entity as a separate issuer, except that if the security is backed only by the assets and revenues of a <span style="white-space:nowrap">non-government</span> entity then the entity with the ultimate responsibility for the payment of interest and principal may be regarded as the sole issuer. With respect to the remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the Investment Company Act, a fund cannot change its classification from <span style="white-space:nowrap">diversified&#160;to&#160;non-diversified&#160;without&#160;shareholder</span> approval. </p> <div> </div> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_504">OTHER INVESTMENT POLICIES AND TECHNIQUES </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following information supplements the discussion of the Fund&#8217;s investment objectives, policies and techniques that are described in the Prospectus. </p> <div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Special Purpose Acquisition Companies </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund may invest in stock, warrants, rights and other interests issued by special purpose acquisition companies (&#8220;SPACs&#8221;) or similar special purpose entities that pool funds to seek potential acquisition opportunities, including the &#8220;founder&#8217;s&#8221; shares and warrants described below. A SPAC is a publicly traded company that raises investment capital via an initial public offering (&#8220;IPO&#8221;) for the purpose of identifying and acquiring one or more operating businesses or assets. In connection with forming a SPAC, the SPAC&#8217;s sponsors acquire &#8220;founder&#8217;s&#8221; shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified percentage (typically 20%) of the SPAC&#8217;s outstanding common stock upon completion of the IPO. At the time a SPAC conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity. Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. government securities, money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed within a <span style="white-space:nowrap">pre-established</span> period of time, the invested funds are returned to the SPAC&#8217;s public shareholders, the warrants expire, and the &#8220;founder&#8217;s&#8221; shares and such warrants become worthless. Because SPACs and similar entities are in essence &#8220;blank check&#8221; companies without operating histories or ongoing business operations (other than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is particularly dependent on the ability of the SPAC&#8217;s management to identify and complete a profitable acquisition. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale. </p> </div>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-5 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Environmental, Social and Governance (&#8220;ESG&#8221;) Integration </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although the Fund does not seek to implement a specific sustainability strategy, Fund management will consider ESG characteristics as part of the investment process for actively managed funds such as the Fund. These considerations will vary depending on a fund&#8217;s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary research of the Advisors across the ESG risks and opportunities regarding an issuer. Fund management will consider such ESG characteristics it deems relevant or additive, if any, when making investment decisions for the Fund. The ESG characteristics utilized in the Fund&#8217;s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ESG characteristics are not the sole considerations when making investment decisions for the Fund. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the Fund may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect the Fund&#8217;s exposure to certain companies or industries and the Fund may forego certain investment opportunities. While Fund management views ESG considerations as having the potential to contribute to the Fund&#8217;s long-term performance, there is no guarantee that such results will be achieved. </p> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_505">ADDITIONAL RISK FACTORS </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Risk Factors in Strategic Transactions and Derivatives </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund may engage in various Strategic Transactions for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Fund&#8217;s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Fund&#8217;s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes or to establish a position in the securities markets as a temporary substitute for purchasing particular securities or, to the extent applicable, to enhance income or gain. Derivatives are financial contracts or instruments whose value depends on, or is derived from, the value of an underlying asset, reference rate or index (or relationship between two indices). The Fund also may use derivatives to add leverage to the portfolio and/or to hedge against increases in the Fund&#8217;s costs associated with any leverage strategy it may employ. The use of Strategic Transactions to enhance current income may be particularly speculative. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Strategic Transactions involve risks. The risks associated with Strategic Transactions include (i)&#160;the imperfect correlation between the value of such instruments and the underlying assets, (ii)&#160;the possible default of the counterparty to the transaction, (iii)&#160;illiquidity of the derivative instruments, and (iv)&#160;high volatility losses caused by unanticipated market movements, which are potentially unlimited. Although both <span style="white-space:nowrap"><span style="white-space:nowrap">over-the-counter</span></span> and exchange-traded derivatives markets may experience a lack of liquidity, <span style="white-space:nowrap"><span style="white-space:nowrap">over-the-counter</span></span> <span style="white-space:nowrap">non-standardized</span> derivative transactions are generally less liquid than exchange-traded instruments. The illiquidity of the derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures. In addition, daily limits on price fluctuations and speculative position limits on exchanges on which the Fund may conduct its transactions in derivative instruments may prevent prompt liquidation of positions, subjecting the Fund to the potential for greater losses. Furthermore, the Fund&#8217;s ability to successfully use Strategic Transactions depends on the Advisors&#8217; ability to predict pertinent securities prices, interest rates, currency exchange rates and other economic factors, which cannot be assured. The use of Strategic Transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise sell. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to Strategic Transactions are not otherwise available to the Fund for investment purposes. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Many <span style="white-space:nowrap"><span style="white-space:nowrap">over-the-counter</span></span> derivatives are valued on the basis of dealers&#8217; pricing of these instruments. However, the price at which dealers value a particular derivative and the price which the same dealers would actually be willing to pay for such derivative should the Fund wish or be forced to sell such position may be materially different. Such differences can result in an overstatement of the Fund&#8217;s NAV and may materially adversely affect the Fund in situations in which the Fund is required to sell derivative instruments. Exchange-traded derivatives and <span style="white-space:nowrap"><span style="white-space:nowrap">over-the-counter</span></span> derivative transactions submitted for clearing through a central counterparty have become subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as possible <span style="white-space:nowrap">SEC-or</span> CFTC-mandated margin requirements. The CFTC and federal banking regulators also have imposed margin requirements on <span style="white-space:nowrap">non-cleared</span> OTC derivatives, and the SEC&#8217;s <span style="white-space:nowrap">non-cleared</span> margin requirements for security-based swaps became effective on November&#160;1, 2021. Applicable margin requirements may increase the overall costs for the Fund. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-6 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurances that the Fund&#8217;s hedging transactions will be effective. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund&#8217;s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. There are significant risks that apply generally to derivatives transactions, including: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Correlation Risk</span>&#8212;the risk that changes in the value of a derivative will not match the changes in the value of the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure. There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Counterparty Risk</span>&#8212;the risk that the counterparty in a derivative transaction will be unable to honor its financial obligation to the Fund. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become bankrupt or otherwise fail to honor their obligations. The Fund will typically attempt to minimize counterparty risk by engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have provided the Fund with a third-party guaranty or other credit support. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Credit Risk</span>&#8212;the risk that the reference entity in a credit default swap or similar derivative will not be able to honor its financial obligations. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Currency Risk</span>&#8212;the risk that changes in the exchange rate between two currencies will adversely affect the value (in U.S. dollar terms) of an investment. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Illiquidity Risk</span>&#8212;the risk that certain securities or instruments may be difficult or impossible to sell at the time or at the price desired by the counterparty in connection with payments of margin, collateral, or settlement payments. There can be no assurance that the Fund will be able to unwind or offset a derivative at its desired price, in a secondary market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without incurring substantial losses (if at all). The absence of liquidity may also make it more difficult for the Fund to ascertain a market value for such instruments. Although both OTC and exchange-traded derivatives markets may experience a lack of liquidity, certain derivatives traded in OTC markets, including swaps and OTC options, involve substantial illiquidity risk. The Fund will, therefore, acquire illiquid OTC derivatives (i)&#160;if the agreement pursuant to which the instrument is purchased contains a formula price at which the instrument may be terminated or sold, or (ii)&#160;for which the Advisor anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation from only one dealer is available, in which case that dealer&#8217;s quotation may be used. The illiquidity of the derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures. In addition, the liquidity of a secondary </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-7 </p>



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<td style="vertical-align:top">market in an exchange-traded derivative contract may be adversely affected by &#8220;daily price fluctuation limits&#8221; established by the exchanges which limit the amount of fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not possible to close an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a time when it may be disadvantageous to do so. </td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Index Risk</span>&#8212;if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below the price that the Fund paid for such derivative. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Legal Risk</span>&#8212;the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Leverage Risk&#8212;</span>the risk that the Fund&#8217;s derivatives transactions can magnify the Fund&#8217;s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Market Risk</span>&#8212;the risk that changes in the value of one or more markets or changes with respect to the value of the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, the Fund may be required to pay substantial additional margin to maintain its position or the Fund&#8217;s returns may be adversely affected. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Operational Risk</span>&#8212;the risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Valuation Risk</span>&#8212;the risk that valuation sources for a derivative will not be readily available in the market. This is possible especially in times of market distress, since many market participants may be reluctant to purchase complex instruments or quote prices for them. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Volatility Risk</span>&#8212;the risk that the value of derivatives will fluctuate significantly within a short time period. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When a derivative is used as a hedge against a position that the Fund holds, any loss generated by the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund&#8217;s hedging transactions will be effective. The Fund could also suffer losses related to its derivative positions as a result of unanticipated market movements, which losses are potentially unlimited. The Advisors may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund&#8217;s derivatives positions to lose value. In addition, some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When engaging in a hedging transaction, the Fund may determine not to seek to establish a perfect correlation between the hedging instruments utilized and the portfolio holdings being hedged. Such an imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to a risk of loss. The Fund may also determine not to hedge against a particular risk because it does not regard the probability of the risk occurring to be sufficiently high as to justify the cost of the hedge or because it does not foresee the occurrence of the risk. It may not be possible for the Fund to hedge against a change or event at attractive prices or at a price sufficient to protect the assets of the Fund from the decline in value of the portfolio positions anticipated as a result of such change. In addition, it may not be possible to hedge at all against certain risks. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Fund invests in a derivative instrument it could lose more than the principal amount invested. Moreover, derivatives raise certain tax, legal, regulatory and accounting issues that may not be presented by investments in securities, and there is some risk that certain issues could be resolved in a manner that could adversely impact the performance of the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund is not required to use derivatives or other portfolio strategies to seek to increase return or to seek to hedge its portfolio and may choose not to do so. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. Although the Advisors seek to use derivatives to further the Fund&#8217;s investment objectives, there is no assurance that the use of derivatives will achieve this result. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Counterparty Risk</span>. The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased by the Fund. Because derivative transactions in which the Fund may engage may involve instruments that are not traded on an exchange but are instead traded between counterparties based on contractual relationships, the Fund is subject to the risk that a counterparty will not perform its obligations under the related contracts. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceedings. The Fund may obtain only a limited recovery, or may obtain no recovery, in such circumstances. Although the Fund intends to enter into transactions only with counterparties that the Advisors believe to be creditworthy, there can be no assurance that, as a result, a counterparty will not default and that the Fund will not sustain a loss on a transaction. In the event of the counterparty&#8217;s bankruptcy or insolvency, the Fund&#8217;s collateral may be subject to the conflicting claims of the counterparty&#8217;s creditors, and the Fund may be exposed to the risk of a court treating the Fund as a general unsecured creditor of the counterparty, rather than as the owner of the collateral. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The counterparty risk for cleared derivatives is generally lower than for uncleared <span style="white-space:nowrap"><span style="white-space:nowrap">over-the-counter</span></span> derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties&#8217; performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Fund is subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations under those instruments, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer of an instrument in which the Fund invests will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that the Fund will not sustain a loss on a transaction as a result. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Swaps Risk</span>. Swaps are types of derivatives. Swap agreements involve the risk that the party with which the Fund has entered into 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 other party to the agreement. In order to seek to hedge the value of the Fund&#8217;s portfolio, to hedge against increases in the Fund&#8217;s cost associated with the interest payments on its outstanding borrowings or, to the extent applicable, to seek to increase the Fund&#8217;s return, the Fund may enter into swaps, including interest rate swap, total return swap or credit default swap transactions. In interest rate swap transactions, there is a risk that yields will move in the direction opposite of the direction anticipated by the Fund, which would cause the Fund to make payments to its counterparty in the transaction that could adversely affect Fund performance. In addition to the risks applicable to swaps generally (including counterparty risk, liquidity risk and credit risk), credit default swap transactions involve special risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Dodd-Frank Act requires that certain derivatives with U.S. persons must be executed on a regulated market and a substantial portion of OTC derivatives must be submitted for clearing to regulated clearinghouses. As a result, swap transactions entered into by the Fund may become subject to various requirements applicable to swaps under the Dodd-Frank Act, including clearing, exchange-execution, reporting and recordkeeping requirements, which may make it more difficult and costly for the Fund to enter into swap transactions and may also render certain strategies in which the Fund might otherwise engage impossible or so costly that they will no longer be economical to implement. Furthermore, the number of counterparties that may be willing to enter into swap transactions with the Fund may also be limited if the swap transactions with the Fund are subject to the swap regulation under the Dodd-Frank Act. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Credit default and total return swap agreements may effectively add leverage to the Fund&#8217;s portfolio because, in addition to its Managed Assets, the Fund would be subject to investment exposure on the notional amount of the swap. Total return swap agreements are subject to the risk that a counterparty will default on its payment obligations to the Fund thereunder. The Fund is not required to enter into swap transactions for hedging purposes or to enhance income or gain and may choose not to do so. In addition, the swaps market is subject to a changing regulatory environment. It is possible that regulatory or other developments in the swaps market could adversely affect the Fund&#8217;s ability to successfully use swaps. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Options Risk.</span> There are several risks associated with transactions in options on securities and indexes. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. In addition, a liquid secondary market for particular options, whether traded OTC or on a recognized securities exchange (e.g., NYSE), separate trading boards of a securities exchange or through a market system that provides contemporaneous transaction pricing information (an &#8220;Exchange&#8221;) may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities; unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the OCC may not at all times be adequate to handle current trading volume; or one or more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that Exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the OCC as a result of trades on that Exchange would continue to be exercisable in accordance with their terms. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Futures Transactions and Options Risk.</span> The primary risks associated with the use of futures contracts and options are (a)&#160;the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract or option; (b)&#160;possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c)&#160;losses caused by unanticipated market movements, which are potentially unlimited; (d)&#160;the Advisors&#8217; inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e)&#160;the possibility that the counterparty will default in the performance of its obligations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Investment in futures contracts involves the risk of imperfect correlation between movements in the price of the futures contract and the price of the security being hedged. The hedge will not be fully effective when there is imperfect correlation between the movements in the prices of two financial instruments. For example, if the price of the futures contract moves more or less than the price of the hedged security, the Fund will experience either a loss or gain on the futures contract which is not completely offset by movements in the price of the hedged securities. To compensate for imperfect correlations, the Fund may purchase or sell futures contracts in a greater dollar amount than the hedged securities if the volatility of the hedged securities is historically greater than the volatility of the futures contracts. Conversely, the Fund may purchase or sell fewer futures contracts if the volatility of the price of the hedged securities is historically lower than that of the futures contracts. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The particular securities comprising the index underlying a securities index financial futures contract may vary from the securities held by the Fund. As a result, the Fund&#8217;s ability to hedge effectively all or a portion of the value of its securities through the use of such financial futures contracts will depend in part on the degree to which price movements in the index underlying the financial futures contract correlate with the price movements of the </p>
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securities held by the Fund. The correlation may be affected by disparities in the average maturity, ratings, geographical mix or structure of the Fund&#8217;s investments as compared to those comprising the securities index and general economic or political factors. In addition, the correlation between movements in the value of the securities index may be subject to change over time as additions to and deletions from the securities index alter its structure. The correlation between futures contracts on U.S. Government securities and the securities held by the Fund may be adversely affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures contracts and the prices of securities held by the Fund may be greater. The trading of futures contracts also is subject to certain market risks, such as inadequate trading activity, which could at times make it difficult or impossible to liquidate existing positions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund may liquidate futures contracts it enters into through offsetting transactions on the applicable contract market. There can be no assurance, however, that a liquid secondary market will exist for any particular futures contract at any specific time. Thus, it may not be possible to close out a futures position. In the event of adverse price movements, the Fund would continue to be required to make daily cash payments of variation margin. In such situations, if the Fund has insufficient cash, it may be required to sell portfolio securities to meet daily variation margin requirements at a time when it may be disadvantageous to do so. The inability to close out futures positions also could have an adverse impact on the Fund&#8217;s ability to hedge effectively its investments in securities. The liquidity of a secondary market in a futures contract may be adversely affected by &#8220;daily price fluctuation limits&#8221; established by commodity exchanges which limit the amount of fluctuation in a futures contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open futures positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The successful use of transactions in futures and related options also depends on the ability of the Advisors to forecast correctly the direction and extent of interest rate movements within a given time frame. To the extent interest rates remain stable during the period in which a futures contract or option is held by the Fund or such rates move in a direction opposite to that anticipated, the Fund may realize a loss on the Strategic Transaction which is not fully or partially offset by an increase in the value of portfolio securities. As a result, the Fund&#8217;s total return for such period may be less than if it had not engaged in the Strategic Transaction. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because of low initial margin deposits made upon the opening of a futures position, futures transactions involve substantial leverage. As a result, relatively small movements in the price of the futures contracts can result in substantial unrealized gains or losses. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has an open position in a financial futures contract. Because the Fund may engage in the purchase and sale of futures contracts for hedging purposes or to seek to enhance the Fund&#8217;s return, any losses incurred in connection therewith may, if the strategy is successful, be offset in whole or in part by increases in the value of securities held by the Fund or decreases in the price of securities the Fund intends to acquire. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amount of risk the Fund assumes when it purchases an option on a futures contract is the premium paid for the option plus related transaction costs. In addition to the correlation risks discussed above, the purchase of an option on a futures contract also entails the risk that changes in the value of the underlying futures contract will not be fully reflected in the value of the option purchased. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">General Risk Factors in Hedging Foreign Currency</span>. Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. While the Fund&#8217;s use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund&#8217;s common shares, the NAV of the Fund&#8217;s common shares will fluctuate. Moreover, although Currency Instruments may be used with the intention of hedging against adverse currency movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be accurately predicted and that the Fund&#8217;s hedging strategies will be ineffective. To the extent that the Fund hedges against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return as the result of its hedging transactions. Furthermore, the Fund will only engage in hedging activities from time to time and may not be engaging in hedging activities when movements in currency exchange rates occur. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It may not be possible for the Fund to hedge against currency exchange rate movements, even if correctly anticipated, in the event that (i)&#160;the currency exchange rate movement is so generally anticipated that the Fund is not able to enter into a hedging transaction at an effective price, or (ii)&#160;the currency exchange rate movement relates to a market with respect to which Currency Instruments are not available and it is not possible to engage in effective foreign currency hedging. The cost to the Fund of engaging in foreign currency transactions varies with such factors as the currencies involved, the length of the contract period and the market conditions then prevailing. Since transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are involved. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Foreign Currency Forwards Risk</span>. Forward foreign currency exchange contracts do not eliminate fluctuations in the value of <span style="white-space:nowrap">Non-U.S.</span> Securities (as defined in the Prospectus) but rather allow the Fund to establish a fixed rate of exchange for a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with its trading in forward foreign currency contracts, the Fund will contract with a foreign or domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers are not required to continue to make markets in such contracts. There have been periods during which certain banks or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell. Governmental imposition of credit controls might limit any such forward contract trading. With respect to its trading of forward contracts, if any, the Fund will be subject to the risk of bank or dealer failure and the inability of, or refusal by, a bank or dealer to perform with respect to such contracts. Any such default would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the then market price and could result in a loss to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the Fund is exposed is difficult to hedge or to hedge against the dollar. Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies in which some or all of the Fund&#8217;s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies may not be present or may not be present during the particular time that the Fund is engaging in proxy hedging. The Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to have portfolio exposure. For example, the Fund may hold both Canadian government bonds and Japanese government bonds, and the Advisors may believe that Canadian dollars will deteriorate against Japanese yen. The Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the value of the Japanese yen relative to the U.S. dollar. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some of the forward <span style="white-space:nowrap">non-U.S.</span> currency contracts entered into by the Fund may be classified as <span style="white-space:nowrap">non-deliverable</span> forwards (&#8220;NDFs&#8221;). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated in <span style="white-space:nowrap">non-convertible</span> foreign currency, where the profit or loss at the time at the settlement date is calculated by taking the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars. They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally traded. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-12 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Currency Futures Risk.</span> The Fund may also seek to hedge against the decline in the value of a currency or to enhance returns through use of currency futures or options thereon. Currency futures are similar to forward foreign exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk, and also involve leverage risk. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Currency Options Risk.</span> The Fund may also seek to hedge against the decline in the value of a currency or to enhance returns through the use of currency options. Currency options are similar to options on securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or before the expiration date for a specified amount of another currency. The Fund may engage in transactions in options on currencies either on exchanges or OTC markets. Currency options involve substantial currency risk, and may also involve credit, leverage or illiquidity risk. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Currency Swaps Risk.</span> The Fund may enter into currency swaps. Currency swaps involve the exchange of the rights of the Fund and another party to make or receive payments in specified currencies. The Fund may also hedge portfolio positions through currency swaps, which are transactions in which one currency is simultaneously bought for a second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Because currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic"><span style="white-space:nowrap"><span style="white-space:nowrap">Over-the-Counter</span></span> Trading Risk.</span> The derivative instruments that may be purchased or sold by the Fund may include instruments not traded on an exchange. The risk of nonperformance by the counterparty to an instrument may be greater than, and the ease with which the Fund can dispose of or enter into closing transactions with respect to an instrument may be less than, the risk associated with an exchange traded or cleared OTC instrument. In addition, significant disparities may exist between &#8220;bid&#8221; and &#8220;asked&#8221; prices for derivative instruments that are not traded on an exchange. The absence of liquidity may make it difficult or impossible for the Fund to sell such instruments promptly at an acceptable price. Derivative instruments not traded on exchanges also are not subject to the same type of government regulation as exchange traded or cleared OTC instruments, and many of the protections afforded to participants in a regulated environment may not be available in connection with the transactions. Because derivatives traded in OTC markets generally are not guaranteed by an exchange or clearing corporation and generally do not require payment of margin, to the extent that the Fund has unrealized gains in such instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become bankrupt or otherwise fail to honor its obligations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Rule <span style="white-space:nowrap">18f-4</span> Under the Investment Company Act. </span>Rule <span style="white-space:nowrap">18f-4</span> under the Investment Company Act permits the Fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of &#8220;senior securities&#8221; under Section&#160;18 of the Investment Company Act. Section&#160;18 of the Investment Company Act, among other things, prohibits <span style="white-space:nowrap">closed-end</span> funds, including the Fund, from issuing or selling any &#8220;senior security&#8221; representing indebtedness (unless the fund maintains 300% &#8220;asset coverage&#8221;) or any senior security representing stock (unless the fund maintains 200% &#8220;asset coverage&#8221;). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Rule <span style="white-space:nowrap">18f-4,</span> &#8220;Derivatives Transactions&#8221; include the following: (1)&#160;any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2)&#160;any short sale borrowing; (3)&#160;reverse repurchase agreements and similar financing transactions (e.g., recourse and <span style="white-space:nowrap">non-recourse</span> tender option bonds, and borrowed bonds), if the Fund elects to treat these transactions as Derivatives Transactions under Rule <span style="white-space:nowrap">18f-4;</span> and (4)&#160;when-issued or forward-settling securities (e.g., firm and standby commitments, including <span style="white-space:nowrap"><span style="white-space:nowrap">to-be-announced</span></span> (&#8220;TBA&#8221;) commitments, and dollar rolls) and <span style="white-space:nowrap">non-standard</span> settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities Provision (as defined in the prospectus under &#8220;The Fund&#8217;s Investments&#8212;Portfolio Contents and Techniques&#8212;When-Issued Securities, Delayed Delivery Securities and Forward Commitments&#8221;). </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-13 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule <span style="white-space:nowrap">18f-4</span> with respect to its Derivatives Transactions. Rule <span style="white-space:nowrap">18f-4,</span> among other things, requires the Fund to adopt and implement a comprehensive written derivatives risk management program (&#8220;DRMP&#8221;) and comply with a relative or absolute limit on fund leverage risk calculated based on <span style="white-space:nowrap"><span style="white-space:nowrap">value-at-risk</span></span> (&#8220;VaR&#8221;). The DRMP is administered by a &#8220;derivatives risk manager,&#8221; who is appointed by the Board, including a majority of the Directors who are not &#8220;interested persons&#8221; (as defined in the Investment Company Act) (the &#8220;Independent Directors&#8221;), and periodically reviews the DRMP and reports to the Board. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Rule <span style="white-space:nowrap">18f-4</span> provides an exception from the DRMP, VaR limit and certain other requirements if the Fund&#8217;s &#8220;derivatives exposure&#8221; is limited to 10% of its net assets (as calculated in accordance with Rule <span style="white-space:nowrap">18f-4)</span> and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the &#8220;Limited Derivatives User Exception&#8221;). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Dodd-Frank Act Risk.</span> Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of&#160;2010 (the &#8220;Dodd-Frank Act&#8221;) (the &#8220;Derivatives Title&#8221;) imposed a substantially new regulatory structure on&#160;derivatives markets, with particular emphasis on swaps (which are subject to oversight by the CFTC) and security-based swaps (which are subject to oversight by the SEC). The regulatory framework covers a broad range of swap market participants, including <span style="white-space:nowrap">banks,&#160;non-banks,&#160;credit</span> unions, insurance companies,&#160;broker-dealers&#160;and investment advisers. Prudential regulators were granted authority to regulate margining of swaps and security-based swaps of banks and bank-related entities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Current regulations for swaps require the mandatory central clearing and mandatory exchange trading of particular types of interest rate swaps and index credit default swaps (together, &#8220;Covered Swaps&#8221;). The Fund is required to clear its Covered Swaps through a clearing broker, which requires, among other things, posting initial margin and variation margin to the Fund&#8217;s clearing broker in order to enter into and maintain positions in Covered Swaps. Covered Swaps generally are required to be executed through a swap execution facility (&#8220;SEF&#8221;), which can involve additional transaction fees. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, under the Dodd-Frank Act, with respect to uncleared swaps (both uncleared swaps and uncleared security-based swaps entered into with banks), swap dealers are required to collect from the Fund both initial and variation margin (comprised of specified liquid instruments and subject to a required haircut). Shares of investment companies (other than certain money market funds) may not be posted as collateral under applicable regulations. As capital and margin requirements for swap dealers and capital and margin requirements for security-based swaps are implemented, such requirements may make certain types of trades and/or trading strategies more costly. There may be market dislocations due to uncertainty during the implementation period of any new regulation and the Advisors cannot know how the derivatives market will adjust to such new regulations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in &#8220;qualified financial contracts,&#8221; including many derivatives contracts as well as repurchase agreements and securities lending agreements, terms that delay or restrict the rights of counterparties to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of affiliate credit enhancements (such as guarantees) in the event that the bank-regulated counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Legal and Regulatory Risk</span>. At any time after the date hereof, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund. Changing approaches to regulation may have a negative impact on the securities in which the Fund invests. Legislation or regulation may also change the way in which the Fund itself is regulated. 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 objectives. In addition, as new rules and regulations resulting from the passage of the Dodd-Frank Act are implemented and new international capital and liquidity requirements are introduced under the Basel III Accords, the market may not react the way the Advisors expect. Whether the Fund achieves its investment objectives may depend on, among other things, whether the Advisors correctly forecast market reactions to this and other legislation. In the event the Advisors incorrectly forecast market reaction, the Fund may not achieve its investment objectives. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-14 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_506">MANAGEMENT OF THE FUND </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Investment Management Agreement </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although the Advisor intends to devote such time and effort to the business of the Fund as is reasonably necessary to perform its duties to the Fund, the services of the Advisor are not exclusive and the Advisor provides similar services to other investment companies and other clients and may engage in other activities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The investment management agreement between the Advisor and the Fund (the &#8220;Investment Management Agreement&#8221;) also provides that except for a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation or a loss resulting from willful misfeasance, bad faith or gross negligence on the Advisor&#8217;s part in the performance of its duties or from reckless disregard by the Advisor of its duties under the Investment Management Agreement, the Advisor is not liable for any error of judgment or mistake of law or for any loss suffered by the Advisor or the Fund in connection with the performance of the Investment Management Agreement. The Investment Management Agreement also provides for indemnification by the Fund of the Advisor and each of the Advisor&#8217;s directors, officers, employees, agents, associates and controlling persons, and the directors, partners, members, officers, employees and agents thereof (including any individual who serves at the Advisor&#8217;s request as director, officer, partner, member, trustee or the like of another entity) for liabilities and expenses incurred by them in connection with their services to the Fund, subject to certain limitations and conditions. </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Investment Management Agreement provides for the Fund to pay a monthly management fee at an annual rate of 0.55% based on an aggregate of (i)&#160;the Fund&#8217;s average daily Net Assets and (ii)&#160;the proceeds of any outstanding debt securities or borrowings used for leverage (together, &#8220;average daily Managed Assets&#8221;).&#160;&#8220;Net Assets&#8221; means the total assets of the Fund minus the sum of the accrued liabilities.&#160;The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund&#8217;s net asset value.&#160;The Fund uses leverage in the form of a credit facility, which as of December&#160;19, 2022 amounted to approximately 26.45% of the Fund&#8217;s Managed Assets (approximately 35.95% of the Fund&#8217;s net assets).&#160;&#8220;Managed Assets&#8221; means the total assets of the Fund minus the sum of the Fund&#8217;s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund&#8217;s net assets attributable to common stock are the Fund&#8217;s Managed Assets minus the value of the Fund&#8217;s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. </p> </div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund and the Advisor have entered into a fee waiver agreement (the &#8220;Fee Waiver Agreement&#8221;), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#8217;s assets attributable to investments in any equity and fixed-income mutual funds and exchanged-traded funds (&#8220;ETFs&#8221;) managed by the Advisor or its affiliates that have a contractual management fee, through June&#160;30, 2024. In addition, effective December&#160;1, 2019, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor indirectly through its investment in money market funds advised by the Advisor or its affiliates, through June&#160;30, 2024. The Fee Waiver Agreement may be continued from year to year thereafter, provided that such continuance is specifically approved by the Advisor and the Fund (including by a majority of the Directors who are not &#8220;interested persons&#8221; (as defined in the Investment Company Act) (the &#8220;Independent Directors&#8221;)). Neither the Advisor nor the Fund is obligated to extend the Fee Waiver Agreement. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Independent Directors or a majority of the outstanding voting securities of the Fund), upon 90 days&#8217; written notice by the Fund to the Advisor. Prior to December&#160;1, 2019, the agreement to waive a portion of the Fund&#8217;s management fee in connection with the Fund&#8217;s investment in affiliated money market funds was voluntary. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Investment Management Agreement will continue in effect from year to year provided that each continuance is specifically approved at least annually by both (1)&#160;the vote of a majority of the Board or the vote of a majority of the outstanding voting securities of the Fund (as such term is defined in the Investment Company Act) and (2)&#160;by the vote of a majority of the Directors who are not parties to the Investment Management Agreement or &#8220;interested persons&#8221; (as such term is defined in the Investment Company Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Investment Management Agreement may be terminated as a </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-15 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">whole at any time by the Fund, without the payment of any penalty, upon the vote of a majority of the Directors or a majority of the outstanding voting securities of the Fund or by the Advisor, on 60 days&#8217; written notice by either party to the other which can be waived by the <span style="white-space:nowrap">non-terminating</span> party. The Investment Management Agreement will terminate automatically in the event of its &#8220;assignment&#8221; (as such term is defined in the Investment Company Act and the rules thereunder). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The table below sets forth information about the total management fees paid by the Fund to the Advisor, and the amounts waived by the Advisor, for the periods indicated: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:76%;border:0;margin:0 auto">


<tr>

<td style="width:61%"/>

<td style="vertical-align:bottom;width:12%"/>
<td/>
<td/>
<td/>

<td style="vertical-align:bottom;width:12%"/>
<td/>
<td/>
<td/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Fiscal Year/Period Ended</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Paid&#160;to&#160;the&#160;Advisor</span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Waived&#160;by&#160;the&#160;Advisor</span></td>
<td style="vertical-align:bottom">&#160;</td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&#160;31, 2021</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">4,304,209</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">30,463</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&#160;31, 2020</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">4,133,648</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">48,757</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&#160;31, 2019</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">4,024,649</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">1,164</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February&#160;28, 2019<sup style="font-size:75%; vertical-align:top">1</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">5,261,589</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">2,535</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left">(1)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">On September&#160;5, 2019, the Board approved a change in the fiscal <span style="white-space:nowrap">year-end</span> of DSU, effective as of December&#160;31 from February 28. </p></td></tr></table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><span style="white-space:nowrap">Sub-Investment</span> Advisory Agreement </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock International Limited (the <span style="white-space:nowrap">&#8220;Sub-Advisor&#8221;),</span> a wholly owned subsidiary of BlackRock, performs certain of the <span style="white-space:nowrap"><span style="white-space:nowrap">day-to-day</span></span> investment management of the Fund pursuant to a separate <span style="white-space:nowrap">sub-investment</span> advisory agreement. The <span style="white-space:nowrap">Sub-Advisor</span> receives a portion of the management fee paid by the Fund to the Advisor. The Advisor, and not the Fund, pays an annual <span style="white-space:nowrap">sub-advisory</span> fee to the <span style="white-space:nowrap">Sub-Advisor.</span> For that portion of the Fund for which the <span style="white-space:nowrap">Sub-Advisor</span> acts as <span style="white-space:nowrap">sub-advisor,</span> the Advisor pays to the <span style="white-space:nowrap">Sub-Advisor,</span> an annual fee in arrears in an amount equal to 50% of the management fees received by the Advisor from the Fund with respect to the average daily value of the managed assets of the Fund allocated to the <span style="white-space:nowrap">Sub-Advisor.</span> </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <span style="white-space:nowrap">sub-investment</span> advisory agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations thereunder, the Fund will indemnify the <span style="white-space:nowrap">Sub-Advisor,</span> its directors, officers, employees, agents, associates and control persons for liabilities incurred by them in connection with their services to the Fund, subject to certain limitations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although the <span style="white-space:nowrap">Sub-Advisor</span> intends to devote such time and effort to the business of the Fund as is reasonably necessary to perform its duties to the Fund, the services of the <span style="white-space:nowrap">Sub-Advisor</span> are not exclusive and the <span style="white-space:nowrap">Sub-Advisor</span> provides similar services to other investment companies and other clients and may engage in other activities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <span style="white-space:nowrap">sub-investment</span> advisory agreement will continue in effect for a period of two years from its effective date, and if not sooner terminated, will continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved at least annually by both (1)&#160;the vote of a majority of the Board or the vote of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act) and (2)&#160;by the vote of a majority of the Directors who are not parties to such agreement or interested persons (as such term is defined in the Investment Company Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The <span style="white-space:nowrap">sub-investment</span> advisory agreement may be terminated as a whole at any time by the Fund without the payment of any penalty, upon the vote of a majority of the Board or a majority of the outstanding voting securities of the Fund or by the Advisor or the <span style="white-space:nowrap">Sub-Advisor,</span> on 60 days&#8217; written notice by either party to the other. The <span style="white-space:nowrap">sub-investment</span> advisory agreement will also terminate automatically in the event of their assignment (as such term is defined in the Investment Company Act and the rules thereunder). </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Biographical Information Pertaining to the Directors </p> <div> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board consists of ten individuals (each, a &#8220;Director&#8221;), eight of whom are Independent Directors. The registered investment companies advised by the Advisor or its affiliates (the &#8220;BlackRock-advised Funds&#8221;) are organized into the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a &#8220;BlackRock Fund Complex&#8221;).&#160;The Fund is included in the BlackRock Fund Complex referred to as the BlackRock Fixed-Income Complex.&#160;The Directors also oversee as board members the operations of the other <span style="white-space:nowrap">open-end</span> and <span style="white-space:nowrap">closed-end</span> registered investment companies included in the BlackRock Fixed-Income Complex. </p> </div>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-16 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the section of the Fund&#8217;s June&#160;3, 2022 definitive proxy statement on Schedule 14A for the annual meeting of the Fund&#8217;s shareholders entitled: &#8220;<a href="http://www.sec.gov/Archives/edgar/data/0001287480/000119312522167136/d316120ddef14a.htm#toc316120_3">Proposal 1&#8212;Board Members<span style="text-decoration:underline">&#8217;</span>/Nominees&#8217; Biographical Information</a>&#8221;, which is incorporated by reference herein, for a discussion of the Fund&#8217;s directors, their principal occupations and other affiliates during the past five years, the number of portfolios in the Fixed-Income Complex that they oversee, and other information about them. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Board Leadership Structure and Oversight </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the sections of the Fund&#8217;s definitive proxy statement on Schedule 14A for the annual meeting of the Fund&#8217;s shareholders entitled: &#8220;<a href="http://www.sec.gov/Archives/edgar/data/0001287480/000119312522167136/d316120ddef14a.htm#toc316120_3">Proposal 1&#8212;Board Leadership Structure and Oversight</a>&#8221; and &#8220;<a href="http://www.sec.gov/Archives/edgar/data/0001287480/000119312522167136/d316120ddef14a.htm#toc316120_11">Appendix E&#8212;Committees of the Board</a>&#8221; which is incorporated by reference herein, for a discussion of the Board&#8217;s leadership structure and oversight. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Director Share Ownership </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information relating to each Director&#8217;s share ownership in the Fund and in all BlackRock-advised Funds that are currently overseen by the respective Director (&#8220;Supervised Funds&#8221;) as of December&#160;31, 2021 is set forth in the chart below: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:76%;border:0;margin:0 auto">


<tr>

<td style="width:48%"/>

<td style="vertical-align:bottom;width:11%"/>
<td/>
<td/>
<td/>

<td style="vertical-align:bottom;width:11%"/>
<td/>
<td/>
<td/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Name of Director</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Dollar&#160;Range&#160;of&#160;Equity</span><br/><span style="font-weight:bold">Securities&#160;in&#160;the&#160;Fund*</span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Aggregate&#160;Dollar&#160;Range&#160;of&#160;Equity</span><br/><span style="font-weight:bold">Securities in Supervised Funds*</span></td>
<td style="vertical-align:bottom">&#160;</td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">Independent Directors</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cynthia L. Egan</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right"><span style="white-space:nowrap">50,001-100,000</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">Over&#160;$100,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Frank J. Fabozzi</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right"><span style="white-space:nowrap">1-$10,000</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">Over&#160;$100,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lorenzo A. Flores</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">None</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">Over&#160;$100,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stayce D. Harris</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">None</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">Over&#160;$100,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">J. Phillip Holloman</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">None</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">Over&#160;$100,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">R. Glenn Hubbard</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right"><span style="white-space:nowrap">1-$10,000</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">Over&#160;$100,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">W. Carl Kester</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right"><span style="white-space:nowrap">1-$10,000</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">Over&#160;$100,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Catherine A. Lynch</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right"><span style="white-space:nowrap">50,001-$100,000</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">Over&#160;$100,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">Interested Directors</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Robert Fairbairn</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">None</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">Over&#160;$100,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John M. Perlowski</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right"><span style="white-space:nowrap">10,001-$50,000</span></td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">Over&#160;$100,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table> </div> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left">*</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Includes share equivalents owned under the deferred compensation plan in the Supervised Funds by certain Independent Directors who have participated in the deferred compensation plan of the Supervised Funds. </p></td></tr></table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Compensation of Directors </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the section of the Fund&#8217;s definitive proxy statement on Schedule 14A for the annual meeting of the Fund&#8217;s shareholders entitled: &#8220;<a href="http://www.sec.gov/Archives/edgar/data/0001287480/000119312522167136/d316120ddef14a.htm#toc316120_8">Appendix B &#8211; Compensation of the Board Members</a>,&#8221; which is incorporated by reference herein, for information pertaining to the compensation received by each Director for their services as a Board Member of the BlackRock-advised funds. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-17 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Independent Director Ownership of Securities </p> <div> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&#160;31, 2021, none of the Independent Directors of the Fund or their immediate family members owned beneficially or of record any securities of BlackRock or any affiliate of any BlackRock person controlling, controlled by or under common control with BlackRock nor did any Independent Director of the Fund or their immediate family member have any material interest in any transaction, or series of similar transactions, during the most recently completed two calendar years involving the Fund BlackRock or any affiliate of any BlackRock person controlling, controlled by or under common control with the Fund or BlackRock. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the date of this SAI, the officers and Directors of the Fund, as a group, beneficially owned less than 1% of the outstanding common shares of the Fund. </p> </div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Information Pertaining to the Officers </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please refer to the section of the Fund&#8217;s definitive proxy statement on Schedule 14A for the annual meeting of the Fund&#8217;s shareholders entitled: &#8220;<a href="http://www.sec.gov/Archives/edgar/data/0000894242/000119312521185508/d178928ddef14a.htm#toc178928_12">Appendix F &#8211; Information Pertaining to the Executive Officers of the Funds</a>,&#8221; which is incorporated by reference herein, for certain biographical and other information relating to the officers of the Fund who are not Directors. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Indemnification of Directors and Officers </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The governing documents of the Fund generally provide that, to the extent permitted by applicable law, the Fund will indemnify its Directors and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the Fund unless, as to liability to the Fund or its investors, it is finally adjudicated that they engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in their offices. In addition, the Fund will not indemnify Directors with respect to any matter as to which Directors did not act in good faith in the reasonable belief that his or her action was in the best interest of the Fund or, in the case of any criminal proceeding, as to which Directors had reasonable cause to believe that the conduct was unlawful. Indemnification provisions contained in the Fund&#8217;s governing documents are subject to any limitations imposed by applicable law. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="white-space:nowrap">Closed-end</span> funds in the BlackRock Fixed-Income Complex, including the Fund, have also entered into a separate indemnification agreement with the board members of each board of such funds (the &#8220;Indemnification Agreement&#8221;). The Indemnification Agreement (i)&#160;extends the indemnification provisions contained in a fund&#8217;s governing documents to board members who leave that fund&#8217;s board and serve on an advisory board of a different fund in the BlackRock Fixed-Income Complex; (ii)&#160;sets in place the terms of the indemnification provisions of a fund&#8217;s governing documents once a board member retires from a board; and (iii)&#160;in the case of board members who left the board of a fund in connection with or prior to the board consolidation that occurred in 2007 as a result of the merger of BlackRock and Merrill Lynch&#160;&amp; Co., Inc.&#8217;s investment management business, clarifies that such fund continues to indemnify the director for claims arising out of his or her past service to that fund. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Portfolio Management </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Portfolio Manager Assets Under Management </span></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth information about funds and accounts other than the Fund for which the portfolio managers are primarily responsible for the <span style="white-space:nowrap"><span style="white-space:nowrap">day-to-day</span></span> portfolio management as of December&#160;31, 2021: </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-18 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>

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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="5" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">(ii)&#160;Number&#160;of&#160;Other&#160;Accounts&#160;Managed</span><br/><span style="font-weight:bold">and Assets by Account Type</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="5" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">(iii)&#160;Number&#160;of&#160;Other&#160;Accounts&#160;and</span><br/><span style="font-weight:bold">Assets&#160;for Which Advisory Fee is</span><br/><span style="font-weight:bold">Performance-Based</span></td></tr>
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<td style="vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">(i) Name of</p> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Portfolio Manager</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Other</span><br/><span style="font-weight:bold">Registered</span><br/><span style="font-weight:bold">Investment</span><br/><span style="font-weight:bold">Companies</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Other Pooled</span><br/><span style="font-weight:bold">Investment</span><br/><span style="font-weight:bold">Vehicles</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Other</span><br/><span style="font-weight:bold">Accounts</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Other</span><br/><span style="font-weight:bold">Registered</span><br/><span style="font-weight:bold">Investment</span><br/><span style="font-weight:bold">Companies</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Other<br/>Pooled</span><br/><span style="font-weight:bold">Investment</span><br/><span style="font-weight:bold">Vehicles</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Other</span><br/><span style="font-weight:bold">Accounts</span></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">James E. Keenan</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">28</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">35</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">19</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">5</td></tr>
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<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$43.79&#160;Billion</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$16.41&#160;Billion</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$10.46&#160;Billion</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$1.23&#160;Billion</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mitchell Garfin</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">27</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">27</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">61</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">5</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$45.69&#160;Billion</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$15.54&#160;Billion</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$16.87&#160;Billion</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$1.03&#160;Billion</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">David Delbos</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">31</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">25</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">61</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">5</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$41.97&#160;Billion</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$15.82&#160;Billion</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$17.55&#160;Billion</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$1.03&#160;Billion</td></tr>
</table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Portfolio Manager Compensation Overview </span></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The discussion below describes the portfolio managers&#8217; compensation as of December&#160;31, 2021. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Advisor&#8217;s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by the Advisor. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-weight:bold">Base Compensation</span>. Generally, portfolio managers receive base compensation based on their position with the firm. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-weight:bold">Discretionary Incentive Compensation</span>. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager&#8217;s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm&#8217;s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual&#8217;s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. Among other things, BlackRock&#8217;s Chief Investment Officers make a subjective determination with respect to each portfolio manager&#8217;s compensation based on the performance of the Fund and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed-income funds is measured on a <span style="white-space:nowrap">pre-tax</span> and/or <span style="white-space:nowrap">after-tax</span> basis over various time periods including <span style="white-space:nowrap">1-,</span> <span style="white-space:nowrap">3-</span> and <span style="white-space:nowrap">5-</span> year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div>
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<tr>

<td style="width:51%"/>

<td style="vertical-align:bottom;width:1%"/>
<td style="width:48%"/></tr>
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<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Portfolio Manager</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Benchmarks</p></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">James E. Keenan</p></td>
<td style="vertical-align:bottom" rowspan="3">&#160;&#160;</td>
<td style="vertical-align:bottom" rowspan="3" align="center"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;text-align:center">A combination of market-based indices (e.g., The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices and certain fund industry peer groups.</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">David Delbos</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mitchell Garfin</p></td></tr>
</table> </div>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-19 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-weight:bold">Distribution of Discretionary Incentive Compensation</span>.<span style="font-weight:bold"> </span>Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year &#8220;at risk&#8221; based on BlackRock&#8217;s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-weight:bold">Other Compensation Benefits.</span><span style="font-weight:bold"></span>&#160;In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following: </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Incentive Savings Plans&#8212;</span>BlackRock,&#160;Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k)&#160;plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal <span style="white-space:nowrap">to&#160;3-5%&#160;of</span> eligible compensation up to the Internal Revenue Service limit ($305,000 for 2022). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65.&#160;The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date.&#160;Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date.&#160;All of the eligible portfolio managers are eligible to participate in these plans. </p> </div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Securities Ownership of Portfolio Managers </span></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&#160;31, 2021, the end of the Fund&#8217;s most recently completed fiscal year end, the dollar range of securities beneficially owned by each portfolio manager in the Fund is shown below: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div>
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<tr>

<td style="width:74%"/>

<td style="vertical-align:bottom;width:4%"/>
<td/></tr>
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<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Portfolio Manager</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Dollar&#160;Range&#160;of&#160;Equity</span><br/><span style="font-weight:bold">Securities of the Fund</span><br/><span style="font-weight:bold">Beneficially Owned</span></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">James Keenan</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center"><span style="white-space:nowrap">$500,001&#160;-&#160;$1,000,000</span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mitchell Garfin</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center"><span style="white-space:nowrap">$500,001&#160;-&#160;$100,000</span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">David Delbos</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center"><span style="white-space:nowrap">$500,001&#160;-&#160;$1,000,000</span></td></tr>
</table> </div>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-20 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Potential Material Conflicts of Interest </span></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Advisor has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. The Advisor has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, the Advisor furnishes investment management and advisory services to numerous clients in addition to the Fund, and the Advisor may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to the Advisor, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale the Advisor recommends to the Fund. BlackRock, Inc. or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by the Advisor with respect to the same securities. Moreover, the Advisor may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.&#8217;s (or its affiliates&#8217; or significant shareholders&#8217;) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material <span style="white-space:nowrap">non-public</span> information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Keenan, Garfin and Delbos may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Keenan, Garfin and Delbos may therefore be entitled to receive a portion of any incentive fees earned on such accounts. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a fiduciary, the Advisor owes a duty of loyalty to its clients and must treat each client fairly. When the Advisor purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. The Advisor attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide the Advisor with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-21 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Proxy Voting Policies </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board has delegated the voting of proxies for the Fund&#8217;s securities to the Advisor pursuant to the Advisor&#8217;s proxy voting guidelines. Under these guidelines, the Advisor will vote proxies related to Fund securities in the best interests of the Fund and its shareholders. From time to time, a vote may present a conflict between the interests of the Fund&#8217;s shareholders, on the one hand, and those of the Advisor, or any affiliated person of the Fund or the Advisor, on the other. In such event, provided that the Advisor&#8217;s Equity Investment Policy Oversight Committee, or a <span style="white-space:nowrap">sub-committee</span> thereof (the &#8220;Oversight Committee&#8221;), is aware of the real or potential conflict, if the matter to be voted on represents a material, <span style="white-space:nowrap">non-routine</span> matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Advisor&#8217;s clients. If the Advisor determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Advisor&#8217;s Portfolio Management Group and/or the Advisor&#8217;s Legal and Compliance Department and concluding that the vote cast is in its client&#8217;s best interest notwithstanding the conflict. A copy of the <span style="white-space:nowrap">Closed-End</span> Fund Proxy Voting Policy is included as Appendix B to this SAI. Information on how the Fund voted proxies relating to portfolio securities during the most recent <span style="white-space:nowrap">12-month</span> period ended June&#160;30 will be available (i)&#160;at www.blackrock.com and (ii)&#160;on the SEC&#8217;s website at http://www.sec.gov. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Codes of Ethics </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund and the Advisor have adopted codes of ethics pursuant to <span style="white-space:nowrap">Rule&#160;17j-1</span> under the Investment Company Act. These codes permit personnel subject to the codes to invest in securities, including securities that may be purchased or held by the Fund. These codes may be obtained by calling the SEC at (202) <span style="white-space:nowrap">551-8090.</span> These codes of ethics are available on the EDGAR Database on the SEC&#8217;s website (http://www.sec.gov), and copies of these codes may be obtained, after paying a duplicating fee, by electronic request at the following <span style="white-space:nowrap">e-mail</span> address: publicinfo@sec.gov. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Other Information </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock, Inc. is independent in ownership and governance, with no single majority stockholder and a majority of independent directors.</p> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_507">PORTFOLIO TRANSACTIONS AND BROKERAGE </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to policies established by the Board, the Advisor is primarily responsible for the execution of the Fund&#8217;s portfolio transactions and the allocation of brokerage. The Advisor does not execute transactions through any particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, operational facilities of the firm and the firm&#8217;s risk and skill in positioning blocks of securities. While the Advisor generally seeks reasonable trade execution costs, the Fund does not necessarily pay the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal requirements, the Advisor may select a broker based partly upon brokerage or research services provided to the Advisor and its clients, including the Fund. In return for such services, the Advisor may cause the Fund to pay a higher commission than other brokers would charge if the Advisor determines in good faith that the commission is reasonable in relation to the services provided. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In selecting brokers or dealers to execute portfolio transactions, the Advisor seeks to obtain the best price and most favorable execution for the Fund, taking into account a variety of factors including: (i)&#160;the size, nature and character of the security or instrument being traded and the markets in which it is purchased or sold; (ii)&#160;the desired timing of the transaction; (iii)&#160;the Advisor&#8217;s knowledge of the expected commission rates and spreads currently available; (iv)&#160;the activity existing and expected in the market for the particular security or instrument, including any anticipated execution difficulties; (v)&#160;the full range of brokerage services provided; (vi)&#160;the broker&#8217;s or dealer&#8217;s capital; (vii)&#160;the quality of research and research services provided; (viii)&#160;the reasonableness of the commission, dealer spread or its equivalent for the specific transaction; and (ix)&#160;the Advisor&#8217;s knowledge of any actual or apparent operational problems of a broker or dealer. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-22 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&#160;28(e) of the Exchange Act (&#8220;Section&#160;28(e)&#8221;) permits an investment adviser, under certain circumstances, to cause an account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for effecting the same transaction in recognition of the value of brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless principal transactions under certain conditions. Brokerage and research services include: (1)&#160;furnishing advice as to the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis, performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (2)&#160;furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3)&#160;effecting securities transactions and performing functions incidental to securities transactions (such as clearance, settlement, and custody). The Advisor believes that access to independent investment research is beneficial to its investment decision-making processes and, therefore, to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Advisor may participate in client commission arrangements under which the Advisor may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or commission credits to another firm that provides research to the Advisor. The Advisor believes that research services obtained through soft dollar or commission sharing arrangements enhance its investment decision-making capabilities, thereby increasing the prospects for higher investment returns. The Advisor will engage only in soft dollar or commission sharing transactions that comply with the requirements of Section&#160;28(e). The Advisor regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to execute trades for client accounts, while at the same time providing access to the research and other services the Advisor views as impactful to its trading results. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Advisor may utilize soft dollars and related services, including research (whether prepared by the broker-dealer or prepared by a third-party and provided to the Advisor by the broker-dealer) and execution or brokerage services within applicable rules and the Advisor&#8217;s policies to the extent that such permitted services do not compromise the Advisor&#8217;s ability to seek to obtain best execution. In this regard, the portfolio management investment and/or trading teams may consider a variety of factors, including the degree to which the broker-dealer: (a)&#160;provides access to company management; (b)&#160;provides access to their analysts; (c)&#160;provides meaningful/insightful research notes on companies or other potential investments; (d)&#160;facilitates calls on which meaningful or insightful ideas about companies or potential investments are discussed; (e)&#160;facilitates conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or (f)&#160;provides research tools such as market data, financial analysis, and other third party related research and brokerage tools that aid in the investment process. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Research-oriented services for which the Advisor might pay with Fund commissions may be in written form or through direct contact with individuals and may include information as to particular companies or industries and securities or groups of securities, as well as market, economic, or institutional advice and statistical information, political developments and technical market information that assists in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be used in servicing some or all client accounts and not all services may be used in connection with the Fund or account that paid commissions to the broker providing such services. In some cases, research information received from brokers by investment company management personnel, or personnel principally responsible for the Advisor&#8217;s individually managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees paid by the Fund to the Advisor are not reduced as a result of the Advisor&#8217;s receipt of research services. In some cases, the Advisor may receive a service from a broker that has both a &#8220;research&#8221; and a <span style="white-space:nowrap">&#8220;non-research&#8221;</span> use. When this occurs the Advisor makes a good faith allocation, under all the circumstances, between the research and <span style="white-space:nowrap">non-research</span> uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while the Advisor will use its own funds to pay for the percentage of the service that is used for <span style="white-space:nowrap">non-research</span> purposes. In making this good faith allocation, the Advisor faces a potential conflict of interest, but the Advisor believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates the anticipated use of such services to their research and <span style="white-space:nowrap">non-research</span> uses. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-23 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Effective January&#160;3, 2018 under MiFID II, investment managers in the EU, including the <span style="white-space:nowrap">Sub-Advisor,</span> are no longer able to use soft dollars to pay for research from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss or agree with clients to have research costs paid by clients through research payment accounts that are funded out of execution commissions or by a specific client research charge, provided that the payments for research are unbundled from the payments for execution. MiFID II restricts the use of soft dollars by <span style="white-space:nowrap">sub-advisers</span> to the Fund located in the EU, such as the <span style="white-space:nowrap">Sub-Advisor,</span> if applicable. The <span style="white-space:nowrap">Sub-Advisor</span> will pay for any research out of its own resources and not through soft dollars or commission sharing arrangements. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of commissions to brokers who are affiliated persons of the Fund will be made in accordance with Rule <span style="white-space:nowrap">17e-1</span> under the Investment Company Act. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to time, the Fund may purchase new issues of securities in a fixed price offering. In these situations, the broker may be a member of the selling group that will, in addition to selling securities, provide the Advisor with research services. The Financial Industry Regulatory Authority, Inc. has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the broker will provide research &#8220;credits&#8221; in these situations at a rate that is higher than that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section&#160;28(e). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Advisor does not consider sales of shares of the investment companies it advises as a factor in the selection of brokers or dealers to execute portfolio transactions for the Fund; however, whether or not a particular broker or dealer sells shares of the investment companies advised by the Advisor neither qualifies nor disqualifies such broker or dealer to execute transactions for those investment companies. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by the Fund in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be. American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated commission rates. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers who make a market in the particular securities, except in those circumstances in which better prices and execution are available elsewhere. Under the Investment Company Act, persons affiliated with the Fund and persons who are affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale of securities unless a permissive order allowing such transactions is obtained from the SEC. Since transactions in the OTC market usually involve transactions with the dealers acting as principal for their own accounts, the Fund will not deal with affiliated persons in connection with such transactions. However, an affiliated person of the Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or commission received by <span style="white-space:nowrap">non-affiliated</span> brokers in connection with comparable transactions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">OTC issues, including most fixed-income securities such as corporate debt and U.S. Government securities, are normally traded on a &#8220;net&#8221; basis without a stated commission, through dealers acting for their own account and not as brokers. The Fund will primarily engage in transactions with these dealers or deal directly with the issuer unless a better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and domestic securities will generally include a &#8220;spread,&#8221; which is the difference between the prices at which the dealer is willing to purchase and sell the specific security at the time, and includes the dealer&#8217;s normal profit. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Purchases of money market instruments by the Fund are made from dealers, underwriters and issuers. The Fund does not currently expect to incur any brokerage commission expense on such transactions because money market instruments are generally traded on a &#8220;net&#8221; basis with dealers acting as principal for their own accounts without a stated commission. The price of the security, however, usually includes a profit to the dealer. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-24 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred to as the underwriter&#8217;s concession or discount. When securities are purchased or sold directly from or to an issuer, no commissions or discounts are paid. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Advisor may seek to obtain an undertaking from issuers of commercial paper or dealers selling commercial paper to consider the repurchase of such securities from the Fund prior to maturity at their original cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that the Fund&#8217;s anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the possibility that the Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have risen since acquisition of such commercial paper. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Investment decisions for the Fund and for other investment accounts managed by the Advisor are made independently of each other in light of differing conditions. The Advisor allocates investments among client accounts in a fair and equitable manner. A variety of factors will be considered in making such allocations. These factors include: (i)&#160;investment objectives or strategies for particular accounts, including sector, industry, country or region and capitalization weightings, (ii)&#160;tax considerations of an account, (iii)&#160;risk or investment concentration parameters for an account, (iv)&#160;supply or demand for a security at a given price level, (v)&#160;size of available investment, (vi)&#160;cash availability and liquidity requirements for accounts, (vii)&#160;regulatory restrictions, (viii)&#160;minimum investment size of an account, (ix)&#160;relative size of account, and (x)&#160;such other factors as may be approved by the Advisor&#8217;s general counsel. Moreover, investments may not be allocated to one client account over another based on any of the following considerations: (i)&#160;to favor one client account at the expense of another, (ii)&#160;to generate higher fees paid by one client account over another or to produce greater performance compensation to the Advisor, (iii)&#160;to develop or enhance a relationship with a client or prospective client, (iv)&#160;to compensate a client for past services or benefits rendered to the Advisor or to induce future services or benefits to be rendered to the Advisor, or (v)&#160;to manage or equalize investment performance among different client accounts. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Equity securities will generally be allocated among client accounts within the same investment mandate on a pro rata basis. This <span style="white-space:nowrap">pro-rata</span> allocation may result in the Fund receiving less of a particular security than if <span style="white-space:nowrap">pro-ration</span> had not occurred. All allocations of equity securities will be subject, where relevant, to share minimums established for accounts and compliance constraints. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the secondary market. When the Advisor is given an opportunity to invest in such an initial offering or &#8220;new&#8221; or &#8220;hot&#8221; issue, the supply of securities available for client accounts is often less than the amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably among client accounts over time, each portfolio manager or a member of his or her respective investment team will indicate to the Advisor&#8217;s trading desk their level of interest in a particular offering with respect to eligible clients&#8217; accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering based on market capitalization of the issuer of the security and the investment mandate of the client account and in the case of international equity securities, the country where the offering is taking place and the investment mandate of the client account. Generally, shares received during the initial public offering will be allocated among participating client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment opportunities among one or more accounts so long as the rotation system provides for fair access for all client accounts over time. Other allocation methodologies that are considered by the Advisor to be fair and equitable to clients may be used as well. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because different accounts may have differing investment objectives and policies, the Advisor may buy and sell the same securities at the same time for different clients based on the particular investment objectives, guidelines and strategies of those accounts. For example, the Advisor may decide that it may be entirely appropriate for a growth fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf of more than one client of the Advisor or its affiliates during the same period may increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales of a security by the Advisor on behalf of one or more of its clients may decrease the market price of such security, adversely impacting other of the Advisor&#8217;s clients that still hold the security. If purchases or sales of securities arise </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-25 </p>



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for consideration at or about the same time that would involve the Fund or other clients or funds for which the Advisor or an affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the respective funds and clients in a manner deemed equitable to all. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In certain instances, the Advisor may find it efficient for purposes of seeking to obtain best execution, to aggregate or &#8220;bunch&#8221; certain contemporaneous purchases or sale orders of its advisory accounts. In general, all contemporaneous trades for client accounts under management by the same portfolio manager or investment team will be bunched in a single order if the trader believes the bunched trade would provide each client with an opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with a bunched order will be shared pro rata among the clients in the bunched order. Generally, if an order for a particular portfolio manager or management team is filled at several different prices through multiple trades, all accounts participating in the order will receive the average price except in the case of certain international markets where average pricing is not permitted. While in some cases this practice could have a detrimental effect upon the price or value of the security as far as the Fund is concerned, in other cases it could be beneficial to the Fund. Transactions effected by the Advisor on behalf of more than one of its clients during the same period may increase the demand for securities being purchased or the supply of securities being sold, causing an adverse effect on price. The trader will give the bunched order to the broker dealer that the trader has identified as being able to provide the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount of time of the order receipt and bunched orders will be kept bunched only long enough to execute the order. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund will not purchase securities during the existence of any underwriting or selling group relating to such securities of which the Advisor or any affiliated person (as defined in the Investment Company Act) thereof is a member except pursuant to procedures adopted by the Board in accordance with Rule <span style="white-space:nowrap">10f-3</span> under the Investment Company Act. In no instance will portfolio securities be purchased from or sold to the Advisor or any affiliated person of the foregoing entities except as permitted by SEC exemptive order or by applicable law. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While the Fund generally does not expect to engage in trading for short-term gains, it will effect portfolio transactions without regard to any holding period if, in the Advisor&#8217;s judgment, such transactions are advisable in light of a change in circumstances of a particular company or within a particular industry or in general market, economic or financial conditions. The portfolio turnover rate is calculated by dividing the lesser of the Fund&#8217;s annual sales or purchases of portfolio securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at the time of acquisition were one year or less) by the monthly average value of the securities in the portfolio during the year. A high rate of portfolio turnover results in certain tax consequences, such as increased capital gain dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer spreads and brokerage commissions, which are borne directly by the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, for the last three fiscal years, is set forth in the following table: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:76%;border:0;margin:0 auto">


<tr>

<td style="width:53%"/>

<td style="vertical-align:bottom;width:20%"/>
<td/>
<td/>
<td/>

<td style="vertical-align:bottom;width:20%"/>
<td/>
<td/>
<td/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Fiscal Year/Period Ended</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Aggregate&#160;Brokerage<br/>Commissions&#160;Paid</span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Commissions&#160;Paid&#160;to&#160;Affiliates</span></td>
<td style="vertical-align:bottom">&#160;</td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&#160;31, 2021</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">2,494</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&#160;31, 2020</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">27,619</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&#160;31, 2019</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">49,169</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August&#160;31, 2019</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">36,869</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the fiscal year ended December&#160;31, 2021, the brokerage commissions paid to affiliates by the Fund represented 0% of the aggregate brokerage commissions paid and involved 0% of the dollar amount of transactions involving payment of commissions during the year. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table shows the dollar amount of brokerage commissions paid to brokers for providing third-party research services and the approximate dollar amount of the transactions involved for the fiscal year ended December 31, 2021. The provision of third-party research services was not necessarily a factor in the placement of all brokerage business with such brokers. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-26 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
 <div>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:51%"/>

<td style="vertical-align:bottom;width:48%"/>
<td/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom" align="center"><span style="font-weight:bold">Amount&#160;of&#160;Commissions&#160;Paid&#160;to&#160;Brokers&#160;for<br/>Providing Research Services</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center"><span style="font-weight:bold">Amount&#160;of&#160;Brokerage&#160;Transactions&#160;Involved</span></td></tr>


<tr style="font-size:1px">
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&#160;</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&#160;</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:bottom" align="center">$0</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">$0</td></tr>
</table> </div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&#160;31, 2021, the Fund held no securities of its &#8220;regular brokers or dealers&#8221; (as defined in <span style="white-space:nowrap">Rule&#160;10b-1&#160;under</span> the Investment Company Act) whose shares were purchased during the fiscal year ended December&#160;31, 2021, is as follows: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;width:76%;border:0;margin:0 auto">


<tr>

<td style="width:65%"/>

<td style="vertical-align:bottom;width:15%"/>
<td/>
<td/>
<td/>

<td style="vertical-align:bottom;width:15%"/>
<td/>
<td/>
<td/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Regular Broker or Dealer</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Debt&#160;(D)&#160;/<br/>Equity&#160;(E)</span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Aggregate&#160;Holdings&#160;(000&#8217;s)</span></td>
<td style="vertical-align:bottom">&#160;</td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Barclays PLC</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">D</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">196</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_508">CONFLICTS OF INTEREST </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Certain activities of BlackRock, Inc., the Advisor and the other subsidiaries of BlackRock, Inc. (collectively referred to in this section as &#8220;BlackRock&#8221;) and their respective directors, officers or employees, with respect to the Fund and/or other accounts managed by BlackRock, may give rise to actual or perceived conflicts of interest such as those described below. </span></p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock is one of the world&#8217;s largest asset management firms. BlackRock, its subsidiaries and their respective directors, officers and employees, including the business units or entities and personnel who may be involved in the investment activities and business operations of the Fund, are engaged worldwide in businesses, including managing equities, fixed-income securities, cash and alternative investments, and other financial services, and have interests other than that of managing the Fund. These are considerations of which investors in the Fund should be aware, and which may cause conflicts of interest that could disadvantage the Fund and its shareholders. These businesses and interests include potential multiple advisory, transactional, financial and other relationships with, or interests in companies and interests in securities or other instruments that may be purchased or sold by the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock has proprietary interests in, and may manage or advise with respect to, accounts or funds (including separate accounts and other funds and collective investment vehicles) that have investment objectives similar to those of the Fund and/or that engage in transactions in the same types of securities, currencies and instruments as the Fund. BlackRock is also a major participant in the global currency, equities, swap and fixed-income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such, BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which the Fund invests. Such activities could affect the prices and availability of the securities, currencies, and instruments in which the Fund invests, which could have an adverse impact on the Fund&#8217;s performance. Such transactions, particularly in respect of most proprietary accounts or client accounts, will be executed independently of the Fund&#8217;s transactions and thus at prices or rates that may be more or less favorable than those obtained by the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When BlackRock seeks to purchase or sell the same assets for client accounts, including the Fund, the assets actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for the Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Fund, particularly, but not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with respect to BlackRock-advised accounts when investment decisions regarding the Fund are based on research or other information that is also used to support decisions for other accounts. When BlackRock implements a portfolio decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or strategies for the Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund could otherwise be disadvantaged. BlackRock may, in certain cases, elect to implement internal policies and </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-27 </p>



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procedures designed to limit such consequences, which may cause the Fund to be unable to engage in certain activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so. Conflicts may also arise because portfolio decisions regarding the Fund may benefit other accounts managed by BlackRock. For example, the sale of a long position or establishment of a short position by the Fund may impair the price of the same security sold short by (and therefore benefit) BlackRock or its other accounts or funds, and the purchase of a security or covering of a short position in a security by the Fund may increase the price of the same security held by (and therefore benefit) BlackRock or its other accounts or funds. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock, on behalf of other client accounts, on the one hand, and the Fund, on the other hand, may invest in or extend credit to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on behalf of other clients with respect to an issuer in which the Fund has invested, and such actions (or refraining from action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the Fund) hold positions in multiple parts of the capital structure of an issuer, BlackRock may not pursue certain actions or remedies that may be available to the Fund, as a result of legal and regulatory requirements or otherwise. BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of particular situations. For example, BlackRock may determine to rely on information barriers between different business units or portfolio management teams. BlackRock may also determine to rely on the actions of similarly situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, to the extent permitted by applicable law, the Fund may invest its assets in other funds advised by BlackRock, including funds that are managed by one or more of the same portfolio managers, which could result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased remuneration and profitability for BlackRock and/or its personnel, including portfolio managers. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In certain circumstances, BlackRock, on behalf of the Fund, may seek to buy from or sell securities to another fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between BlackRock clients (&#8220;cross trades&#8221;), including the Fund, if BlackRock believes such transactions are appropriate based on each party&#8217;s investment objectives and guidelines, subject to applicable law and regulation. There may be potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock&#8217;s decision to engage in these transactions for the Fund. BlackRock may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock and its clients may pursue or enforce rights with respect to an issuer in which the Fund has invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the Fund&#8217;s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The results of the Fund&#8217;s investment activities may differ significantly from the results achieved by BlackRock for its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other accounts will achieve investment results that are substantially more or less favorable than the results achieved by the Fund. Moreover, it is possible that the Fund will sustain losses during periods in which one or more proprietary or other accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to time, the Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which BlackRock is performing services or when position limits have been reached. For example, the investment activities of BlackRock for its proprietary accounts and accounts under its management may limit the investment opportunities for the Fund in certain emerging and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual issuers, by affiliated foreign investors. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-28 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with its management of the Fund, BlackRock may have access to certain fundamental analysis and proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect transactions on behalf of the Fund in accordance with such analysis and models. In addition, BlackRock will not have any obligation to make available any information regarding its proprietary activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of the Fund and it is not anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in managing the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund may be included in investment models developed by BlackRock for use by clients and financial advisors. To the extent clients invest in these investment models and increase the assets under management of the Fund, the investment management fee amounts paid by the Fund to BlackRock may also increase. The liquidity of the Fund may be impacted by redemptions of the Fund by model-driven investment portfolios. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, certain principals and certain employees of the Fund&#8217;s investment adviser are also principals or employees of other business units or entities within BlackRock. As a result, these principals and employees may have obligations to such other business units or entities or their clients and such obligations to other business units or entities or their clients may be a consideration of which investors in the Fund should be aware. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of the Fund in which clients of BlackRock, or, to the extent permitted by the SEC and applicable law, BlackRock, serves as the counterparty, principal or issuer. In such cases, such party&#8217;s interests in the transaction will be adverse to the interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by the Fund may enhance the profitability of BlackRock. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock may also create, write or issue derivatives for its clients, the underlying securities, currencies or instruments of which may be those in which the Fund invests or which may be based on the performance of the Fund. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are based on such iShares ETFs. BlackRock will receive certain payments for licensing intellectual property belonging to BlackRock and for facilitating provision of data in connection with such derivative products, which may include payments based on the trading volumes of, or revenues generated by, the derivative products. The Fund and other accounts managed by BlackRock may from time to time transact in such derivative products where permitted by the Fund&#8217;s investment strategy, which could contribute to the viability of such derivative products by making them more appealing to funds and accounts managed by third parties, and in turn lead to increased payments to BlackRock. Trading activity in these derivative products could also potentially lead to greater liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets under management for BlackRock. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the Fund. To the extent such transactions are permitted, the Fund will deal with BlackRock on an arms-length basis. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in other commercial capacities for the Fund. It is anticipated that the commissions, <span style="white-space:nowrap">mark-ups,</span> mark-downs, financial advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Fund. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-29 </p>



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Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock that acts as a broker, dealer, agent, lender or in other commercial capacities for the Fund or BlackRock. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and other amounts that they receive in connection with their service to the Fund as broker, dealer, agent, lender, adviser or in other commercial capacities. No accounting to the Fund or its shareholders will be required, and no fees or other compensation payable by the Fund or its shareholders will be reduced by reason of receipt by BlackRock of any such fees or other amounts. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Fund, BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund will be required to establish business relationships with its counterparties based on the Fund&#8217;s own credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with the Fund&#8217;s establishment of its business relationships, nor is it expected that the Fund&#8217;s counterparties will rely on the credit of BlackRock in evaluating the Fund&#8217;s creditworthiness. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock Investment Management, LLC (&#8220;BIM&#8221;), an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and receives a share of securities lending revenues from, the Fund. BlackRock will also receive compensation for managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in managing a securities lending program, including but not limited to: (i)&#160;BlackRock as securities lending agent may have an incentive to increase or decrease the amount of securities on loan or to lend particular securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii)&#160;BlackRock as securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending clients with equal lending opportunities over time in order to approximate pro rata allocation. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As part of its securities lending program, BlackRock indemnifies the Fund and certain other clients and/or funds against a shortfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the potential dollar exposure of collateral shortfall resulting from a borrower default (&#8220;shortfall risk&#8221;) in the securities lending program. BlackRock establishes program-wide borrower limits (&#8220;credit limits&#8221;) to actively manage borrower-specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shortfall values using loan-level factors such as loan and collateral type and market value as well as specific borrower credit characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may conduct at any given point in time by reducing the volume of lending opportunities for certain loans (including by asset type, collateral type and/or revenue profile). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In order to allocate a loan to a portfolio: (i)&#160;BlackRock as a whole must have sufficient lending capacity pursuant to the various program limits (i.e. indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must hold the asset at the time a loan opportunity arrives; and (iii)&#160;the lending portfolio must also have enough inventory, either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request. In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes. Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on different securities, and the overall limits imposed by the firm. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock may decline to make a securities loan on behalf of the Fund, discontinue lending on behalf of the Fund or terminate a securities loan on behalf of the Fund for any reason, including but not limited to regulatory requirements and/or market rules, liquidity considerations, or credit considerations, which may impact the Fund by reducing or eliminating the volume of lending opportunities for certain types of loans, loans in particular markets, loans of particular securities or types of securities, or for loans overall. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-30 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Purchases and sales of securities and other assets for the Fund may be bunched or aggregated with orders for other BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they have different research payment arrangements. BlackRock, however, is not required to bunch or aggregate orders if portfolio management decisions for different accounts are made separately, or if they determine that bunching or aggregating is not practicable or required, or in cases involving client direction. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Fund will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Fund. In addition, under certain circumstances, the Fund will not be charged the same commission or commission equivalent rates in connection with a bunched or aggregated order. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As discussed in the section below entitled &#8220;Portfolio Transactions and Brokerage&#8221; in this SAI, BlackRock, unless prohibited by applicable law, may cause the Fund or account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for effecting the same transaction in recognition of the value of brokerage and research services provided by that broker or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (&#8220;BIL&#8221;) which acts as a <span style="white-space:nowrap">sub-adviser</span> to certain BlackRock-advised funds, pay for research from brokers and dealers directly out of their own resources, rather than through client commissions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Fund, other BlackRock client accounts or personnel, directly or through correspondent relationships, with research or other appropriate services which provide, in BlackRock&#8217;s view, appropriate assistance to BlackRock in the investment decision-making process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other services may include, to the extent permitted by law, research reports on companies, industries and securities; economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases; research-oriented software and other services and products. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Research or other services obtained in this manner may be used in servicing any or all of the Fund and other BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay commissions to the broker relating to the research or other service arrangements. Such products and services may disproportionately benefit other BlackRock client accounts relative to the Fund based on the amount of brokerage commissions paid by the Fund and such other BlackRock client accounts. For example, research or other services that are paid for through one client&#8217;s commissions may not be used in managing that client&#8217;s account. In addition, other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale or price discounts in connection with products and services that may be provided to the Fund and to such other BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products and services itself. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant to such arrangements, provide research or other services in order to ensure the continued receipt of research or other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by applicable law, may also enter into commission sharing arrangements under which BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock may utilize certain electronic crossing networks (&#8220;ECNs&#8221;) (including, without limitation, ECNs in which BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client securities transactions for certain types of securities. These ECNs may charge fees for their services, including access fees and transaction fees. The transaction fees, which are similar to commissions or markups/markdowns, will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with executing transactions on behalf of clients, including the Fund. In certain circumstances, ECNs may offer </p>
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volume discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent with its obligation to seek to obtain best execution in client transactions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock owns a minority interest in, and is a member of, Members Exchange (&#8220;MEMX&#8221;), a newly created U.S. stock exchange. Transactions for the Fund may be executed on MEMX if third party brokers select MEMX as the appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting decisions that it makes on behalf of advisory clients, including the Fund, and to help ensure that such decisions are made in accordance with BlackRock&#8217;s fiduciary obligations to its clients. Nevertheless, notwithstanding such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these policies and procedures, see Appendix B. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is also possible that, from time to time, BlackRock may, subject to compliance with applicable law, purchase and hold shares of the Fund. Increasing the Fund&#8217;s assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Fund&#8217;s expense ratio. BlackRock reserves the right, subject to compliance with applicable law, to redeem at any time some or all of the shares of the Fund acquired for its own accounts. A large redemption of shares of the Fund by BlackRock could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund&#8217;s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to consider the effect of redemptions on the Fund and other shareholders in deciding whether to redeem its shares but is not obligated to do so and may elect not to do so. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is possible that the Fund may invest in securities of, or engage in transactions with, companies in which BlackRock has significant debt or equity investments or other interests. The Fund may also invest in issuances (such as structured notes) by entities for which BlackRock provides and is compensated for cash management services relating to the proceeds from the sale of such issuances. In making investment decisions for the Fund, BlackRock is not permitted to obtain or use material <span style="white-space:nowrap">non-public</span> information acquired by any unit of BlackRock, in the course of these activities. In addition, from time to time, the activities of BlackRock may limit the Fund&#8217;s flexibility in purchases and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which BlackRock-advised funds or other clients of BlackRock have an investment. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock may provide valuation assistance to certain clients with respect to certain securities or other investments and the valuation recommendations made for such clients&#8217; accounts may differ from the valuations for the same securities or investments assigned by the Fund&#8217;s pricing vendors, especially if such valuations are based on broker-dealer quotes or other data sources unavailable to the Fund&#8217;s pricing vendors. While BlackRock will generally communicate its valuation information or determinations to the Fund&#8217;s pricing vendors and/or fund accountants, there may be instances where the Fund&#8217;s pricing vendors or fund accountants assign a different valuation to a security or other investment than the valuation for such security or investment determined or recommended by BlackRock. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As disclosed in more detail in &#8220;Net Asset Value&#8221; in the Prospectus, when market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock has been designated as the Fund&#8217;s valuation designee pursuant to Rule <span style="white-space:nowrap">2a-5</span> under the Investment Company Act and acts through BlackRock&#8217;s Rule <span style="white-space:nowrap">2a-5</span> Committee (the <span style="white-space:nowrap">&#8220;2a-5</span> Committee&#8221;), with assistance from other BlackRock pricing committees and in accordance with BlackRock&#8217;s policies and procedures (the &#8220;Valuation Procedures&#8221;). When determining a &#8220;fair value price,&#8221; the <span style="white-space:nowrap">2a-5</span> Committee seeks to determine the price that the Fund might reasonably expect to receive from the current sale of that asset or liability in an <span style="white-space:nowrap">arm&#8217;s-length</span> transaction. The price generally may not be determined based on what the Fund might reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the period in which the particular fair values were used in determining the Fund&#8217;s NAV. As a result, the Fund&#8217;s sale or redemption of its shares at NAV, at a </p>
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time when a holding or holdings are valued by the <span style="white-space:nowrap">2a-5</span> Committee at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent permitted by applicable law, the Fund may invest all or some of its short term cash investments in any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any such investments, the Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of a money market fund or other similarly-managed private fund in which it invests, which may result in the Fund bearing some additional expenses. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their own accounts and may have conflicts of interest with respect to investments made on behalf of the Fund. As a result of differing trading and investment strategies or constraints, positions may be taken by directors, officers and employees of BlackRock that are the same, different from or made at different times than positions taken for the Fund. To lessen the possibility that the Fund will be adversely affected by this personal trading, the Fund and the Advisor each have adopted a Code of Ethics in compliance with Section&#160;17(j) of the Investment Company Act that restricts securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the Fund&#8217;s portfolio transactions. Each Code of Ethics is also available on the EDGAR Database on the SEC&#8217;s Internet site at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by <span style="white-space:nowrap">e-mail</span> at publicinfo@sec.gov. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock will not purchase securities or other property from, or sell securities or other property to, the Fund, except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in transactions with another BlackRock-advised fund or accounts that are affiliated with the Fund as a result of common officers, directors, or investment advisers or pursuant to exemptive orders granted to the Fund and/or BlackRock by the Commission. These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock to purchase, the same security or instrument on the same day. From time to time, the activities of the Fund may be restricted because of regulatory requirements applicable to BlackRock and/or BlackRock&#8217;s internal policies designed to comply with, limit the applicability of, or otherwise relate to such requirements. A client not advised by BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice in certain securities or instruments issued by or related to companies for which BlackRock is performing advisory or other services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on behalf of the Fund, particularly where such services result in BlackRock obtaining material <span style="white-space:nowrap">non-public</span> information about the company (e.g., in connection with participation in a creditors&#8217; committee). Similar situations could arise if personnel of BlackRock serve as directors of companies the securities of which the Fund wishes to purchase or sell. However, if permitted by applicable law, and where consistent with BlackRock&#8217;s policies and procedures (including the necessary implementation of appropriate information barriers), the Fund may purchase securities or instruments that are issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers of the issuer. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The investment activities of BlackRock for its proprietary accounts and for client accounts may also limit the investment strategies and rights of the Fund. For example, in certain circumstances where the Fund invests in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership restrictions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by BlackRock for their proprietary accounts and for client accounts (including the Fund) that may not be exceeded without the grant of a license or other regulatory or corporate consent, or, if exceeded, may cause BlackRock, the Fund or other client accounts to suffer disadvantages or business restrictions. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of BlackRock on behalf of clients (including the Fund) to purchase or dispose of investments, or exercise rights or undertake business transactions, may be restricted by regulation or otherwise impaired. As a result, BlackRock on behalf of its clients (including the Fund) may limit purchases, sell existing investments, or otherwise restrict, forgo or limit the exercise of rights (including transferring, outsourcing or </p>
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limiting voting rights or forgoing the right to receive dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In those circumstances where ownership thresholds or limitations must be observed, BlackRock seeks to allocate limited investment opportunities equitably among clients (including the Fund), taking into consideration benchmark weight and investment strategy. When ownership in certain securities nears an applicable threshold, BlackRock may limit purchases in such securities to the issuer&#8217;s weighting in the applicable benchmark used by BlackRock to manage the Fund. If client (including Fund) holdings of an issuer exceed an applicable threshold and BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to sell down these positions to meet the applicable limitations. In these cases, benchmark overweight positions will be sold prior to benchmark positions being reduced to meet applicable limitations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock&#8217;s intended strategy with respect to such security or asset. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Fund may seek to license and use such indices as part of their investment strategy. Index based funds that seek to track the performance of securities indices also may use the name of the index or index provider in the fund name. Index providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their index or index name. BlackRock is not obligated to license its indices to the Fund and the Fund is under no obligation to use BlackRock indices. The Fund cannot be assured that the terms of any index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock may not serve as an Authorized Participant in the creation and redemption of BlackRock-advised ETFs. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The custody arrangement described in &#8220;Management and Other Service Arrangements&#8221; may lead to potential conflicts of interest with BlackRock where BlackRock has agreed to waive fees and/or reimburse ordinary operating expenses in order to cap expenses of the Fund or where BlackRock charges a unitary management fee. This is because the custody arrangements with certain of the Fund&#8217;s custodian may have the effect of reducing custody fees when the Fund leaves cash balances uninvested. When a Fund&#8217;s actual operating expense ratio exceeds a stated cap, a reduction in custody fees reduces the amount of waivers and/or reimbursements BlackRock would be required to make to the Fund. This could be viewed as having the potential to provide BlackRock an incentive to keep high positive cash balances for the Fund in order to offset fund custody fees that BlackRock might otherwise reimburse or pay. However, BlackRock&#8217;s portfolio managers do not intentionally keep uninvested balances high, but rather make investment decisions that they anticipate will be beneficial to fund performance. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock may enter into contractual arrangements with third-party service providers to the Fund (e.g., custodians, administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in recognition of BlackRock&#8217;s overall relationship with such service providers. To the extent that BlackRock is responsible for paying these service providers out of its management fee, the benefits of any such fee discounts or concessions may accrue, in whole or in part, to BlackRock. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored by BlackRock, including the Fund, that engage the service provider (typically the custodian). The Fund&#8217;s service provider remunerates BlackRock for the use of the systems. A Fund service provider&#8217;s payments to BlackRock for the use of these systems may enhance the profitability of BlackRock. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock&#8217;s receipt of fees from a service provider in connection with the use of systems provided by BlackRock may create an incentive for BlackRock to recommend that the Fund enter into or renew an arrangement with the service provider. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In recognition of a BlackRock client&#8217;s overall relationship with BlackRock, BlackRock may offer special pricing arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund fees and expenses applicable to such client&#8217;s investment in the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Present and future activities of BlackRock and its directors, officers and employees, in addition to those described in this section, may give rise to additional conflicts of interest. </p> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_509">DESCRIPTION OF CAPITAL STOCK </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Common Shares </p> </div> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund intends to hold annual meetings of shareholders so long as the common shares are listed on a national securities exchange and such meetings are required as a condition to such listing. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Preferred Shares </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund currently does not intend to issue preferred stock. Although the terms of any preferred stock that the Fund might issue in the future, including dividend rate, liquidation preference and redemption provisions, will be determined by the Board, subject to applicable law and the Charter, it is likely that any such preferred stock issued would be structured to carry a relatively short-term dividend rate reflecting interest rates on short-term debt securities, by providing for the periodic redetermination of the dividend rate at relatively short intervals through a fixed spread or remarketing procedure, subject to a maximum rate which would increase over time in the event of an extended period of unsuccessful remarketing. The Fund also believes that it is likely that the liquidation preference, voting rights and redemption provisions of any such preferred stock would be similar to those stated below. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Liquidation Preference</span>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the holders of shares of any outstanding preferred stock will be entitled to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus an amount equal to accumulated but unpaid dividends, whether or not earned or declared) before any distribution of assets is made to holders of common stock. After payment of the full amount of the liquidating distribution to which they are entitled, it is expected that preferred stockholders will not be entitled to any further participation in any distribution of assets by the Fund. A consolidation or merger of the Fund with or into any other corporation or corporations or a sale of all or substantially all of the assets of the Fund will not be deemed to be a liquidation, dissolution or winding up of the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Voting Rights</span>. Except as otherwise indicated in this prospectus and except as otherwise required by applicable law, holders of shares of any outstanding preferred stock will have equal voting rights with holders of shares of common stock (one vote per share) and will vote together with holders of common stock as a single class. In connection with the election of the Fund&#8217;s Directors, holders of shares of any outstanding preferred stock, voting as a separate class, will be entitled to elect two of the Fund&#8217;s Directors, and the remaining Directors will be elected by all holders of capital stock, voting as a single class. So long as any preferred stock is outstanding, it is expected that the Fund will have not less than five Directors. If at any time dividends on shares of any outstanding preferred stock shall be unpaid in an amount equal to two full years&#8217; dividends thereon, the holders of all outstanding shares of preferred stock, voting as a separate class, will be entitled to elect a majority of the Fund&#8217;s Directors until all dividends in default have been paid or declared and set apart for payment. It is expected that the affirmative vote of the holders of a majority of the outstanding shares of any outstanding preferred stock, voting as a separate class, will be required to (i)&#160;authorize, create or issue any class or series of stock ranking prior to any series of preferred stock with respect to payment of dividends or the distribution of assets on liquidation or (ii)&#160;amend, alter or repeal the provisions of the Charter, whether by merger, consolidation or otherwise, so as to adversely affect any of the contract rights expressly set forth in the Charter of holders of preferred stock. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Redemption Provisions</span>. It is anticipated that any outstanding shares of preferred stock will generally be redeemable at the option of the Fund at a price equal to their liquidation preference plus accumulated but unpaid dividends to the date of redemption plus, under certain circumstances, a redemption premium. Shares of preferred stock will also be subject to mandatory redemption at a price equal to their liquidation preference plus accumulated but unpaid </p>
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dividends to the date of redemption upon the occurrence of certain specified events, such as the failure of the Fund to maintain asset coverage requirements for the preferred stock specified by the Investment Company Act and rating services that issue ratings on the preferred stock. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Liquidity Feature</span>. Preferred stock may include a liquidity feature that allows holders of preferred stock to have their shares purchased by a liquidity provider in the event that sell orders have not been matched with purchase orders and successfully settled in a remarketing. The Fund would pay a fee to the provider of this liquidity feature, which would be borne by common shareholders of the Fund. The terms of such liquidity feature may require the Fund to redeem preferred stock still owned by the liquidity provider following a certain period of continuous, unsuccessful remarketing, which may adversely impact the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The discussion above describes the possible offering of preferred stock by the Fund. If the Board determines to proceed with such an offering, the terms of the preferred stock may be the same as, or different from, the terms described above, subject to applicable law and the Charter. The Board, without the approval of the holders of common shares, may authorize an offering of preferred stock or may determine not to authorize such an offering, and may fix the terms of the preferred stock to be offered. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Other Shares </p> <div> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board (subject to applicable law and Charter) may authorize an offering, without the approval of the holders of common shares and, depending on their terms, any preferred shares outstanding at that time, of other classes of shares, or other classes or series of shares, as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Board sees fit. The Fund currently does not expect to issue any other classes of shares, or series of shares, except for the common shares. </p> </div> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_5010">REPURCHASE OF COMMON SHARES </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund is a <span style="white-space:nowrap">closed-end</span> management investment company and as such its shareholders will not have the right to cause the Fund to redeem their shares. Instead, the Fund&#8217;s common shares will trade in the open market at a price that will be a function of several factors, including dividend levels (which are in turn affected by expenses), NAV, call protection for portfolio securities, dividend stability, liquidity, relative demand for and supply of the common shares in the market, general market and economic conditions and other factors. Because shares of a <span style="white-space:nowrap">closed-end</span> investment company may frequently trade at prices lower than NAV, the Board may consider action that might be taken to reduce or eliminate any material discount from NAV in respect of common shares, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares, or the conversion of the Fund to an <span style="white-space:nowrap">open-end</span> investment company. The Board may decide not to take any of these actions. In addition, there can be no assurance that share repurchases or tender offers, if undertaken, will reduce market discount. </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, under Section&#160;18 of the Investment Company Act, at any time when the Fund has preferred shares outstanding, the Fund may not purchase, redeem or otherwise acquire any of its common shares unless (1)&#160;all accrued preferred share dividends have been paid and (2)&#160;at the time of such purchase, redemption or acquisition, the NAV of the Fund&#8217;s portfolio (determined after deducting the acquisition price of the common shares) is at least 200% of the liquidation value of any outstanding preferred shares (expected to equal the original purchase price per share plus any accrued and unpaid dividends thereon). Any service fees incurred in connection with any tender offer made by the Fund will be borne by the Fund and will not reduce the stated consideration to be paid to tendering shareholders. </p> </div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to its investment restrictions, the Fund may borrow to finance the repurchase of shares or to make a tender offer. Interest on any borrowings to finance share repurchase transactions or the accumulation of cash by the Fund in anticipation of share repurchases or tender offers will reduce the Fund&#8217;s net income. Any share repurchase, tender offer or borrowing that might be approved by the Board would have to comply with the Exchange Act, the Investment Company Act and the rules and regulations thereunder. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although the decision to take action in response to a discount from NAV will be made by the Board at the time it considers such issue, it is the Board&#8217;s present policy, which may be changed by the Board, not to authorize </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-36 </p>



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repurchases of common shares or a tender offer for such shares if: (i)&#160;such transactions, if consummated, would (a)&#160;result in the delisting of the common shares from the NYSE, or (b)&#160;impair the Fund&#8217;s status as a RIC under the Code, (which would make the Fund a taxable entity, causing the Fund&#8217;s income to be taxed at the corporate level in addition to the taxation of shareholders who receive dividends from the Fund) or as a registered <span style="white-space:nowrap">closed-end</span> investment company under the Investment Company Act; (ii)&#160;the Fund would not be able to liquidate portfolio securities in an orderly manner and consistent with the Fund&#8217;s investment objective and policies in order to repurchase shares; or (iii)&#160;there is, in the Board&#8217;s judgment, any (a)&#160;material legal action or proceeding instituted or threatened challenging such transactions or otherwise materially adversely affecting the Fund, (b)&#160;general suspension of or limitation on prices for trading securities on the NYSE, (c)&#160;declaration of a banking moratorium by federal or state authorities or any suspension of payment by United States or New York banks, (d)&#160;material limitation affecting the Fund or the issuers of its portfolio securities by federal or state authorities on the extension of credit by lending institutions or on the exchange of foreign currency, (e)&#160;commencement of war, armed hostilities or other international or national calamity directly or indirectly involving the United States, or (f)&#160;other event or condition which would have a material adverse effect (including any adverse tax effect) on the Fund or its shareholders if shares were repurchased. The Board may in the future modify these conditions in light of experience. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The repurchase by the Fund of its shares at prices below NAV will result in an increase in the NAV of those shares that remain outstanding. However, there can be no assurance that share repurchases or tender offers at or below NAV will result in the Fund&#8217;s common shares trading at a price equal to their NAV. Nevertheless, the fact that the Fund&#8217;s common shares may be the subject of repurchases or tender offers from time to time, or that the Fund may be converted to an <span style="white-space:nowrap">open-end</span> investment company, may reduce any spread between market price and NAV that might otherwise exist. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, a purchase by the Fund of its common shares will decrease the Fund&#8217;s net assets which would likely have the effect of increasing the Fund&#8217;s expense ratio. Any purchase by the Fund of its common shares at a time when preferred shares are outstanding will increase the leverage applicable to the outstanding common shares then remaining. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Before deciding whether to take any action if the common shares trade below NAV, the Board would likely consider all relevant factors, including the extent and duration of the discount, the liquidity of the Fund&#8217;s portfolio, the impact of any action that might be taken on the Fund or its shareholders and market considerations. Based on these considerations, even if the Fund&#8217;s common shares should trade at a discount, the Board may determine that, in the interest of the Fund and its shareholders, no action should be taken. </p> <div> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_5011">TAX MATTERS </p> </div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a description of certain U.S. federal income tax consequences to a shareholder of acquiring, holding and disposing of common shares of the Fund. Except as otherwise noted, this discussion assumes you are a taxable U.S. holder (as defined below). This discussion is based upon current provisions of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject to change or differing interpretations by the courts or the Internal Revenue Service, possibly with retroactive effect. No attempt is made to present a detailed explanation of all U.S. federal income tax concerns affecting the Fund and its shareholders, and the discussions set forth here do not constitute tax advice. This discussion assumes that investors hold common shares of the Fund as capital assets for U.S. federal income tax purposes(generally, assets held for investment). The Fund has not sought and will not seek any ruling from the Internal Revenue Service regarding any matters discussed herein. No assurance can be given that the Internal Revenue Service would not assert, or that a court would not sustain, a position contrary to those set forth below. This summary does not discuss any aspects of <span style="white-space:nowrap">non-U.S.,</span> state or local tax. Prospective investors must consult their own tax advisers as to the U.S. federal income tax consequences (including the alternative minimum tax consequences) of acquiring, holding and disposing of the Fund&#8217;s common shares, as well as the effects of state, local and <span style="white-space:nowrap">non-U.S.</span> tax laws. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, no attempt is made to address tax considerations applicable to an investor with a special tax status, such as a financial institution, REIT, insurance company, regulated investment company, individual retirement account, other <span style="white-space:nowrap">tax-exempt</span> organization, dealer in securities or currencies, person holding shares of the Fund as part </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-37 </p>



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of a hedging, integrated, conversion or straddle transaction, trader in securities that has elected the <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> method of accounting for its securities, U.S. holder (as defined below) whose functional currency is not the U.S. dollar, investor with &#8220;applicable financial statements&#8221; within the meaning of Section&#160;451(b) of the Code, or <span style="white-space:nowrap">non-U.S.</span> investor. Furthermore, this discussion does not reflect possible application of the alternative minimum tax. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A U.S. holder is a beneficial owner that is for U.S. federal income tax purposes: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">a citizen or individual resident of the United States (including certain former citizens and former long-term residents); </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia; </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or the trust has made a valid election in effect under applicable Treasury regulations to be treated as a U.S. person for U.S. federal income tax purposes, whose status as a U.S. person is not overridden by an applicable tax treaty. </p></td></tr></table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Taxation of the Fund </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund intends to elect to be treated and to qualify to be taxed as a RIC under Subchapter M of the Code. In order to qualify as a RIC, the Fund must, among other things, satisfy certain requirements relating to the sources of its income, diversification of its assets, and distribution of its income to its shareholders. First, the Fund must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including but not limited to gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies, or net income derived from interests in &#8220;qualified publicly traded partnerships&#8221; (as defined in the Code) (the &#8220;90% gross income test&#8221;). Second, the Fund must diversify its holdings so that, at the close of each quarter of its taxable year, (i)&#160;at least 50% of the value of its total assets consists of cash, cash items, U.S. Government securities, securities of other RICs and other securities, with such other securities limited in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund&#8217;s total assets and to not more than 10% of the outstanding voting securities of such issuer, and (ii)&#160;not more than 25% of the market value of the total assets is invested in the securities (other than U.S. Government securities and securities of other RICs) of any one issuer, any two or more issuers controlled by the Fund and engaged in the same, similar or related trades or businesses, or any one or more &#8220;qualified publicly traded partnerships.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As long as the Fund qualifies as a RIC, the Fund will generally not be subject to corporate-level U.S. federal income tax on income and gains that it distributes each taxable year to its shareholders, provided that in such taxable year it distributes at least 90% of the sum of (i)&#160;its net <span style="white-space:nowrap">tax-exempt</span> interest income, if any, and (ii)&#160;its &#8220;investment company taxable income&#8221; (which includes, among other items, dividends, taxable interest, taxable original issue discount and market discount income, income from securities lending, net short-term capital gain in excess of net long-term capital loss, and any other taxable income other than &#8220;net capital gain&#8221; (as defined below) and is reduced by deductible expenses) determined without regard to the deduction for dividends paid. The Fund may retain for investment its net capital gain (which consists of the excess of its net long-term capital gain over its net short-term capital loss). However, if the Fund retains any net capital gain or any investment company taxable income, it will be subject to tax at regular corporate rates on the amount retained. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Code imposes a 4% nondeductible excise tax on the Fund to the extent the Fund does not distribute by the end of any calendar year at least the sum of (i)&#160;98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii)&#160;98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a <span style="white-space:nowrap">one-year</span> period generally ending on October&#160;31 of the calendar year (unless an election is made to use the Fund&#8217;s fiscal year). In addition, the minimum amounts that must be distributed in any year to avoid </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-38 </p>



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the excise tax will be increased or decreased to reflect any under-distribution or over-distribution, as the case may be, from the previous year. For purposes of the excise tax, the Fund will be deemed to have distributed any income on which it paid U.S. federal income tax. While the Fund intends to distribute any income and capital gain in the manner necessary to minimize imposition of the 4% nondeductible excise tax, there can be no assurance that sufficient amounts of the Fund&#8217;s taxable income and capital gain will be distributed to entirely avoid the imposition of the excise tax. In that event, the Fund will be liable for the excise tax only on the amount by which it does not meet the foregoing distribution requirement. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If in any taxable year the Fund should fail to qualify under Subchapter M of the Code for tax treatment as a RIC, the Fund would incur a regular corporate U.S. federal income tax upon all of its taxable income for that year, and all distributions to its shareholders (including distributions of net capital gain) would be taxable to shareholders as ordinary dividend income for U.S. federal income tax purposes to the extent of the Fund&#8217;s earnings and profits. Provided that certain holding period and other requirements were met, such dividends would be eligible (i)&#160;to be treated as qualified dividend income in the case of shareholders taxed as individuals and (ii)&#160;for the dividends received deduction in the case of corporate shareholders.&#160;In addition, to qualify again to be taxed as a RIC in a subsequent year, the Fund would be required to distribute to shareholders its earnings and profits attributable to <span style="white-space:nowrap">non-RIC</span> years. In addition, if the Fund failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, the Fund would be required to elect to recognize and pay tax on any net <span style="white-space:nowrap">built-in</span> gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such <span style="white-space:nowrap">built-in</span> gain recognized for a period of five years. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The remainder of this discussion assumes that the Fund qualifies for taxation as a RIC. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">The Fund&#8217;s Investments </p> <div> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain of the Fund&#8217;s investment practices are subject to special and complex U.S. federal income tax provisions (including <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market,</span></span> constructive sale, straddle, wash sale, short sale and other rules) that may, among other things, (i)&#160;disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii)&#160;convert lower taxed long-term capital gains or qualified dividend income into higher taxed short-term capital gains or ordinary income, (iii)&#160;convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v)&#160;adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi)&#160;adversely alter the characterization of certain complex financial transactions and (vii)&#160;produce income that will not be &#8220;qualified&#8221; income for purposes of the 90% annual gross income requirement described above. These U.S. federal income tax provisions could therefore affect the amount, timing and character of distributions to common shareholders. The Fund intends to monitor its transactions and may make certain tax elections and may be required to dispose of securities to mitigate the effect of these provisions and prevent disqualification of the Fund as a RIC. Additionally, the Fund may be required to limit its activities in derivative instruments in order to enable it to maintain its RIC status. </p> </div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund may invest a portion of its net assets in below investment grade securities, commonly known as &#8220;junk&#8221; securities. Investments in these types of securities may present special tax issues for the Fund. U.S. federal income </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-39 </p>



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tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and income and whether modifications or exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues could affect the Fund&#8217;s ability to distribute sufficient income to preserve its status as a RIC or to avoid the imposition of U.S. federal income or excise tax. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain debt securities acquired by the Fund may be treated as debt securities that were originally issued at a discount. Generally, the amount of the original issue discount is treated as interest income and is included in taxable income (and required to be distributed by the Fund in order to qualify as a RIC and avoid U.S. federal income tax or the 4% excise tax on undistributed income) over the term of the security, even though payment of that amount is not received until a later time, usually when the debt security matures. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Fund purchases a debt security on a secondary market at a price lower than its adjusted issue price, the excess of the adjusted issue price over the purchase price is &#8220;market discount.&#8221; Unless the Fund makes an election to accrue market discount on a current basis, generally, any gain realized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the &#8220;accrued market discount&#8221; on the debt security. Market discount generally accrues in equal daily installments. If the Fund ultimately collects less on the debt instrument than its purchase price plus the market discount previously included in income, the Fund may not be able to benefit from any offsetting loss deductions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund may invest in preferred securities or other securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the Internal Revenue Service. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by the Fund, it could affect the timing or character of income recognized by the Fund, potentially requiring the Fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to RICs under the Code. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Gain or loss on the sale of securities by the Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than one year. Gain or loss on the sale of securities held for one year or less will be short-term capital gain or loss. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because the Fund may invest in foreign securities, its income from such securities may be subject to <span style="white-space:nowrap">non-U.S.</span> taxes. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Foreign currency gain or loss on foreign currency exchange contracts, <span style="white-space:nowrap">non-U.S.</span> dollar-denominated securities contracts, and <span style="white-space:nowrap">non-U.S.</span> dollar-denominated futures contracts, options and forward contracts that are not section 1256 contracts (as defined below) generally will be treated as ordinary income and loss. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Income from options on individual securities written by the Fund will generally not be recognized by the Fund for tax purposes until an option is exercised, lapses or is subject to a &#8220;closing transaction&#8221; (as defined by applicable regulations) pursuant to which the Fund&#8217;s obligations with respect to the option are otherwise terminated. If the option lapses without exercise, the premiums received by the Fund from the writing of such options will generally be characterized as short-term capital gain. If the Fund enters into a closing transaction, the difference between the premiums received and the amount paid by the Fund to close out its position will generally be treated as short-term capital gain or loss. If an option written by the Fund is exercised, thereby requiring the Fund to sell the underlying security, the premium will increase the amount realized upon the sale of the security, and the character of any gain on such sale of the underlying security as short-term or long-term capital gain will depend on the holding period of the Fund in the underlying security. Because the Fund will not have control over the exercise of the options it writes, such exercises or other required sales of the underlying securities may cause the Fund to realize gains or losses at inopportune times. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Options on indices of securities and sectors of securities that qualify as &#8220;section 1256 contracts&#8221; will generally be <span style="white-space:nowrap"><span style="white-space:nowrap">&#8220;marked-to-market&#8221;</span></span> for U.S. federal income tax purposes. As a result, the Fund will generally recognize gain or loss on the last day of each taxable year equal to the difference between the value of the option on that date and the adjusted basis of the option. The adjusted basis of the option will consequently be increased by such gain or </p>
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decreased by such loss. Any gain or loss with respect to options on indices and sectors that qualify as &#8220;section 1256 contracts&#8221; will be treated as short-term capital gain or loss to the extent of 40% of such&#160;gain or loss and long-term capital gain or loss to the extent of 60% of such gain or loss. Because the <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> rules may cause the Fund to recognize gain in advance of the receipt of cash, the Fund may be required to dispose of investments in order to meet its distribution requirements. <span style="white-space:nowrap"><span style="white-space:nowrap">&#8220;Mark-to-market&#8221;</span></span> losses may be suspended or otherwise limited if such losses are part of a straddle or similar transaction. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Taxation of Common Shareholders </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund will either distribute or retain for reinvestment all or part of its net capital gain. If any such gain is retained, the Fund will be subject to a corporate income tax on such retained amount. In that event, the Fund expects to report the retained amount as undistributed capital gain in a notice to its common shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains, (i)&#160;will be required to include in income for U.S. federal income tax purposes as long-term capital gain its share of such undistributed amounts, (ii)&#160;will be entitled to credit its proportionate share of the tax paid by the Fund against its U.S. federal income tax liability and to claim refunds to the extent that the credit exceeds such liability and (iii)&#160;will increase its basis in its common shares by the amount of undistributed capital gains included in the shareholder&#8217;s income less the tax deemed paid by the shareholder under clause (ii). </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Distributions paid to you by the Fund from its net capital gain, if any, that the Fund properly reports as capital gain dividends (&#8220;capital gain dividends&#8221;) are taxable as long-term capital gains, regardless of how long you have held your common shares. All other dividends paid to you by the Fund (including dividends from net short-term capital gains) from its current or accumulated earnings and profits (&#8220;ordinary income dividends&#8221;), are generally subject to tax as ordinary income. Provided that certain holding period and other requirements are met, ordinary income dividends (if properly reported by the Fund) may qualify (i)&#160;for the dividends received deduction in the case of corporate shareholders to the extent that the Fund&#8217;s income consists of dividend income from U.S. corporations, and (ii)&#160;in the case of individual shareholders, as &#8220;qualified dividend income&#8221; eligible to be taxed at long-term capital gains rates to the extent that the Fund receives qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain qualified foreign corporations (e.g., generally, foreign corporations incorporated in a possession of the United States or in certain countries with a qualifying comprehensive tax treaty with the United States, or whose stock with respect to which such dividend is paid is readily tradable on an established securities market in the United States). The Fund does not expect that a significant portion of its distributions will consist of qualified dividend income or be eligible for the dividends received deduction. </p> </div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any distributions you receive that are in excess of the Fund&#8217;s current and accumulated earnings and profits will be treated as a return of capital to the extent of your adjusted tax basis in your common shares, and thereafter as capital gain from the sale of common shares. The amount of any Fund distribution that is treated as a return of capital will reduce your adjusted tax basis in your common shares, thereby increasing your potential gain or reducing your potential loss on any subsequent sale or other disposition of your common shares. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Common shareholders may be entitled to offset their capital gain dividends with capital losses. The Code contains a number of statutory provisions affecting when capital losses may be offset against capital gain, and limiting the use of losses from certain investments and activities. Accordingly, common shareholders that have capital losses are urged to consult their tax advisers. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dividends and other taxable distributions are taxable to you even though they are reinvested in additional common shares of the Fund. Dividends and other distributions paid by the Fund are generally treated under the Code as received by you at the time the dividend or distribution is made. If, however, the Fund pays you a dividend in January that was declared in the previous October, November or December to common shareholders of record on a specified date in one of such months, then such dividend will be treated for U.S. federal income tax purposes as being paid by the Fund and received by you on December&#160;31 of the year in which the dividend was declared. In addition, certain other distributions made after the close of the Fund&#8217;s taxable year may be &#8220;spilled back&#8221; and treated as paid by the Fund (except for purposes of the 4% nondeductible excise tax) during such taxable year. In such case, you will be treated as having received such dividends in the taxable year in which the distributions were actually made. </p>
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 <div> </div> <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The price of common shares purchased at any time may reflect the amount of a forthcoming distribution. Those purchasing common shares just prior to the record date for a distribution will receive a distribution which will be taxable to them even though it represents, economically, a return of invested capital. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund will send you information after the end of each year setting forth the amount and tax status of any distributions paid to you by the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The sale or other disposition of common shares will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have held such common shares for more than one year at the time of sale. Any loss upon the sale or other disposition of common shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain dividend) by you with respect to such common shares. Any loss you recognize on a sale or other disposition of common shares will be disallowed if you acquire other common shares (whether through the automatic reinvestment of dividends or otherwise) within a <span style="white-space:nowrap">61-day</span> period beginning 30 days before and ending 30&#160;days after your sale or exchange of the common shares. In such case, your tax basis in the common shares acquired will be adjusted to reflect the disallowed loss. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Fund conducts a tender offer for its shares, a repurchase by the Fund of a shareholder&#8217;s shares pursuant to such tender offer generally will be treated as a sale or exchange of the shares by a shareholder provided that either (i)&#160;the shareholder tenders, and the Fund repurchases, all of such shareholder&#8217;s shares, thereby reducing the shareholder&#8217;s percentage ownership of the Fund, whether directly or by attribution under Section&#160;318 of the Code, to 0%, (ii)&#160;the shareholder meets numerical safe harbors under the Code with respect to percentage voting interest and reduction in ownership of the Fund following completion of the tender offer, or (iii)&#160;the tender offer otherwise results in a &#8220;meaningful reduction&#8221; of the shareholder&#8217;s ownership percentage interest in the Fund, which determination depends on a particular shareholder&#8217;s facts and circumstances. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a tendering shareholder&#8217;s proportionate ownership of the Fund (determined after applying the ownership attribution rules under Section&#160;318 of the Code) is not reduced to the extent required under the tests described above, such shareholder will be deemed to receive a distribution from the Fund under Section&#160;301 of the Code with respect to the shares held (or deemed held under Section&#160;318 of the Code) by the shareholder after the tender offer (a &#8220;Section&#160;301 distribution&#8221;). The amount of this distribution will equal the price paid by the Fund to such shareholder for the shares sold, and will be taxable as a dividend, <span style="font-style:italic">i.e.</span>, as ordinary income, to the extent of the Fund&#8217;s current or accumulated earnings and profits allocable to such distribution, with the excess treated as a return of capital reducing the shareholder&#8217;s tax basis in the shares held after the tender offer, and thereafter as capital gain. Any Fund shares held by a shareholder after a tender offer will be subject to basis adjustments in accordance with the provisions of the Code. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Provided that no tendering shareholder is treated as receiving a Section&#160;301 distribution as a result of selling shares pursuant to a particular tender offer, shareholders who do not sell shares pursuant to that tender offer will not realize constructive distributions on their shares as a result of other shareholders selling shares in the tender offer. In the event that any tendering shareholder is deemed to receive a Section&#160;301 distribution, it is possible that shareholders whose proportionate ownership of the Fund increases as a result of that tender offer, including shareholders who do not tender any shares, will be deemed to receive a constructive distribution under </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-42 </p>



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Section&#160;305(c) of the Code in an amount equal to the increase in their percentage ownership of the Fund as a result of the tender offer. Such constructive distribution will be treated as a dividend to the extent of current or accumulated earnings and profits allocable to it. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Use of the Fund&#8217;s cash to repurchase shares may adversely affect the Fund&#8217;s ability to satisfy the distribution requirements for treatment as a regulated investment company described above. The Fund may also recognize income in connection with the sale of portfolio securities to fund share purchases, in which case the Fund would take any such income into account in determining whether such distribution requirements have been satisfied. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Fund liquidates, shareholders generally will realize capital gain or loss upon such liquidation in an amount equal to the difference between the amount of cash or other property received by the shareholder (including any property deemed received by reason of its being placed in a liquidating trust) and the shareholder&#8217;s adjusted tax basis in its shares. Any such gain or loss will be long-term if the shareholder is treated as having a holding period in Fund shares of greater than one year, and otherwise will be short-term. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing discussion does not address the tax treatment of shareholders who do not hold their shares as a capital asset. Such shareholders should consult their own tax advisors on the specific tax consequences to them of participating or not participating in the tender offer or upon liquidation of the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Current U.S. federal income tax law taxes both long-term and short-term capital gain of corporations at the rates applicable to ordinary income. For <span style="white-space:nowrap">non-corporate</span> taxpayers, short-term capital gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is taxed at a reduced maximum rate. The deductibility of capital losses is subject to limitations under the Code. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain U.S. holders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare tax on all or a portion of their &#8220;net investment income,&#8221; which includes dividends received from the Fund and capital gains from the sale or other disposition of the Fund&#8217;s common shares. </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A common shareholder that is a nonresident alien individual or a foreign corporation (a &#8220;foreign investor&#8221;) generally will be subject to U.S. federal withholding tax at the rate of 30% (or possibly a lower rate provided by an applicable tax treaty) on ordinary income dividends (except as discussed below). In general, U.S. federal withholding tax and U.S. federal income tax will not apply to any gain or income realized by a foreign investor in respect of any distribution of net capital gain (including amounts credited as an undistributed capital gain dividend) or upon the sale or other disposition of common shares of the Fund. Different tax consequences may result if the foreign investor is engaged in a trade or business in the United States or, in the case of an individual, is present in the United States for 183 days or more during a taxable year and certain other conditions are met. Foreign investors should consult their tax advisers regarding the tax consequences of investing in the Fund&#8217;s common shares. </p> </div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ordinary income dividends properly reported by the RIC are generally exempt from U.S. federal withholding tax where they (i)&#160;are paid in respect of the RIC&#8217;s &#8220;qualified net interest income&#8221; (generally, its U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii)&#160;are paid in respect of the RIC&#8217;s &#8220;qualified short-term capital gains&#8221; (generally, the excess of the RIC&#8217;s net short-term capital gain over its long-term capital loss for such taxable year). Depending on its circumstances, the Fund may report all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains, and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a foreign investor needs to comply with applicable certification requirements relating to its <span style="white-space:nowrap">non-U.S.</span> status (including, in general, furnishing an IRS Form <span style="white-space:nowrap">W-8BEN,</span> <span style="white-space:nowrap"><span style="white-space:nowrap">W-8BEN-E,</span></span> or substitute Form). In the case of common shares held through an intermediary, the intermediary may have withheld tax even if the Fund reported the payment as qualified net interest income or qualified short-term capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules to their accounts. There can be no assurance as to what portion of the Fund&#8217;s distributions would qualify for favorable treatment as qualified net interest income or qualified short-term capital gains if the provision is extended. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-43 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition withholding at a rate of 30% will apply to dividends paid in respect of common shares of the Fund held by or through certain foreign financial institutions (including investment funds), unless such institution enters into an agreement with the Treasury to report, on an annual basis, information with respect to shares in, and accounts maintained by, the institution to the extent such shares or accounts are held by certain U.S. persons and by certain <span style="white-space:nowrap">non-U.S.</span> entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly, the entity through which common shares of the Fund are held will affect the determination of whether such withholding is required. Similarly, dividends paid in respect of common shares of the Fund held by an investor that is a <span style="white-space:nowrap">non-financial</span> foreign entity that does not qualify under certain exemptions will be subject to withholding at a rate of 30%, unless such entity either (i)&#160;certifies that such entity does not have any &#8220;substantial United States owners&#8221; or (ii)&#160;provides certain information regarding the entity&#8217;s &#8220;substantial United States owners,&#8221; which the applicable withholding agent will in turn provide to the Secretary of the Treasury. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify these requirements. The Fund will not pay any additional amounts to common shareholders in respect of any amounts withheld. Foreign investors are encouraged to consult with their tax advisers regarding the possible implications of these rules on their investment in the Fund&#8217;s common shares. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">U.S. federal backup withholding tax may be required on dividends, distributions and sale proceeds payable to certain <span style="white-space:nowrap">non-exempt</span> common shareholders who fail to supply their correct taxpayer identification number (in the case of individuals, generally, their social security number) or to make required certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax and any amount withheld may be refunded or credited against your U.S. federal income tax liability, if any, provided that you timely furnish the required information to the Internal Revenue Service. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ordinary income dividends, capital gain dividends, and gain from the sale or other disposition of common shares of the Fund also may be subject to state, local, and/or foreign taxes. Common shareholders are urged to consult their own tax advisers regarding specific questions about U.S. federal, state, local or foreign tax consequences to them of investing in the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under U.S. Treasury regulations, if a common shareholder recognizes a loss with respect to common shares of $2&#160;million or more for an individual shareholder in a single taxable year (or $4&#160;million or more in any combination of taxable years in which the transaction is entered into and the five succeeding taxable years) or $10&#160;million or more for a corporate shareholder in any single taxable year (or $20&#160;million or more in any combination of taxable years in which the transaction is entered into and the five succeeding taxable years), the shareholder must file with the Internal Revenue Service a disclosure statement on Internal Revenue Service Form 8886. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer&#8217;s treatment of the loss is proper. Common shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">*** </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing is a general and abbreviated summary of certain provisions of the Code and the Treasury Regulations presently in effect as they directly govern the taxation of the Fund and its shareholders. For complete provisions, reference should be made to the pertinent Code sections and Treasury Regulations. The Code and the Treasury Regulations are subject to change by legislative or administrative action, and any such change may be retroactive with respect to Fund transactions. Holders of common shares are advised to consult their own tax advisers for more detailed information concerning the U.S. federal income taxation of the Fund and the income tax consequences to its holders of common shares. </p> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_5012">CUSTODIAN AND TRANSFER AGENT </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The custodian of the assets of the Fund is State Street Bank and Trust Company, whose principal business address is One Lincoln Street, Boston, Massachusetts 02111. The custodian is responsible for, among other things, receipt of and disbursement of funds from the Fund&#8217;s accounts, establishment of segregated accounts as necessary, and transfer, exchange and delivery of Fund portfolio securities. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-44 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Computershare Trust Company, N.A., whose principal business address is 150 Royall Street, Canton, Massachusetts 02021, serves as the Fund&#8217;s transfer agent with respect to the common shares. </p> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_5013">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deloitte&#160;&amp; Touche LLP, whose principal business address is 200 Berkeley Street, Boston, Massachusetts 02116, is the independent registered public accounting firm of the Fund and is expected to render an opinion annually on the financial statements of the Fund. </p> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_5014">CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A control person is a person who beneficially owns, either directly or indirectly, more than 25% of the voting securities of a company. As of December&#160;15, 2022, the Fund did not know of any person or entity who &#8220;controlled&#8221; the Fund. As of December&#160;15, 2022, to the knowledge of the Fund, the following entities owned of record or beneficially 5% or more of the outstanding common shares of any class of the Fund: </p> </div> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div>
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<td style="width:47%"/>

<td style="vertical-align:bottom;width:1%"/>
<td/>
<td/>
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<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Name</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Address</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">%</span></td>
<td style="vertical-align:bottom">&#160;</td></tr>


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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">First Trust Portfolios L.P.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">120 East Liberty Drive, Suite 400<br/>Wheaton, Illinois 60187</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top" align="right">5.60</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td></tr>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Morgan Stanley</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom" align="center">1585 Broadway<br/>New York, NY 10036</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top" align="right">8.80</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td></tr>
</table> </div> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_5015">INCORPORATION BY REFERENCE </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This SAI is part of a registration statement that we have filed with the SEC. We are allowed to &#8220;incorporate by reference&#8221; the information that we file with the SEC, which means that we can disclose important information to you by referring you to those documents. We incorporate by reference into this SAI the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, including any filings on or after the date of this SAI from the date of filing (excluding any information furnished, rather than filed), until we have sold all of the offered securities to which this SAI, the Prospectus and any accompanying prospectus supplement relates or the offering is otherwise terminated. The information incorporated by reference is an important part of this SAI. Any statement in a document incorporated by reference into this SAI will be deemed to be automatically modified or superseded to the extent a statement contained in (1)&#160;this SAI or (2)&#160;any other subsequently filed document that is incorporated by reference into this SAI modifies or supersedes such statement. The documents incorporated by reference herein include: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div>
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<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The Fund&#8217;s Prospectus, dated December&#160;[&#9679;], 2022, filed with this SAI; </p></td></tr></table> </div> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
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<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">our <a href="http://www.sec.gov/Archives/edgar/data/1051003/000119312522236278/d366274dncsrs.htm">semi-annual report</a> on Form <span style="white-space:nowrap">N-CSRS</span> for the fiscal period ended June&#160;30, 2022 filed with the SEC on September&#160;1, 2022; </p></td></tr></table> </div> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">the Fund&#8217;s <a href="http://www.sec.gov/Archives/edgar/data/832327/000119312521185508/d178928ddef14a.htm">definitive proxy statement</a> on Schedule 14A, filed with the SEC on June&#160;8, 2021; and </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
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<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">the <a href="http://www.sec.gov/Archives/edgar/data/1051003/0000905148-98-000474.txt">description of the Fund&#8217;s common shares</a> contained in our Registration Statement on Form <span style="white-space:nowrap">8-A</span> (File <span style="white-space:nowrap">No.&#160;001-13987)</span> filed with the SEC on March&#160;26, 1998, including any amendment or report filed for the purpose of updating such description prior to the termination of the offering registered hereby. </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-45 </p>



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<hr style="color:#999999;height:3px;width:100%"/>
 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund will provide without charge to each person, including any beneficial owner, to whom this SAI is delivered, upon written or oral request, a copy of any and all of the documents that have been or may be incorporated by reference in this SAI, the Prospectus or the accompanying prospectus supplement. You should direct requests for documents by calling: </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Client Services Desk </p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">(800) <span style="white-space:nowrap">882-0052</span> </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund makes available the Prospectus, SAI and the Fund&#8217;s annual and semi-annual reports, free of charge, at <span style="text-decoration:underline">http://www.blackrock.com</span>. You may also obtain this SAI, the Prospectus, other documents incorporated by reference and other information the Fund files electronically, including reports and proxy statements, on the SEC website (<span style="text-decoration:underline">http://www.sec.gov</span>) or with the payment of a duplication fee, by electronic request at publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&#8217;s website is not part of this SAI, the Prospectus or the accompanying prospectus supplement. </p> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai320889_5016">FINANCIAL STATEMENTS </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The audited financial statements and financial highlights included in the <a href="http://www.sec.gov/Archives/edgar/data/0001259708/000119312522065652/d297148dncsr.htm"><span style="text-decoration:underline">annual report</span> to the Fund&#8217;s shareholders for the fiscal year ended December&#160;31, 2021 (the &#8220;2021 Annual Report&#8221;), together with the report of Deloitte&#160;&amp; Touche LLP </a>on the financial statements and financial highlights included in the Fund&#8217;s 2021 Annual Report, and the unaudited financial statements and financial highlights included in the <a href="http://www.sec.gov/Archives/edgar/data/1051003/000119312522236278/d366274dncsrs.htm"><span style="text-decoration:underline">semi-annual report</span> to the Fund&#8217;s shareholders for the six months ended June&#160;30, 2022, are incorporated herein by reference. </a> </p> </div>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">S-46 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:right" id="sai320889_5017">APPENDIX A </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Description of Bond Ratings </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency designated as a nationally recognized statistical rating organization (&#8220;NRSRO&#8221;) by the SEC. While NRSROs may from time to time revise such ratings, they undertake no obligation to do so, and the ratings given to securities at issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent date. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NRSROs may rate specific investments (e.g., bonds), issuers (e.g., corporations, governments and financial institutions) and/or programs (e.g., commercial paper programs). However, certain types of investments generally are not rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of investments, as well as US Treasury securities (some of which are not rated), where a NRSRO has not rated the specific investment but has rated the investment&#8217;s issuer, program, financial institution or underlying reference asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (&#8220;BlackRock&#8221;) may consider the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same security (e.g., &#8220;underlying,&#8221; &#8220;insured&#8221; and/or &#8220;enhanced&#8221; ratings), BlackRock may consider the security to have the highest of the multiple ratings. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">New issue securities (regardless of type) rarely are rated by a NRSRO at the time of their initial offering. Preliminary prospectuses or term sheets for new issue securities often include an expected rating for the security (as determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute an expected rating to the security based on: (i)&#160;the expected rating of the security set forth in the preliminary prospectus or term sheet for the security; (ii)&#160;the NRSRO&#8217;s rating for the issuer of the security set forth in the preliminary prospectus or term sheet for the security; or (iii)&#160;with respect to asset-backed securities, the rating of a prior issuance having a similar structure or the same sponsor. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Where the investment objective of a fund is to track the performance of an index that includes credit ratings eligibility criteria as part of its index methodology, the fund may purchase any security within the index, such security having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings practices of an index provider may differ from BlackRock&#8217;s practices, as described above. Further, the fund may invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that differs from the credit rating specified in its index methodology in various circumstances, including where a security is downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay interest or repay principal which are similar to the risks of lower-rated speculative bonds. 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 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">A-1 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <div> <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Securities deemed to be high yield are rated below Baa3 by Moody&#8217;s and below <span style="white-space:nowrap">BBB-</span> by S&amp;P Global Ratings and Fitch. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The descriptions below relate to general long-term and short-term obligations of an issuer. </p> </div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><span style="font-style:italic">Description of S&amp;P Global Ratings (&#8220;S&amp;P&#8221;), a Division of S&amp;P Global Inc., Issue Credit Ratings </span></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An S&amp;P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&amp;P&#8217;s view of the obligor&#8217;s capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&amp;P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&amp;P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Issue credit ratings are based, in varying degrees, on S&amp;P&#8217;s analysis of the following considerations: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The likelihood of payment&#8212;the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation; </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The nature and provisions of the financial obligation, and the promise S&amp;P imputes; and </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors&#8217; rights. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Long-Term Issue Credit Ratings* </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Issue credit ratings are based, in varying degrees, on S&amp;P&#8217;s analysis of the following considerations: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The likelihood of payment &#8211; the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation; </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The nature and provisions of the financial obligation, and the promise we impute; and </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors&#8217; rights. </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">A-2 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:6%"/>

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<td style="width:93%"/></tr>


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<td style="vertical-align:top">AAA</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">An obligation rated &#8216;AAA&#8217; has the highest rating assigned by S&amp;P. The obligor&#8217;s capacity to meet its financial commitments on the obligation is extremely strong.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">AA</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">An obligation rated &#8216;AA&#8217; differs from the highest-rated obligations only to a small degree. The obligor&#8217;s capacity to meet its financial commitments on the obligation is very strong.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">An obligation rated &#8216;A&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor&#8217;s capacity to meet its financial commitments on the obligation is still strong.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">BBB</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">An obligation rated &#8216;BBB&#8217; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor&#8217;s capacity to meet its financial commitments on the obligation.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">BB, B, CCC, CC, and C</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
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<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">BB</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">An obligation rated &#8216;BB&#8217; is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor&#8217;s inadequate capacity to meet its financial commitments on the obligation.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">B</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">An obligation rated &#8216;B&#8217; is more vulnerable to nonpayment than obligations rated &#8216;BB&#8217;, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor&#8217;s capacity or willingness to meet its financial commitments on the obligation.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">CCC</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">An obligation rated &#8216;CCC&#8217; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">CC</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">An obligation rated &#8216;CC&#8217; is currently highly vulnerable to nonpayment. The &#8216;CC&#8217; rating is used when a default has not yet occurred but S&amp;P expects default to be a virtual certainty, regardless of the anticipated time to default.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">C</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">An obligation rated &#8216;C&#8217; is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">D</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">An obligation rated &#8216;D&#8217; is in default or in breach of an imputed promise. For <span style="white-space:nowrap">non-hybrid</span> capital instruments, the &#8216;D&#8217; rating category is used when payments on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The &#8216;D&#8217; rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to &#8216;D&#8217; if it is subject to a distressed debt restructuring.</td></tr>
</table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">A-3 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">* Ratings from &#8216;AA&#8217; to &#8216;CCC&#8217; may be modified by the addition of a plus (+)&#160;or minus (-) sign to show relative standing within the rating categories. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Short-Term Issue Credit Ratings </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"><span style="white-space:nowrap">A-1</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">A short-term obligation rated <span style="white-space:nowrap">&#8216;A-1&#8217;</span> is rated in the highest category by S&amp;P. The obligor&#8217;s capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor&#8217;s capacity to meet its financial commitments on these obligations is extremely strong.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top"><span style="white-space:nowrap">A-2</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">A short-term obligation rated <span style="white-space:nowrap">&#8216;A-2&#8217;</span> is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor&#8217;s capacity to meet its financial commitments on the obligation is satisfactory.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
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<td style="vertical-align:top"><span style="white-space:nowrap">A-3</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">A short-term obligation rated <span style="white-space:nowrap">&#8216;A-3&#8217;</span> exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor&#8217;s capacity to meet its financial commitments on the obligation.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">B</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">A short-term obligation rated &#8216;B&#8217; is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor&#8217;s inadequate capacity to meet its financial commitments.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">C</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">A short-term obligation rated &#8216;C&#8217; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">D</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">A short-term obligation rated &#8216;D&#8217; is in default or in breach of an imputed promise. For <span style="white-space:nowrap">non-hybrid</span> capital instruments, the &#8216;D&#8217; rating category is used when payments on an obligation are not made on the date due, unless S&amp;P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The &#8216;D&#8217; rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to &#8216;D&#8217; if it is subject to a distressed debt restructuring.</td></tr>
</table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Description of S&amp;P&#8217;s Municipal Short-Term Note Ratings </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An S&amp;P U.S. municipal note rating reflects S&amp;P&#8217;s opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&amp;P&#8217;s analysis will review the following considerations: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">Amortization schedule &#8211; the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">Source of payment &#8211; the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S&amp;P&#8217;s municipal short-term note rating symbols are as follows: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"><span style="white-space:nowrap">SP-1</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><span style="white-space:nowrap">SP-2</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.</td></tr>
</table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">A-4 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>

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<td style="vertical-align:top"><span style="white-space:nowrap">SP-3</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Speculative capacity to pay principal and interest.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">D</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#8216;D&#8217; is assigned upon failure to pay the note when due, completion of a distressed exchange offer, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.</td></tr>
</table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><span style="font-style:italic">Description of Moody&#8217;s Investors Service, Inc.&#8217;s (&#8220;Moody&#8217;s&#8221;) Global Rating Scales </span></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ratings assigned on Moody&#8217;s global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by <span style="white-space:nowrap">non-financial</span> corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody&#8217;s defines credit risk as the risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the event of default or impairment. The contractual financial obligations addressed by Moody&#8217;s ratings are those that call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard sources of variation (e.g., floating interest rates), by an ascertainable date. Moody&#8217;s rating addresses the issuer&#8217;s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody&#8217;s ratings do not address <span style="white-space:nowrap">non-standard</span> sources of variation in the amount of the principal obligation (e.g., equity indexed), absent an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Moody&#8217;s issues ratings at the issuer level and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available although private and unpublished ratings may also be assigned. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Description of Moody&#8217;s Global Long Term Rating Scale </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top">Aaa</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">Aa</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Baa</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Ba</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">B</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Obligations rated B are considered speculative and are subject to high credit risk.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Caa</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Ca</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">C</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.</td></tr>
</table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Note</span>: Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a <span style="white-space:nowrap">mid-range</span> ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">A-5 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
category. Additionally, a &#8220;(hyb)&#8221; indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Global Short-Term Rating Scale </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"><span style="white-space:nowrap">P-1</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Issuers (or supporting institutions) rated <span style="white-space:nowrap">Prime-1</span> have a superior ability to repay short-term debt obligations.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><span style="white-space:nowrap">P-2</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Issuers (or supporting institutions) rated <span style="white-space:nowrap">Prime-2</span> have a strong ability to repay short-term debt obligations.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><span style="white-space:nowrap">P-3</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Issuers (or supporting institutions) rated <span style="white-space:nowrap">Prime-3</span> have an acceptable ability to repay short-term obligations.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">NP</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.</td></tr>
</table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Description of Moody&#8217;s US Municipal Short-Term Debt and Demand Obligation Ratings </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Description of Moody&#8217;s Short-Term Obligation Ratings </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Moody&#8217;s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer&#8217;s self-liquidity. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For other short-term municipal obligations, Moody&#8217;s uses one of two other short-term rating scales, the Municipal Investment Grade (&#8220;MIG&#8221;) and Variable Municipal Investment Grade (&#8220;VMIG&#8221;) scales discussed below. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Moody&#8217;s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less. Under certain circumstances, Moody&#8217;s uses the MIG scale for bond anticipation notes with maturities of up to five years. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="text-decoration:underline">MIG Scale </span></p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top">MIG&#160;1</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.</td></tr>
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<td style="vertical-align:top">MIG&#160;2</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.</td></tr>
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<td style="vertical-align:top">MIG&#160;3</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.</td></tr>
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<td style="vertical-align:top">SG</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.</td></tr>
</table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Description of Moody&#8217;s Demand Obligation Ratings </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the case of variable rate demand obligations (&#8220;VRDOs&#8221;), a <span style="white-space:nowrap">two-component</span> rating is assigned. The components are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer&#8217;s ability </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">A-6 </p>



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to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature (&#8220;demand feature&#8221;) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long-term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer&#8217;s long-term rating drops below investment grade. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Moody&#8217;s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is less than every three years. If the frequency of the demand feature is less than three years but the purchase price is payable only with remarketing proceeds, the short-term demand obligation rating is &#8220;NR&#8221;. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="text-decoration:underline">VMIG Scale </span></p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top">VMIG&#160;1</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.</td></tr>
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<td style="vertical-align:top">VMIG 2</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.</td></tr>
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<td style="vertical-align:top">VMIG 3</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.</td></tr>
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<td style="vertical-align:top">SG</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections necessary to ensure the timely payment of purchase price upon demand.</td></tr>
</table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><span style="font-style:italic">Description of Fitch Ratings&#8217; (&#8220;Fitch&#8217;s&#8221;) Credit Ratings Scales </span></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the dimensions of risk covered in each assessment. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fitch&#8217;s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation. Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in accordance with the terms on which they invested. The agency&#8217;s credit ratings cover the global spectrum of corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and <span style="white-space:nowrap">sub-national</span> entities) and the securities or other obligations they issue, as well as structured finance securities backed by receivables or other financial assets. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms &#8220;investment grade&#8221; and &#8220;speculative grade&#8221; have established themselves over time as shorthand to describe the categories &#8216;AAA&#8217; to &#8216;BBB&#8217; (investment grade) and &#8216;BB&#8217; to &#8216;D&#8217; (speculative grade). The terms investment grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative categories either signal a higher level of credit risk or that a default has already occurred. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">A-7 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have not been rated on its web page. Such issues are also denoted as &#8216;NR&#8217;. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are not predictive of a specific frequency of default or loss. For information about the historical performance of ratings please refer to Fitch&#8217;s Ratings Transition and Default studies which detail the historical default rates and their meaning. The European Securities and Markets Authority also maintains a central repository of historical default rates. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fitch&#8217;s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the extent that it influences the ability of an issuer to pay upon a commitment. Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of index-linked bonds). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the default components of ratings assigned to individual obligations or instruments, the agency typically rates to the likelihood of <span style="white-space:nowrap">non-payment</span> or default in accordance with the terms of that instrument&#8217;s documentation. In limited cases, Fitch may include additional considerations (<span style="font-style:italic">i.e.</span> rate to a higher or lower standard than that implied in the obligation&#8217;s documentation). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its agents in the form of a rating letter. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services. Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower case letter symbol combined with either an &#8216;*&#8217; (e.g. &#8216;bbb+*&#8217;) or (cat) suffix to denote the opinion status. Credit opinions will be <span style="white-space:nowrap"><span style="white-space:nowrap">point-in-time</span></span> typically but may be monitored if the analytical group believes information will be sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and rating assessment services are <span style="white-space:nowrap"><span style="white-space:nowrap">point-in-time</span></span> and are not monitored, they may have a directional watch or outlook assigned, which can signify the trajectory of the credit profile. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Description of Fitch&#8217;s Long-Term Credit Ratings Scale </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Rated entities in a number of sectors, including financial and <span style="white-space:nowrap">non-financial</span> corporations, sovereigns, insurance companies and certain sectors within public finance, are generally assigned Issuer Default Ratings (IDRs). IDRs are also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine on an entity&#8217;s relative vulnerability to default (including by way of a distressed debt exchange) on financial obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose <span style="white-space:nowrap">non-payment</span> would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In aggregate, IDRs provide an ordinal ranking of issuers based on the agency&#8217;s view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">A-8 </p>



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<td style="vertical-align:top">AAA</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Highest credit quality. &#8216;AAA&#8217; ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.</td></tr>
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<td style="vertical-align:top">AA</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Very high credit quality. &#8216;AA&#8217; ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.</td></tr>
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<td style="vertical-align:top">A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">High credit quality. &#8216;A&#8217; ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.</td></tr>
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<td style="vertical-align:top">BBB</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Good credit quality. &#8216;BBB&#8217; ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.</td></tr>
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<td style="vertical-align:top">BB</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Speculative. &#8216;BB&#8217; ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.</td></tr>
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<td style="vertical-align:top">B</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Highly speculative. &#8216;B&#8217; ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.</td></tr>
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<td style="vertical-align:top">CCC</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Substantial credit risk. Default is a real possibility.</td></tr>
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<td style="vertical-align:top">CC</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Very high levels of credit risk. Default of some kind appears probable.</td></tr>
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<td style="vertical-align:top">C</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a &#8216;C&#8217; category rating for an issuer include:</td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">a.&#8195;&#8201;&#8202;the issuer has entered into a grace or cure period following <span style="white-space:nowrap">non-payment</span> of a material financial obligation;</p></td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">b.&#8195;&#8201;the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation;</p></td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">c.&#8195;&#8201;&#8202;the formal announcement by the issuer or their agent of a distressed debt exchange;</p></td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">d.&#8195;&#8201;a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.</p></td></tr>
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<td style="vertical-align:top">RD</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Restricted default. &#8216;RD&#8217; ratings indicate an issuer that in Fitch&#8217;s opinion has experienced:</td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">a.&#8195;&#8201;&#8202;an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but</p></td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">b.&#8195;&#8201;has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal <span style="white-space:nowrap">winding-up</span> procedure, and</p></td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">c.&#8195;&#8201;&#8202;has not otherwise ceased operating.</p></td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">This would include:</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">i.&#8195;&#8201;&#8201;the selective payment default on a specific class or currency of debt;</p></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">ii.&#8195;&#8202;the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;</p></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
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 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">A-9 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>

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<tr>

<td style="width:6%"/>

<td style="vertical-align:bottom;width:1%"/>
<td style="width:93%"/></tr>

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<td style="vertical-align:top">D</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Default. &#8216;D&#8217; ratings indicate an issuer that in Fitch&#8217;s opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal <span style="white-space:nowrap">winding-up</span> procedure or that has otherwise ceased business.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Default ratings are not assigned prospectively to entities or their obligations; within this context, <span style="white-space:nowrap">non-payment</span> on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">In all cases, the assignment of a default rating reflects the agency&#8217;s opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer&#8217;s financial obligations or local commercial practice.</td></tr>
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<td style="vertical-align:top">F1</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added &#8220;+&#8221; to denote any exceptionally strong credit feature.</td></tr>
<tr style="font-size:1pt">
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<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">F2</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial commitments.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">F3</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is adequate.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">B</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">C</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">High Short-Term Default Risk. Default is a real possibility.</td></tr>
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<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top">RD</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Restricted Default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
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<td style="vertical-align:top">D</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.</td></tr>
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<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
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<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
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 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">A-10 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The ratings do not opine on the liquidity of the issuer&#8217;s securities or stock. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The ratings do not opine on the possible loss severity on an obligation should an issuer (or an obligation with respect to structured finance transactions) default, except in the following cases: </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">Ratings assigned to individual obligations of issuers in corporate finance, banks, <span style="white-space:nowrap">non-bank</span> financial institutions, insurance and covered bonds. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">In limited circumstances for U.S. public finance obligations where Chapter 9 of the Bankruptcy Code provides reliably superior prospects for ultimate recovery to local government obligations that benefit from a statutory lien on revenues or during the pendency of a bankruptcy proceeding under the Code if there is sufficient visibility on potential recovery prospects. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The ratings do not opine on the suitability of an issuer as a counterparty to trade credit. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The ratings do not opine on any quality related to an issuer&#8217;s business, operational or financial profile other than the agency&#8217;s opinion on its relative vulnerability to default or in the case of bank Viability Ratings on its relative vulnerability to failure. For the avoidance of doubt, not all defaults will be considered a default for rating purposes. Typically, a default relates to a liability payable to an unaffiliated, outside investor. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The ratings do not opine on any quality related to a transaction&#8217;s profile other than the agency&#8217;s opinion on the relative vulnerability to default of an issuer and/or of each rated tranche or security. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The ratings do not predict a specific percentage of extraordinary support likelihood over any given period. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">In the case of bank Support Ratings and Support Rating Floors, the ratings do not opine on any quality related to an issuer&#8217;s business, operational or financial profile other than the agency&#8217;s opinion on its relative likelihood of receiving external extraordinary support. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
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 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">A-11 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">APPENDIX B </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL;text-align:right"><span style="white-space:nowrap">Closed-End</span> Fund Proxy Voting Policy </p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL;text-align:right">August&#160;1, 2021 </p> <div> </div> <p style="margin-top:0pt;margin-bottom:0pt">


<img src="g320889g1220215502003.jpg" alt="LOGO"/>
 </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Effective Date: August&#160;1, 2021 </p> <div> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Last Review Date: August&#160;1, 2022 </p> </div> <p style="margin-top:2pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL;font-weight:bold">Applies to the following types of Funds registered under the 1940 Act: </p> <p style="margin-top:1pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; <span style="white-space:nowrap">Open-End</span> Mutual Funds (including money market funds) </p> <p style="margin-top:1pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Money Market Funds Only </p> <p style="margin-top:1pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; iShares and BlackRock ETFs </p> <p style="margin-top:1pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9746; <span style="white-space:nowrap">Closed-End</span> Funds </p> <p style="margin-top:1pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Other </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #999999">&#160;</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Objective and Scope </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set forth below is the <span style="white-space:nowrap">Closed-End</span> Fund Proxy Voting Policy. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Policy / Document Requirements and Statements </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Boards of Trustees/Directors (the &#8220;Directors&#8221;) of the <span style="white-space:nowrap">closed-end</span> funds advised by BlackRock Advisors, LLC (&#8220;BlackRock&#8221;) (the &#8220;Funds&#8221;) have the responsibility for the oversight of voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock as part of BlackRock&#8217;s authority to manage, acquire and dispose of account assets, all as contemplated by the Funds&#8217; respective investment management agreements. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock has adopted guidelines and procedures (together and as from time to time amended, the &#8220;BlackRock Proxy Voting Guidelines&#8221;) governing proxy voting by accounts managed by BlackRock. </p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock will cast votes on behalf of each of the Funds on specific proxy issues in respect of securities held by each such Fund in accordance with the BlackRock Proxy Voting Guidelines; provided, however, that in the case of underlying <span style="white-space:nowrap">closed-end</span> funds (including business development companies and other similarly-situated asset pools) held by the Funds that have, or are proposing to adopt, a classified board structure, BlackRock will typically (a)&#160;vote in favor of proposals to adopt classification and against proposals to eliminate classification, and (b)&#160;not vote against directors as a result of their adoption of a classified board structure. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock will report on an annual basis to the Directors on (1)&#160;a summary of all proxy votes that BlackRock has made on behalf of the Funds in the preceding year together with a representation that all votes were in accordance with the BlackRock Proxy Voting Guidelines (as modified pursuant to the immediately preceding paragraph), and (2)&#160;any changes to the BlackRock Proxy Voting Guidelines that have not previously been reported. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">B-1 </p>



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 <p style="margin-top:120pt; margin-bottom:0pt; font-size:60pt; font-family:Times New Roman;font-weight:bold">BlackRock </p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:60pt; font-family:Times New Roman;font-weight:bold">Investment </p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:60pt; font-family:Times New Roman;font-weight:bold">Stewardship </p> <p style="margin-top:24pt; margin-bottom:0pt; font-size:22.5pt; font-family:Times New Roman">Global Principles </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman">Effective as of January 2022 </p> <p style="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div> <p style="margin-top:0pt;margin-bottom:0pt">


<img src="g320889g91p95.jpg" alt="LOGO"/>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold">Contents </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_1">Introduction to BlackRock</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-4</span></span></td>
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<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-4</span></span></td>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_3">Key themes</a></p></td>
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<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-5</span></span></td>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_4">Boards and directors</a></p></td>
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<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-5</span></span></td>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_5">Auditors and audit-related issues</a></p></td>
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<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-10</span></span></td>
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<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-11</span></span></td>
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<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-13</span></span></td>
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</table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman"><span style="font-style:italic">The purpose of this document is to provide an overarching explanation of BlackRock&#8217;s approach globally to our responsibilities as a shareholder on behalf of our clients, our expectations of companies, and our commitments to clients in terms of our own governance and transparency. </span></p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">B-3 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_1">Introduction to BlackRock </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock&#8217;s purpose is to help more and more people experience financial well-being. We manage assets on behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as well as individuals around the world. As part of our fiduciary duty to our clients, we have determined that it is generally in the best long-term interest of our clients to promote sound corporate governance as an informed, engaged shareholder. At BlackRock, this is the responsibility of the Investment Stewardship team. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_2">Philosophy on investment stewardship </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Companies are responsible for ensuring they have appropriate governance structures to serve the interests of shareholders and other key stakeholders. We believe that there are certain fundamental rights attached to shareholding. Companies and their boards should be accountable to shareholders and structured with appropriate checks and balances to ensure that they operate in shareholders&#8217; best interests to create sustainable value. Shareholders should have the right to vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter or <span style="white-space:nowrap">by-laws.</span> Shareholders should be able to vote on key board decisions that are material to the protection of their investment, including but not limited to, changes to the purpose of the business, dilution levels and <span style="white-space:nowrap">pre-emptive</span> rights, and the distribution of income and capital structure. In order to make informed decisions, we believe that shareholders have the right to sufficient and timely information. In addition, shareholder voting rights should be proportionate to their economic ownership&#8212;the principle of &#8220;one share, one vote&#8221; helps achieve this balance. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Consistent with these shareholder rights, we believe BlackRock has a responsibility to monitor and provide feedback to companies in our role as stewards of our clients&#8217; investments. Investment stewardship is how we use our voice as an investor to promote sound corporate governance and business practices to help maximize long-term shareholder value for our clients, the vast majority of whom are investing for long-term goals such as retirement. BlackRock Investment Stewardship (&#8220;BIS&#8221;) does this through engagement with management teams and/or board members on material business issues, including but not limited to environmental, social, and governance (&#8220;ESG&#8221;) matters and, for those clients who have given us authority, through voting proxies in their best long-term economic interests. We also participate in the public dialogue to help shape global norms and industry standards with the goal of supporting a policy framework consistent with our clients&#8217; interests as long-term shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock looks to companies to provide timely, accurate, and comprehensive disclosure on all material governance and business matters, including <span style="white-space:nowrap">ESG-related</span> issues. This transparency allows shareholders to appropriately understand and assess how relevant risks and opportunities are being effectively identified and managed. Where company reporting and disclosure is inadequate or we believe the approach taken may be inconsistent with sustainable, long-term value creation, we will engage with a company and/or vote in a manner that encourages progress. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock views engagement as an important activity; engagement provides us with the opportunity to improve our understanding of the business and risks and opportunities that are material to the companies in which our clients invest, including those related to ESG. Engagement also informs our voting decisions. As long-term investors on behalf of clients, we seek to have regular and continuing dialogue with executives and board directors to advance sound governance and sustainable business practices, as well as to understand the effectiveness of the company&#8217;s management and oversight of material issues. Engagement is an important mechanism for providing feedback on company practices and disclosures, particularly where we believe they could be enhanced. Similarly, it provides us an opportunity to hear directly from company boards and management on how they believe their actions are aligned with sustainable, long-term value creation. We primarily engage through direct dialogue, but may use other tools such as written correspondence, to share our perspectives. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We generally vote in support of management and boards that demonstrate an approach consistent with creating sustainable, long-term value. If we have concerns about a company&#8217;s approach, we may choose to explain our expectations to the company&#8217;s board and management. Following our engagement, we may signal through our voting that we have outstanding concerns, generally by voting against the <span style="white-space:nowrap">re-election</span> of directors we view as having responsibility for an issue. We apply our regional proxy voting guidelines to achieve the outcome we believe is most aligned with our clients&#8217; long-term economic interests. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_3">Key themes </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We recognize that accepted standards and norms of corporate governance can differ between markets. However, we believe there are certain fundamental elements of governance practice that are intrinsic globally to a company&#8217;s ability to create long-term value. This set of global themes are set out in this overarching set of principles (the &#8220;Principles&#8221;), which are anchored in transparency and accountability. At a minimum, we believe companies should observe the accepted corporate governance standards in their domestic market and ask that, if they do not, they explain how their approach better supports sustainable long-term value creation. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold">These Principles cover seven key themes: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Shareholder proposals </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in relation to specific ballot items for shareholder meetings. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_4">Boards and directors </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Our primary focus is on the performance of the board of directors. The performance of the board is critical to the economic success of the company and the protection of shareholders&#8217; interests. As part of their responsibilities, board members owe fiduciary duties to shareholders in overseeing the strategic direction and operation of the company. For this reason, BIS sees engaging with and the election of directors as one of our most important and impactful responsibilities. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We support boards whose approach is consistent with creating sustainable, long-term value. This includes the effective management of strategic, operational, financial, and material ESG factors and the consideration of key stakeholder interests. The board should establish and maintain a framework of robust and effective governance mechanisms to support its oversight of the company&#8217;s strategic aims. We look to the board to articulate the </p>
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effectiveness of these mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company&#8217;s purpose. Disclosure of material issues that affect the company&#8217;s long-term strategy and value creation, including material ESG factors, is essential for shareholders to be able to appropriately understand and assess how risks are effectively identified, managed and mitigated. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Where a company has not adequately disclosed and demonstrated it has fulfilled these responsibilities, we will consider voting against the <span style="white-space:nowrap">re-election</span> of directors whom we consider having particular responsibility for the issue. We assess director performance on a <span style="white-space:nowrap"><span style="white-space:nowrap">case-by-case</span></span> basis and in light of each company&#8217;s circumstances, taking into consideration our assessment of their governance, business practices that support sustainable, long-term value creation, and performance. In serving the interests of shareholders, the responsibility of the board of directors includes, but is not limited to, the following: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Establishing an appropriate corporate governance structure </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Supporting and overseeing management in setting long-term strategic goals and applicable measures of value-creation and milestones that will demonstrate progress, and taking steps to address anticipated or actual obstacles to success </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Providing oversight on the identification and management of material, business operational, and sustainability-related risks </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Overseeing the financial resilience of the company, the integrity of financial statements, and the robustness of a company&#8217;s Enterprise Risk Management<sup style="font-size:75%; vertical-align:top">1</sup> framework </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Making decisions on matters that require independent evaluation, which may include mergers, acquisitions and dispositions, activist situations or other similar cases </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Establishing appropriate executive compensation structures </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Addressing business issues, including environmental and social risks and opportunities, when they have the potential to materially impact the company&#8217;s long-term value </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">There should be clear definitions of the role of the board, the committees of the board, and senior management. Set out below are ways in which boards and directors can demonstrate a commitment to acting in the best long-term economic interests of all shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We will seek to engage with the appropriate directors where we have concerns about the performance of the company, board, or individual directors and may signal outstanding concerns in our voting. </p> <p style="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #c0c0c0;width:29%">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Enterprise risk management is a process, effected by the entity&#8217;s board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement of objectives. (Committee of Sponsoring Organizations of the Treadway Commission (COSO), Enterprise Risk Management &#8212; Integrated Framework, September 2004, New York, NY). </p></td></tr></table>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Regular accountability </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock believes that directors should stand for <span style="white-space:nowrap">re-election</span> on a regular basis, ideally annually. In our experience, annual <span style="white-space:nowrap">re-elections</span> allow shareholders to reaffirm their support for board members or hold them accountable for their decisions in a timely manner. When board members are not <span style="white-space:nowrap">re-elected</span> annually, we believe it is good practice for boards to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment <span style="white-space:nowrap">re-confirmed,</span> with a proportion of directors being put forward for <span style="white-space:nowrap">re-election</span> at each annual general meeting. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Effective board composition </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect the evolution of the company&#8217;s strategy and the market environment. BlackRock believes it is beneficial for new directors to be brought onto the board periodically to refresh the group&#8217;s thinking and in a manner that supports both continuity and appropriate succession planning. We consider the average overall tenure of the board, where we are seeking a balance between the knowledge and experience of longer-serving members and the fresh perspectives of newer members. We expect companies to keep under regular review the effectiveness of their board (including its size), and assess directors nominated for election or <span style="white-space:nowrap">re-election</span> in the context of the composition of the board as a whole. This assessment should consider a number of factors, including the potential need to address gaps in skills, experience, diversity, and independence. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">When nominating new directors to the board, we ask that there is sufficient information on the individual candidates so that shareholders can assess the suitability of each individual nominee and the overall board composition. These disclosures should give an understanding of how the collective experience and expertise of the board aligns with the company&#8217;s long-term strategy and business model. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We are interested in diversity in the board room as a means to promoting diversity of thought and avoiding &#8216;group think&#8217;. We ask boards to disclose how diversity is considered in board composition, including demographic characteristics such as gender, race/ethnicity and age; as well as professional characteristics, such as a director&#8217;s industry experience, specialist areas of expertise and geographic location. We assess a board&#8217;s diversity in the context of a company&#8217;s domicile, business model and strategy. Self-identified board demographic diversity can usefully be disclosed in aggregate, consistent with local law. We believe boards should aspire to meaningful diversity of membership, at least consistent with local regulatory requirements and best practices, while recognizing that building a strong, diverse board can take time. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">This position is based on our view that diversity of perspective and thought &#8211; in the board room, in the management team and throughout the company &#8211; leads to better long term economic outcomes for companies. Academic research already reveals correlations between specific dimensions of diversity and effects on decision-making processes and outcomes.<sup style="font-size:75%; vertical-align:top">2</sup> In our experience, greater diversity in the board room contributes to more robust discussions and more innovative and resilient decisions. Over time, greater diversity in the board room can also promote greater diversity and resilience in the leadership team, and the workforce more broadly. That diversity can enable companies to develop businesses that more closely reflect and resonate with the customers and communities they serve. </p> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #c0c0c0;width:29%">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">For example, the role of gender diversity on team cohesion and participative communication is explored by: Post, C., 2015, When is female leadership an advantage? Coordination requirements, team cohesion, and team interaction norms, Journal of Organizational Behavior, 36, 1153-1175. http://dx.doi.org/10.1002/job.2031. </p></td></tr></table>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We expect there to be a sufficient number of independent directors, free from conflicts of interest or undue influence from connected parties, to ensure objectivity in the decision-making of the board and its ability to oversee management. Common impediments to independence may include but are not limited to: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Current or recent employment at the company or a subsidiary </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Being, or representing, a shareholder with a substantial shareholding in the company </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Interlocking directorships </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director&#8217;s ability to act in the best interests of the company and its shareholders. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock believes that boards are most effective at overseeing and advising management when there is a senior independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness of the independent members of the board through shaping the agenda, ensuring adequate information is provided to the board, and encouraging independent participation in board deliberations. The lead independent director or another appropriate director should be available to shareholders in those situations where an independent director is best placed to explain and contextualize a company&#8217;s approach. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">There are matters for which the board has responsibility that may involve a conflict of interest for executives or for affiliated directors. BlackRock believes that objective oversight of such matters is best achieved when the board forms committees comprised entirely of independent directors. In many markets, these committees of the board specialize in audit, director nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special transaction, particularly one involving a related party, or to investigate a significant adverse event. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Sufficient capacity </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">As the role and expectations of a director are increasingly demanding, directors must be able to commit an appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet all of their responsibilities&#8212;including when there are unforeseen events &#8211; and therefore, they should not take on an excessive number of roles that would impair their ability to fulfill their duties. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_5">Auditors and audit-related issues </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture of a company&#8217;s financial condition. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">The accuracy of financial statements, inclusive of financial and <span style="white-space:nowrap">non-financial</span> information, is of paramount importance to BlackRock. Investors increasingly recognize that a broader range of risks and opportunities have the potential to materially impact financial performance. Over time, we expect increased scrutiny of the assumptions underlying financial reports, particularly those that pertain to the impact of the transition to a low carbon economy on a company&#8217;s business model and asset mix. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In this context, audit committees, or equivalent, play a vital role in a company&#8217;s financial reporting system by providing independent oversight of the accounts, material financial and <span style="white-space:nowrap">non-financial</span> information, internal control frameworks, and in the absence of a dedicated risk committee, Enterprise Risk Management systems. BlackRock believes that effective audit committee oversight strengthens the quality and reliability of a company&#8217;s financial statements and provides an important level of reassurance to shareholders. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We hold members of the audit committee or equivalent responsible for overseeing the management of the audit function. Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and have a rotation plan in place that allows for a periodic refreshment of the committee membership to introduce fresh perspectives to audit oversight. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We take particular note of critical accounting matters, cases involving significant financial restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor or Internal Audit function. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">The integrity of financial statements depends on the auditor being free of any impediments to being an effective check on management. To that end, we believe it is important that auditors are, and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, the fees earned should be disclosed and explained. Audit committees should have in place a procedure for assessing annually the independence of the auditor and the quality of the external audit process. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Comprehensive disclosure provides investors with a sense of the company&#8217;s long-term operational risk management practices and, more broadly, the quality of the board&#8217;s oversight. The audit committee or equivalent, or a dedicated risk committee, should periodically review the company&#8217;s risk assessment and risk management policies and the significant risks and exposures identified by management, the internal auditors or the independent accountants, and management&#8217;s steps to address them. In the absence of robust disclosures, we may reasonably conclude that companies are not adequately managing risk. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_6">Capital structure, mergers, asset sales, and other special transactions </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">The capital structure of a company is critical to shareholders as it impacts the value of their investment and the priority of their interest in the company relative to that of other equity or debt investors. <span style="white-space:nowrap">Pre-emptive</span> rights are a key protection for shareholders against the dilution of their interests. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Effective voting rights are basic rights of share ownership. We believe strongly in one vote for one share as a guiding principle that supports effective corporate governance. Shareholders, as the residual claimants, have the strongest interest in protecting company value, and voting power should match economic exposure. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential, differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of proportionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising other shareholders and amplifying any potential conflicts of interest. However, we recognize that in certain markets, at least for a period of time, companies may have a valid argument for listing dual classes of shares with differentiated voting rights. We believe that such companies should review these share class structures on a regular basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital structure on a periodic basis via a management proposal at the company&#8217;s shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs to shareholders. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In assessing mergers, asset sales, or other special transactions, BlackRock&#8217;s primary consideration is the long-term economic interests of our clients as shareholders. Boards proposing a transaction need to clearly explain the economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it can enhance long-term shareholder value. We would prefer that proposed transactions have the unanimous support of the board and have been negotiated at arm&#8217;s length. We may seek reassurance from the board that executives&#8217; and/or board members&#8217; financial interests in a given transaction have not adversely affected their ability to place shareholders&#8217; interests before their own. Where the transaction involves related parties, we would expect the recommendation to support it to come from the independent directors, and ideally, the terms also have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by a separate vote of the <span style="white-space:nowrap">non-conflicted</span> parties. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock believes that shareholders have a right to dispose of company shares in the open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders&#8217; ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench interests other than those of the shareholders. We believe that shareholders are broadly capable of making decisions in their own best interests. We expect any <span style="white-space:nowrap">so-called</span> &#8216;shareholder rights plans&#8217; proposed by a board to be subject to shareholder approval upon introduction and periodically thereafter. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_7">Compensation and benefits </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock expects a company&#8217;s board of directors to put in place a compensation structure that incentivizes and rewards executives appropriately. There should be a clear link between variable pay and operational and financial performance. Performance metrics should be stretching and aligned with a company&#8217;s strategy and business model. BIS does not have a position on the use of <span style="white-space:nowrap">ESG-related</span> criteria, but believes that where companies choose to include them, they should be as rigorous as other financial or operational targets. Long-term incentive plans should vest over timeframes aligned with the delivery of long-term shareholder value. Compensation committees should guard against contractual arrangements that would entitle executives to material compensation for early termination of their employment. Finally, pension contributions and other deferred compensation arrangements should be reasonable in light of market practice. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We are not supportive of <span style="white-space:nowrap">one-off</span> or special bonuses unrelated to company or individual performance. Where discretion has been used by the compensation committee or its equivalent, we expect disclosure relating to how and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. We acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay; however, we are concerned when the rationale for increases in total compensation at a company is solely based on peer benchmarking rather than a rigorous measure of outperformance. We encourage companies to clearly explain how compensation outcomes have rewarded outperformance against peer firms. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe consideration should be given to building claw back provisions into incentive plans such that executives would be required to forgo rewards when they are not justified by actual performance and/or when compensation was based on faulty financial reporting or deceptive business practices. We also favor recoupment from any senior executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material restatement of past results. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman"><span style="white-space:nowrap">Non-executive</span> directors should be compensated in a manner that is commensurate with the time and effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk compromising directors&#8217; independence or aligning their interests too closely with those of the management, whom they are charged with overseeing. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We use third party research, in addition to our own analysis, to evaluate existing and proposed compensation structures. We may vote against members of the compensation committee or equivalent board members for poor compensation practices or structures. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_8">Environmental and social issues </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that well-managed companies will deal effectively with material environmental and social (&#8220;E&amp;S&#8221;) factors relevant to their businesses. Governance is the core structure by which boards can oversee the creation of sustainable, long-term value. Appropriate risk oversight of E&amp;S considerations stems from this construct. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Robust disclosure is essential for investors to effectively evaluate companies&#8217; strategy and business practices related to material E&amp;S risks and opportunities. Given the increased understanding of material sustainability risks and opportunities, and the need for better information to assess them, BlackRock will advocate for continued improvement in companies&#8217; reporting, where necessary, and will express any concerns through our voting where a company&#8217;s actions or disclosures are inadequate. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock encourages companies to use the framework developed by the Task Force on Climate-related Financial Disclosures (TCFD) to disclose their approach to ensuring they have a sustainable business model and to supplement that disclosure with industry-specific metrics such as those identified by the Sustainability Accounting Standards Board (SASB).<sup style="font-size:75%; vertical-align:top">3</sup> While the TCFD framework was developed to support climate-related risk disclosure, the four pillars of the TCFD &#8212; Governance, Strategy, Risk Management, and Metrics and Targets &#8212; are a useful way for companies to disclose how they identify, assess, manage, and oversee a variety of sustainability-related risks and opportunities. SASB&#8217;s industry-specific guidance (as identified in its materiality map) is beneficial in helping companies identify key performance indicators (KPIs) across various dimensions of sustainability that are considered to be financially material and decision-useful within their industry. We recognize that some companies may report using different standards, which may be required by regulation, or one of a number of private standards. In such cases, we ask that companies highlight the metrics that are industry- or company-specific. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Companies may also adopt or refer to guidance on sustainable and responsible business conduct issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and Development. Further, industry-specific initiatives on managing specific operational risks may be useful. Companies should disclose any global standards adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their approach to sustainable and responsible business practices. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Climate risk </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock believes that climate change has become a defining factor in companies&#8217; long-term prospects. We ask every company to help its investors understand how it may be impacted by climate-related risk and opportunities, and how these factors are considered within their strategy in a manner consistent with the company&#8217;s business model and sector. Specifically, we ask companies to articulate how their business model is aligned to a scenario in which global warming is limited to well below 2&#176;C, moving towards global net zero emissions by 2050. </p> <p style="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #c0c0c0;width:29%">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="text-decoration:underline">The International Financial Reporting Standards (IFRS) Foundation</span> announced in November 2021 the formation of an <span style="text-decoration:underline">International Sustainability Standards Board (ISSB)</span> to develop a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors&#8217; information needs. The IFRS Foundation plans to complete consolidation of the Climate Disclosure Standards Board (CDSB&#8212;an initiative of CDP) and the Value Reporting Foundation (VRF&#8212;which houses the Integrated Reporting Framework and the SASB Standards) by June 2022. </p></td></tr></table>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In Stewardship, we understand that climate change can be very challenging for many companies, as they seek to drive long-term value by mitigating risks and capturing opportunities. A growing number of companies, financial institutions, as well as governments, have committed to advancing net zero. There is growing consensus that companies can benefit from the more favorable macro-economic environment under an orderly, timely and just transition to net zero.<sup style="font-size:75%; vertical-align:top">4</sup> Many companies are asking what their role should be in contributing to a just transition &#8211; in ensuring a reliable energy supply and protecting the most vulnerable from energy price shocks and economic dislocation. They are also seeking more clarity as to the public policy path that will help align greenhouse gas reduction actions with commitments. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In this context, we ask companies to disclose a business plan for how they intend to deliver long-term financial performance through the transition to global net zero, consistent with their business model and sector. We encourage companies to demonstrate that their plans are resilient under likely decarbonization pathways, and the global aspiration to limit warming to 1.5&#176;C.<sup style="font-size:75%; vertical-align:top">5</sup> We also encourage companies to disclose how considerations related to having a reliable energy supply and just transition affect their plans. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We look to companies to set short-, medium- and long-term science-based targets, where available for their sector, for greenhouse gas reductions and to demonstrate how their targets are consistent with the long-term economic interests of their shareholders. Companies have an opportunity to use and contribute to the development of alternative energy sources and <span style="white-space:nowrap">low-carbon</span> transition technologies that will be essential to reaching net zero. We also recognize that some continued investment is required to maintain a reliable, affordable supply of fossil fuels during the transition. We ask companies to disclose how their capital allocation across alternatives, transition technologies, and fossil fuel production is consistent with their strategy and their emissions reduction targets. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman;font-weight:bold">Key stakeholder interests </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that, to advance long-term shareholders&#8217; interests, companies should consider the interests of their key stakeholders. It is for each company to determine its key stakeholders based on what is material to its business, but they are likely to include employees, business partners (such as suppliers and distributors), clients and consumers, government, and the communities in which they operate. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Considering the interests of key stakeholders recognizes the collective nature of long-term value creation and the extent to which each company&#8217;s prospects for growth are tied to its ability to foster strong sustainable relationships with and support from those stakeholders. Companies should articulate how they address adverse impacts that could arise from their business practices and affect critical business relationships with their stakeholders. We expect companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. The maintenance of trust within these relationships can be equated with a company&#8217;s long-term success. </p> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #c0c0c0;width:29%">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">For example, BlackRock&#8217;s Capital Markets Assumptions anticipate 25 points of cumulative economic gains over a <span style="white-space:nowrap">20-year</span> period in an orderly transition as compared to the alternative. This better macro environment will support better economic growth, financial stability, job growth, productivity, as well as ecosystem stability and health outcomes. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">The global aspiration is reflective of aggregated efforts; companies in developed and emerging markets are not equally equipped to transition their business and reduce emissions at the same rate&#8212;those in developed markets with the largest market capitalization are better positioned to adapt their business models at an accelerated pace. Government policy and regional targets may be reflective of these realities. </p></td></tr></table>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">To ensure transparency and accountability, companies should disclose how they have identified their key stakeholders and considered their interests in business decision-making, demonstrating the applicable governance, strategy, risk management, and metrics and targets. This approach should be overseen by the board, which is well positioned to ensure that the approach taken is informed by and aligns with the company&#8217;s strategy and purpose. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_9">General corporate governance matters and shareholder protections </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock believes that shareholders have a right to material and timely information on the financial performance and viability of the companies in which they invest. In addition, companies should publish information on the governance structures in place and the rights of shareholders to influence these structures. The reporting and disclosure provided by companies help shareholders assess whether their economic interests have been protected and the quality of the board&#8217;s oversight of management. We believe shareholders should have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit proposals to the shareholders&#8217; meeting, and to call special meetings of shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Corporate Form </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe it is the responsibility of the board to determine the corporate form that is most appropriate given the company&#8217;s purpose and business model.<sup style="font-size:75%; vertical-align:top">6</sup> Companies proposing to change their corporate form to a public benefit corporation or similar entity should put it to a shareholder vote if not already required to do so under applicable law. Supporting documentation from companies or shareholder proponents proposing to alter the corporate form should clearly articulate how the interests of shareholders and different stakeholders would be impacted as well as the accountability and voting mechanisms that would be available to shareholders. As a fiduciary on behalf of clients, we generally support management proposals if our analysis indicates that shareholders&#8217; interests are adequately protected. Relevant shareholder proposals are evaluated on a <span style="white-space:nowrap"><span style="white-space:nowrap">case-by-case</span></span> basis. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_10">Shareholder proposals </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals to be voted on by shareholders at a company&#8217;s annual or extraordinary meeting, as long as eligibility and procedural requirements are met. The matters that we see put forward by shareholders address a wide range of topics, including governance reforms, capital management, and improvements in the management or disclosure of E&amp;S risks. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock is subject to certain requirements under antitrust law in the United States that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals. As noted above, we can vote on proposals put forth by others. </p> <p style="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #c0c0c0;width:29%">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Corporate form refers to the legal structure by which a business is organized. </p></td></tr></table>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">When assessing shareholder proposals, we evaluate each proposal on its merit, with a singular focus on its implications for long-term value creation. We consider the business and economic relevance of the issue raised, as well as its materiality and the urgency with which we believe it should be addressed. We take into consideration the legal effect of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction. We would not support proposals that we believe would result in over-reaching into the basic business decisions of the issuer. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Where a proposal is focused on a material business risk that we agree needs to be addressed and the intended outcome is consistent with long-term value creation, we will look to the board and management to demonstrate that the company has met the intent of the request made in the shareholder proposal. Where our analysis and/or engagement indicate an opportunity for improvement in the company&#8217;s approach to the issue, we may support shareholder proposals that are reasonable and not unduly constraining on management. Alternatively, or in addition, we may vote against the <span style="white-space:nowrap">re-election</span> of one or more directors if, in our assessment, the board has not responded sufficiently or with an appropriate sense of urgency. We may also support a proposal if management is on track, but we believe that voting in favor might accelerate progress. </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_11">BlackRock&#8217;s oversight of its investment stewardship activities </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman;font-weight:bold">Oversight </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We hold ourselves to a very high standard in our investment stewardship activities, including proxy voting. To meet this standard, BIS is comprised of BlackRock employees who do not have other responsibilities other than their roles in BIS. BIS is considered an investment function. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock maintains three regional advisory committees (&#8220;Stewardship Advisory Committees&#8221;) for(a) the Americas; (b)&#160;Europe, the Middle East and Africa (&#8220;EMEA&#8221;); and (c)&#160;Asia-Pacific, generally consisting of senior BlackRock investment professionals and/or senior employees with practical boardroom experience. The regional Stewardship Advisory Committees review and advise on amendments to BIS proxy voting guidelines covering markets within each respective region (&#8220;Guidelines&#8221;). The advisory committees do not determine voting decisions, which are the responsibility of BIS. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In addition to the regional Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee (&#8220;Global Committee&#8221;) is a risk-focused committee, comprised of senior representatives from various BlackRock investment teams, a senior legal representative, the Global Head of Investment Stewardship(&#8220;Global Head&#8221;), and other senior executives with relevant experience and team oversight. The Global Oversight Committee does not determine voting decisions, which are the responsibility of BIS. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">The Global Head has primary oversight of the activities of BIS, including voting in accordance with the Guidelines, which require the application of professional judgment and consideration of each company&#8217;s unique circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee also reviews and approves amendments to the regional Guidelines, as proposed by the regional Stewardship Advisory Committees. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well as updates on material process issues, procedural changes, and other risk oversight considerations. The Global Committee reviews these reports in an oversight capacity as informed by the BIS corporate governance engagement program and the Guidelines. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS carries out engagement with companies, monitors and executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BIS may utilize third parties for certain of the foregoing activities and performs oversight of those third parties. BIS may raise complicated or particularly controversial matters for internal discussion with the relevant investment teams and governance specialists for discussion and guidance prior to making a voting decision. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_12">Vote execution </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We carefully consider proxies submitted to funds and other fiduciary account(s) (&#8220;Fund&#8221; or &#8220;Funds&#8221;) for which we have voting authority. BlackRock votes(or refrains from voting) proxies for each Fund for which we have voting authority based on our evaluation of the best long-term economic interests of our clients as shareholders, in the exercise of our independent business judgment, and without regard to the relationship of the issuer of the proxy (or any shareholder proponent or dissident shareholder) to the Fund, the Fund&#8217;s affiliates(if any), BlackRock or BlackRock&#8217;s affiliates, or BlackRock employees(see &#8220;Conflicts management policies and procedures&#8221;, below). </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">When exercising voting rights, BlackRock will normally vote on specific proxy issues in accordance with the Guidelines for the relevant market. The Guidelines are reviewed annually and are amended consistent with changes in the local market practice, as developments in corporate governance occur, or as otherwise deemed advisable by the applicable Stewardship Advisory Committees. 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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_13">Conflicts management policies and procedures </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS maintains policies and procedures that seek to prevent undue influence on BlackRock&#8217;s proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock&#8217;s affiliates, a Fund or a Fund&#8217;s affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">BlackRock clients who may be issuers of securities or proponents of shareholder resolutions </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by BlackRock </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Adopted the Guidelines which are designed to advance our clients&#8217; interests in the companies in which BlackRock invests on their behalf. </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Established a reporting structure that separates BIS from employees with sales, vendor management, or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock&#8217;s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock&#8217;s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock&#8217;s proxy voting agent votes the proxy in accordance with the independent fiduciary&#8217;s determination. BlackRock uses an independent fiduciary to vote proxies of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also use an independent fiduciary to vote proxies of: </p></td></tr></table>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">public companies that include BlackRock employees on their boards of directors, </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">public companies that are the subject of certain transactions involving BlackRock Funds, </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">public companies that are joint venture partners with BlackRock, and </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">public companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciaries, generally on an annual basis. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_14">Securities lending </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns for a fund, while allowing fund providers to keep fund expenses lower. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">With regard to the relationship between securities lending and proxy voting, BlackRock&#8217;s approach is informed by our fiduciary responsibility to act in our clients&#8217; best interests. In most cases, BlackRock anticipates that the potential long-term value to the Fund of voting shares would be less than the potential revenue the loan may provide the Fund. However, in certain instances, BlackRock may determine, in its independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">The decision to recall securities on loan as part of BlackRock&#8217;s securities lending program in order to vote is based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term value to clients of voting those securities (based on the information available at the time of recall consideration).<sup style="font-size:75%; vertical-align:top">7</sup> BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis teams to evaluate the costs and benefits to clients of recalling shares on loan. </p> <p style="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #c0c0c0;width:29%">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Recalling securities on loan can be impacted by the timing of record dates. In the United States, for example, the record date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent business judgement as a fiduciary, the benefit to a fund&#8217;s shareholders of recalling loaned shares in advance of an estimated record date without knowing whether there will be a vote on matters which have a material impact on the fund (thereby forgoing potential securities lending revenue for the fund&#8217;s shareholders) or leaving shares on loan to potentially earn revenue for the fund (thereby forgoing the opportunity to vote). </p></td></tr></table>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_15">Voting guidelines </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">The issue-specific Guidelines published for each region/country in which we vote are intended to summarize BlackRock&#8217;s general philosophy and approach to issues that may commonly arise in the proxy voting context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS applies the Guidelines on a <span style="white-space:nowrap"><span style="white-space:nowrap">case-by-case</span></span> basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_16">Reporting and vote transparency </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and through disclosure on our website. Each year we publish an annual report that provides a global overview of our investment stewardship engagement and voting activities. Additionally, we make public our market-specific voting guidelines for the benefit of clients and companies with whom we engage. We also publish commentaries to share our perspective on market developments and emerging key themes. </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">At a more granular level, we publish quarterly our vote record for each company that held a shareholder meeting during the period, showing how we voted on each proposal and explaining any votes against management proposals or on shareholder proposals. For shareholder meetings where a vote might be high profile or of significant interest to clients, we may publish a vote bulletin after the meeting, disclosing and explaining our vote on key proposals. We also publish a quarterly list of all companies with which we engaged and the key topics addressed in the engagement meeting. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In this way, we help inform our clients about the work we do on their behalf in promoting the governance and business models that support long-term sustainable value creation. </p>
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 <p style="margin-top:120pt; margin-bottom:0pt; font-size:60pt; font-family:Times New Roman;font-weight:bold">BlackRock </p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:60pt; font-family:Times New Roman;font-weight:bold">Investment </p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:60pt; font-family:Times New Roman;font-weight:bold">Stewardship </p> <p style="margin-top:24pt; margin-bottom:0pt; font-size:22.5pt; font-family:Times New Roman">Proxy voting guidelines for U.S. securities </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman">Effective as of January 2022 </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="toc1">Contents </p> <p style="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_17">Introduction</a></p></td>
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<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-21</span></span></td>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_18">Voting guidelines</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-21</span></span></td>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_19">Boards and directors</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-21</span></span></td>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_20">Auditors and audit-related issues</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-29</span></span></td>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_21">Capital structure proposals</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-29</span></span></td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td></tr>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_22">Mergers, acquisitions, asset sales, and other special transactions</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-30</span></span></td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td></tr>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_23">Executive compensation</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-31</span></span></td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td></tr>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_24">Environmental and social issues</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-34</span></span></td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td></tr>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_25">General corporate governance matters</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-37</span></span></td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td></tr>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold"><a href="#appb320889_26">Shareholder protections</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td>
<td style="white-space:nowrap;vertical-align:bottom" align="right"><span style="font-weight:bold"><span style="white-space:nowrap">B-39</span></span></td>
<td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold">&#160;</span></td></tr>
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 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">B-20 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">These guidelines should be read in conjunction with the BlackRock Investment Stewardship Global Principles. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_17">Introduction </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe BlackRock has a responsibility to monitor and provide feedback to companies, in our role as stewards of our clients&#8217; investments. BlackRock Investment Stewardship (&#8220;BIS&#8221;) does this through engagement with management teams and/or board members on material business issues, including environmental, social, and governance (&#8220;ESG&#8221;) matters and, for those clients who have given us authority, through voting proxies in the best long-term economic interests of their assets. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">The following issue-specific proxy voting guidelines(the &#8220;Guidelines&#8221;) are intended to summarize BIS&#8217; regional philosophy and approach to engagement and voting on ESG factors, as well as our expectations of directors, for U.S. securities. These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide to how BIS will engage and/or vote in every instance. They are applied with discretion, taking into consideration the range of issues and facts specific to the company, as well as individual ballot items at annual and special meetings. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_18">Voting guidelines </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">These guidelines are divided into eight key themes, which group together the issues that frequently appear on the agenda of annual and extraordinary meetings of shareholders: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Boards and directors </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Auditors and audit-related issues </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Capital structure </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Mergers, acquisitions, asset sales, and other special transactions </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Executive compensation </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Environmental and social issues </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">General corporate governance matters </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Shareholder protections </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_19">Boards and directors </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">The effective performance of the board is critical to the economic success of the company and the protection of shareholders&#8217; interests. As part of their responsibilities, board members owe fiduciary duties to shareholders in overseeing the strategic direction, operations, and risk management of the company. For this reason, BIS sees engagement with and the election of directors as one of our most critical responsibilities. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">B-21 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Disclosure of material issues that affect the company&#8217;s long-term strategy and value creation, including material ESG factors, is essential for shareholders to appropriately understand and assess how effectively the board is identifying, managing, and mitigating risks. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Where we conclude that a board has failed to address or disclose one or more material issues within a specified timeframe, we may hold directors accountable or take other appropriate action in the context of our voting decisions. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman;font-weight:bold">Director elections </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Where a board has not adequately demonstrated, through actions and company disclosures, how material issues are appropriately identified, managed, and overseen, we will consider voting against the <span style="white-space:nowrap">re-election</span> of those directors responsible for the oversight of such issues, as indicated below. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman;font-weight:bold">Independence </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We expect a majority of the directors on the board to be independent. In addition, all members of key committees, including audit, compensation, and nominating/governance committees, should be independent. Our view of independence may vary from listing standards. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Common impediments to independence may include: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Employment as a senior executive by the company or a subsidiary within the past five years </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">An equity ownership in the company in excess of 20% </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Having any other interest, business, or relationship (professional or personal) which could, or could reasonably be perceived to, materially interfere with the director&#8217;s ability to act in the best interests of the company </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We may vote against directors serving on key committees who we do not consider to be independent, including at controlled companies. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman;font-weight:bold">Oversight </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We expect the board to exercise appropriate oversight of management and the business activities of the company. Where we believe a board has failed to exercise sufficient oversight, we may vote against the responsible committees and/or individual directors. The following illustrates common circumstances: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">With regard to material ESG risk factors, or where the company has failed to provide shareholders with adequate disclosure to conclude appropriate strategic consideration is given to these factors by the board, we may vote against directors of the responsible committee, or the most relevant director </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">With regard to accounting practices or audit oversight, e.g., where the board has failed to facilitate quality, independent auditing. If substantial accounting irregularities suggest insufficient oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">During a period in which executive compensation appears excessive relative to the performance of the company and compensation paid by peers, we may vote against the members of the compensation committee </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Where a company has proposed an equity compensation plan that is not aligned with shareholders&#8217; interests, we may vote against the members of the compensation committee </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">B-22 </p>



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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Where the board is not comprised of a majority of independent directors (this may not apply in the case of a controlled company), we may vote against the chair of the nominating/governance committee, or where no chair exists, the nominating/governance committee member with the longest tenure </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Where it appears the director has acted (at the company or at other companies) in a manner that compromises their ability to represent the best long-term economic interests of shareholders, we may vote against that individual </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Where a director has a multi-year pattern of poor attendance at combined board and applicable committee meetings, or a director has poor attendance in a single year with no disclosed rationale, we may vote against that individual. Excluding exigent circumstances, BIS generally considers attendance at less than 75% of the combined board and applicable committee meetings to be poor attendance </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Where a director serves on an excessive number of boards, which may limit their capacity to focus on each board&#8217;s needs, we may vote against that individual. The following identifies the maximum number of boards on which a director may serve, before BIS considers them to be over-committed </p></td></tr></table>
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<td align="center" style="BORDER-BOTTOM:2.50pt solid #000000;vertical-align:top"><span style="font-weight:bold">Public&#160;Company&#160;Executive</span></td>
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<td align="center" style="BORDER-BOTTOM:2.50pt solid #000000;vertical-align:top"><span style="font-weight:bold">#&#160;Outside&#160;Public&#160;Boards<sup style="font-size:75%; vertical-align:top">1</sup></span></td>
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<td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Director A</p> <p style="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&#160;</p></td>
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<td align="center" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap">1</td>
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<td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Director B<sup style="font-size:75%; vertical-align:top">2</sup></p> <p style="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&#160;</p></td>
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<td align="center" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap"><span style="font-size:8pt">3</span></td>
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</table> <p style="margin-top:24pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Responsiveness to shareholders </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We expect a board to be engaged and responsive to its shareholders, including acknowledging voting outcomes for director elections, compensation, shareholder proposals, and other ballot items. Where we believe a board has not substantially addressed shareholder concerns, we may vote against the responsible committees and/or individual directors. The following illustrates common circumstances: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">The independent chair or lead independent director, members of the nominating/governance committee, and/or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and/or failure to plan for adequate board member succession </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">The chair of the nominating/governance committee, or where no chair exists, the nominating/governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received against votes from more than 25% of shares voted, and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BIS did not support the initial against vote </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">The independent chair or lead independent director and/or members of the nominating/governance committee, where a board fails to consider shareholder proposals that receive substantial support, and the proposals, in our view, have a material impact on the business, shareholder rights, or the potential for long-term value creation </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Shareholder rights </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We expect a board to act with integrity and to uphold governance best practices. Where we believe a board has not acted in the best interests of its shareholders, we may vote against the appropriate committees and/or individual directors. The following illustrates common circumstances: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">The independent chair or lead independent director and members of the nominating/governance committee, where a board implements or renews a poison pill without shareholder approval </p></td></tr></table> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #c0c0c0;width:29%">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">In addition to the company under review. </p></td></tr></table>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Including fund managers whose full-time employment involves responsibility for the investment and oversight of fund vehicles, and those who have employment as professional investors and provide oversight for those holdings. </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">B-24 </p>



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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">The independent chair or lead independent director and members of the nominating/governance committee, where a board amends the charter/articles/bylaws and where the effect may be to entrench directors or to significantly reduce shareholder rights </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">Members of the compensation committee where the company has repriced options without shareholder approval </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding the actions of a committee and the responsible member(s), we will generally register our concern by voting against all available members of the relevant committee. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Board composition and effectiveness </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We encourage boards to periodically refresh their membership to ensure relevant skills and experience within the boardroom. To this end, regular performance reviews and skills assessments should be conducted by the nominating/governance committee or the lead independent director. When nominating new directors to the board, we ask that there is sufficient information on the individual candidates so that shareholders can assess the suitability of each individual nominee and the overall board composition. Where boards find that age limits or term limits are the most efficient and objective mechanism for ensuring periodic board refreshment, we generally defer to the board&#8217;s determination in setting such limits. BIS will also consider the average board tenure to evaluate processes for board renewal. We may oppose boards that appear to have an insufficient mix of short-, medium-, and long-tenured directors. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Furthermore, we expect boards to be comprised of a diverse selection of individuals who bring their personal and professional experiences to bear in order to create a constructive debate of a variety of views and opinions in the boardroom. We are interested in diversity in the board room as a means to promoting diversity of thought and avoiding &#8220;groupthink&#8221;. We ask boards to disclose how diversity is considered in board composition, including demographic factors such as gender, race, ethnicity, and age; as well as professional characteristics, such as a director&#8217;s industry experience, specialist areas of expertise, and geographic location. We assess a board&#8217;s diversity in the context of a company&#8217;s domicile, business model, and strategy. We believe boards should aspire to 30% diversity of membership and encourage companies to have at least two directors on their board who identify as female and at least one who identifies as a member of an underrepresented group.<sup style="font-size:75%; vertical-align:top">3</sup> </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We ask that boards disclose: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">The aspects of diversity that the company believes are relevant to its business and how the diversity characteristics of the board, in aggregate, are aligned with a company&#8217;s long-term strategy and business model </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">The process by which candidates are identified and selected, including whether professional firms or other </p></td></tr></table> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #c0c0c0;width:29%">&#160;</p>
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<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">3</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Including, but not limited to, individuals who identify as Black or African American, Hispanic or Latinx , Asian, Native American or Alaska Native, or Native Hawaiian or Pacific Islander; individuals who identify as LGBTQ+; individuals who identify as underrepresented based on national, Indigenous, religious, or cultural identity; individuals with disabilities; and veterans. </p></td></tr></table>
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resources outside of incumbent directors&#8217; networks have been engaged to identify and/or assess candidates, and whether a diverse slate of nominees is considered for all available board nominations </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and/or sensitive details </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">This position is based on our view that diversity of perspective and thought &#8211; in the boardroom, in the management team, and throughout the company &#8211; leads to better long-term economic outcomes for companies. Academic research already reveals correlations between specific dimensions of diversity and effects on decision-making processes and outcomes.<sup style="font-size:75%; vertical-align:top">4</sup> In our experience, greater diversity in the boardroom contributes to more robust discussions and more innovative and resilient decisions. Over time, it can also promote greater diversity and resilience in the leadership team and workforce more broadly, enabling companies to develop businesses that more closely reflect and resonate with the customers and communities they serve. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">To the extent that, based on our assessment of corporate disclosures, a company has not adequately accounted for diversity in its board composition within a reasonable timeframe, we may vote against members of the nominating/governance committee for an apparent lack of commitment to board effectiveness. We recognize that building high-quality, diverse boards can take time. We will look to the largest companies (e.g., S&amp;P 500) for continued leadership. Our publicly available commentary provides more information on our approach to board diversity. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Board size </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We typically defer to the board in setting the appropriate size and believe directors are generally in the best position to assess the optimal board size to ensure effectiveness. However, we may oppose boards that appear too small to allow for the necessary range of skills and experience or too large to function efficiently. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">CEO and management succession planning </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">There should be a robust CEO and senior management succession plan in place at the board level that is reviewed and updated on a regular basis. We expect succession planning to cover scenarios over both the long-term, consistent with the strategic direction of the company and identified leadership needs over time, as well as the short-term, in the event of an unanticipated executive departure. We encourage the company to explain its executive succession planning process, including where accountability lies within the boardroom for this task, without prematurely divulging sensitive information commonly associated with this exercise. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Classified board of directors/staggered terms </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that directors should be <span style="white-space:nowrap">re-elected</span> annually; classification of the board generally limits shareholders&#8217; rights to regularly evaluate a board&#8217;s performance and select directors. While we will typically support proposals requesting board <span style="white-space:nowrap">de-classification,</span> we may make exceptions, should the board articulate an appropriate strategic </p> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #c0c0c0;width:29%">&#160;</p>
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<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">4</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">For example, the role of gender diversity on team cohesion and participative communication is explored by Post, C., 2015, <span style="text-decoration:underline">When is female leadership an advantage? Coordination requirements, team cohesion, and team interaction norms</span>, Journal of Organizational Behavior, 36, 1153-1175. </p></td></tr></table>
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 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">B-26 </p>



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rationale for a classified board structure. This may include when a company needs consistency and stability during a time of transition, e.g., newly public companies or companies undergoing a strategic restructuring. A classified board structure may also be justified at <span style="white-space:nowrap">non-operating</span> companies, e.g., <span style="white-space:nowrap">closed-end</span> funds or business development companies (&#8220;BDC&#8221;),<sup style="font-size:75%; vertical-align:top">5</sup> in certain circumstances. We would, however, expect boards with a classified structure to periodically review the rationale for such structure and consider when annual elections might be more appropriate. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Without a voting mechanism to immediately address concerns about a specific director, we may choose to vote against the directors up for election at the time (see &#8220;Shareholder rights&#8221; for additional detail). </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Contested director elections </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">The details of contested elections, or proxy contests, are assessed on a <span style="white-space:nowrap"><span style="white-space:nowrap">case-by-case</span></span> basis. We evaluate a number of factors, which may include: the qualifications of the dissident and management candidates; the validity of the concerns identified by the dissident; the viability of both the dissident&#8217;s and management&#8217;s plans; the ownership stake and holding period of the dissident; the likelihood that the dissident&#8217;s solutions will produce the desired change; and whether the dissident represents the best option for enhancing long-term shareholder value. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Cumulative voting </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that a majority vote standard is in the best long-term interests of shareholders. It ensures director accountability through the requirement to be elected by more than half of the votes cast. As such, we will generally oppose proposals requesting the adoption of cumulative voting, which may disproportionately aggregate votes on certain issues or director candidates. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Director compensation and equity programs </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that compensation for directors should be structured to attract and retain directors, while also aligning their interests with those of shareholders. We believe director compensation packages that are based on the company&#8217;s long-term value creation and include some form of long-term equity compensation are more likely to meet this goal. In addition, we expect directors to build meaningful share ownership over time. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Majority vote requirements </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS believes that directors should generally be elected by a majority of the shares voted and will normally support proposals seeking to introduce bylaws requiring a majority vote standard for director elections. Majority vote standards assist in ensuring that directors who are not broadly supported by shareholders are not elected to serve as their representatives. Some companies with a plurality voting standard have adopted a resignation policy for directors who do not receive support from at least a majority of votes cast. Where we believe that the company already has a sufficiently robust majority voting process in place, we may not support a shareholder proposal seeking an alternative mechanism. </p> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #c0c0c0;width:29%">&#160;</p>
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<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">5</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">A BDC is a special investment vehicle under the Investment Company Act of 1940 that is designed to facilitate capital formation for small and middle-market companies. </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">B-27 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We note that majority voting may not be appropriate in all circumstances, for example, in the context of a contested election, or for majority-controlled companies. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Risk oversight </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Companies should have an established process for identifying, monitoring, and managing business and material ESG risks. Independent directors should have access to relevant management information and outside advice, as appropriate, to ensure they can properly oversee risk. We encourage companies to provide transparency around risk management, mitigation, and reporting to the board. We are particularly interested in understanding how risk oversight processes evolve in response to changes in corporate strategy and/or shifts in the business and related risk environment. Comprehensive disclosure provides investors with a sense of the company&#8217;s long-term risk management practices and, more broadly, the quality of the board&#8217;s oversight. In the absence of robust disclosures, we may reasonably conclude that companies are not adequately managing risk. </p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Separation of chair and CEO </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that independent leadership is important in the boardroom. There are two commonly accepted structures for independent board leadership: 1) an independent chair; or 2) a lead independent director when the roles of chair and CEO are combined. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In the absence of a significant governance concern, we defer to boards to designate the most appropriate leadership structure to ensure adequate balance and independence.<sup style="font-size:75%; vertical-align:top">6</sup> </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In the event that the board chooses a combined chair/CEO model, we generally support the designation of a lead independent director if they have the power to: 1) provide formal input into board meeting agendas; 2) call meetings of the independent directors; and 3) preside at meetings of independent directors. Furthermore, while we anticipate that most directors will be elected annually, we believe an element of continuity is important for this role to provide appropriate leadership balance to the chair/CEO. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">The following table illustrates examples of responsibilities under each board leadership model: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr>

<td style="width:19%"/>

<td style="vertical-align:bottom;width:1%"/>
<td style="width:26%"/>

<td style="vertical-align:bottom;width:1%"/>
<td style="width:27%"/>

<td style="vertical-align:bottom"/>
<td style="width:25%"/></tr>
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<td style="vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;</td>
<td colspan="3" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; text-indent:5.00em; font-size:8pt; font-family:Times New Roman;font-weight:bold">Combined Chair/CEO Model</p></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;</td>
<td align="center" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Separate Chair Model</span></td></tr>
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<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Chair/CEO</span></td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Lead Independent Director</span></td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Chair</span></td></tr>


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<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top">Authority to call full meetings of the board of directors</td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top">Attends full meetings of the board of directors</td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top">Authority to call full meetings of the board of directors</td></tr>
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<td style="padding-bottom:3pt ;vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman;font-weight:bold">Board Meetings</p></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><span style="font-size:x-small">&#160;</span></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top">Authority to call meetings of independent directors</td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><span style="font-size:x-small">&#160;</span></td></tr>
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<td style="BORDER-BOTTOM:2.00pt solid #000000;vertical-align:top"><span style="font-size:x-small">&#160;</span></td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:2.00pt solid #000000;vertical-align:top"><span style="font-size:x-small">&#160;</span></td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:top">Briefs CEO on issues arising from executive sessions</td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:2.00pt solid #000000;vertical-align:top"><span style="font-size:x-small">&#160;</span></td></tr></table> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #c0c0c0;width:29%">&#160;</p>
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<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">6</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">To this end, we do not view shareholder proposals asking for the separation of chair and CEO to be a proxy for other concerns we may have at the company for which a vote against directors would be more appropriate. Rather, support for such a proposal might arise in the case of overarching and sustained governance concerns such as lack of independence or failure to oversee a material risk over consecutive years. </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">B-28 </p>



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<td style="vertical-align:bottom"/>
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<td style="vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;</td>
<td colspan="3" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; text-indent:5.00em; font-size:8pt; font-family:Times New Roman;font-weight:bold">Combined Chair/CEO Model</p></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;</td>
<td align="center" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Separate Chair Model</span></td></tr>
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<td style="BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;&#160;</td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Chair/CEO</span></td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Lead Independent Director</span></td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Chair</span></td></tr>


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<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman;font-weight:bold">Agenda</p></td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:top">Primary responsibility for shaping board agendas, consulting with the lead independent director</td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:top">Collaborates with chair/CEO to set board agenda and board information</td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:top">Primary responsibility for shaping board agendas, in conjunction with CEO</td></tr>
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<td style="height:3pt"/>
<td style="height:3pt" colspan="2"/>
<td style="height:3pt" colspan="2"/>
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<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman;font-weight:bold">Board Communications</p></td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:top">Communicates with all directors on key issues and concerns outside of full board meetings</td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:top">Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning</td>
<td style=" BORDER-BOTTOM:2.00pt solid #000000;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:2.00pt solid #000000;vertical-align:top">Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning</td></tr>
</table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_20">Auditors and audit-related issues </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a company&#8217;s financial condition. Consistent with our approach to voting on directors, we seek to hold the audit committee of the board responsible for overseeing the management of the audit function at a company. We may vote against the audit committee members where the board has failed to facilitate quality, independent auditing. We look to public disclosures for insight into the scope of the audit committee responsibilities, including an overview of audit committee processes, issues on the audit committee agenda, and key decisions taken by the audit committee. We take particular note of cases involving significant financial restatements or material weakness disclosures, and we expect timely disclosure and remediation of accounting irregularities. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">The integrity of financial statements depends on the auditor effectively fulfilling its role. To that end, we favor an independent auditor. In addition, to the extent that an auditor fails to reasonably identify and address issues that eventually lead to a significant financial restatement, or the audit firm has violated standards of practice, we may also vote against ratification. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">From time to time, shareholder proposals may be presented to promote auditor independence or the rotation of audit firms. We may support these proposals when they are consistent with our views as described above. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18.5pt; font-family:Times New Roman;font-weight:bold" id="appb320889_21">Capital structure proposals </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Equal voting rights </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS believes that shareholders should be entitled to voting rights in proportion to their economic interests. We believe that companies that look to add or that already have dual or multiple class share structures should review these structures on a regular basis, or as company circumstances change. Companies with multiple share classes should receive shareholder approval of their capital structure on a periodic basis via a management proposal on the company&#8217;s proxy. The proposal should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs to shareholders. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">B-29 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Blank check preferred stock </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We frequently oppose proposals requesting authorization of a class of preferred stock with unspecified voting, conversion, dividend distribution, and other rights (&#8220;blank check&#8221; preferred stock) because they may serve as a transfer of authority from shareholders to the board and as a possible entrenchment device. We generally view the board&#8217;s discretion to establish voting rights on a when-issued basis as a potential anti-takeover device, as it affords the board the ability to place a block of stock with an investor sympathetic to management, thereby foiling a takeover bid without a shareholder vote. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Nonetheless, we may support the proposal where the company: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:2%;vertical-align:top" align="left">&#9679;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;Appears to have a legitimate financing motive for requesting blank check authority </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;Has a history of using blank check preferred stock for financings </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Increase in authorized common shares </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS will evaluate requests to increase authorized shares on a <span style="white-space:nowrap"><span style="white-space:nowrap">case-by-case</span></span> basis, in conjunction with industry-specific norms and potential dilution, as well as a company&#8217;s history with respect to the use of its common shares. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Increase or issuance of preferred stock </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We generally support proposals to increase or issue preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and where the terms of the preferred stock appear reasonable. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Stock splits </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We generally support stock splits that are not likely to negatively affect the ability to trade shares or the economic value of a share. We generally support reverse stock splits that are designed to avoid delisting or to facilitate trading in the stock, where the reverse split will not have a negative impact on share value (e.g., one class is reduced while others remain at <span style="white-space:nowrap">pre-split</span> levels). In the event of a proposal for a reverse split that would not proportionately reduce the company&#8217;s authorized stock, we apply the same analysis we would use for a proposal to increase authorized stock. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold" id="appb320889_22">Mergers, acquisitions, asset sales, and other special transactions </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In assessing mergers, acquisitions, asset sales, or other special transactions &#8211; including business combinations involving Special Purpose Acquisition Companies(&#8220;SPACs&#8221;) &#8211; BIS&#8217; primary consideration is the long-term economic interests of our clients as shareholders. We expect boards proposing a transaction to clearly explain the economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it enhances long-term shareholder value. While mergers, acquisitions, asset sales, business combinations, and other special transaction proposals vary widely in scope and substance, we closely examine certain salient features in our analyses, such as: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;The degree to which the proposed transaction represents a premium to the company&#8217;s trading price. We </p></td></tr></table>
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consider the share price over multiple time periods prior to the date of the merger announcement. We may consider comparable transaction analyses provided by the parties&#8217; financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;There should be clear strategic, operational, and/or financial rationale for the combination </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;Unanimous board approval and <span style="white-space:nowrap">arm&#8217;s-length</span> negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an <span style="white-space:nowrap">arm&#8217;s-length</span> bidding process. We may also consider whether executive and/or board members&#8217; financial interests appear likely to affect their ability to place shareholders&#8217; interests before their own </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Poison pill plans </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Where a poison pill is put to a shareholder vote by management, our policy is to examine these plans individually. Although we have historically opposed most plans, we may support plans that include a reasonable &#8220;qualifying offer clause.&#8221; Such clauses typically require shareholder ratification of the pill and stipulate a sunset provision whereby the pill expires unless it is renewed. These clauses also tend to specify that an <span style="white-space:nowrap">all-cash</span> bid for all shares that includes a fairness opinion and evidence of financing does not trigger the pill, but forces either a special meeting at which the offer is put to a shareholder vote or requires the board to seek the written consent of shareholders, where shareholders could rescind the pill at their discretion. We may also support a pill where it is the only effective method for protecting tax or other economic benefits that may be associated with limiting the ownership changes of individual shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We generally vote in favor of shareholder proposals to rescind poison pills. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Reimbursement of expense for successful shareholder campaigns </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We generally do not support shareholder proposals seeking the reimbursement of proxy contest expenses, even in situations where we support the shareholder campaign. We believe that introducing the possibility of such reimbursement may incentivize disruptive and unnecessary shareholder campaigns. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold" id="appb320889_23">Executive compensation </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS expects a company&#8217;s board of directors to put in place a compensation structure that incentivizes and rewards executives appropriately and is aligned with shareholder interests, particularly the generation of sustainable long-term value. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We expect the compensation committee to carefully consider the specific circumstances of the company and the key individuals the board is focused on incentivizing. We encourage companies to ensure that their compensation plans incorporate appropriate and rigorous performance metrics consistent with corporate strategy and market practice. Performance-based compensation should include metrics that are relevant to the business and stated strategy or risk mitigation efforts. Goals, and the processes used to set these goals, should be clearly articulated and appropriately rigorous. We use third party research, in addition to our own analysis, to evaluate existing and proposed compensation structures. We hold members of the compensation committee, or equivalent board members, accountable for poor compensation practices or structures. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS believes that there should be a clear link between variable pay and company performance that drives value creation for our clients as shareholders. We are generally not supportive of <span style="white-space:nowrap">one-off</span> or special bonuses unrelated to company or individual performance. Where discretion has been used by the compensation committee, we expect disclosure relating to how and why the discretion was used and further, how the adjusted outcome is aligned with the interests of shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We acknowledge that the use of peer group evaluation by compensation committees can help calibrate competitive pay; however, we are concerned when the rationale for increases in total compensation is solely based on peer benchmarking, rather than absolute outperformance. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We support incentive plans that foster the sustainable achievement of results &#8211; both financial and <span style="white-space:nowrap">non-financial,</span> including ESG &#8211; consistent with the company&#8217;s strategic initiatives. The vesting and holding timeframes associated with incentive plans should facilitate a focus on long-term value creation. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Compensation committees should guard against contractual arrangements that would entitle executives to material compensation for early termination of their contract. Finally, pension contributions and other deferred compensation arrangements should be reasonable in light of market practices. Our publicly available commentary provides more information on our approach to executive compensation. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">&#8220;Say on Pay&#8221; advisory resolutions </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In cases where there is a &#8220;Say on Pay&#8221; vote, BIS will respond to the proposal as informed by our evaluation of compensation practices at that particular company and in a manner that appropriately addresses the specific question posed to shareholders. Where we conclude that a company has failed to align pay with performance, we will vote against the management compensation proposal and relevant compensation committee members. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Frequency of &#8220;Say on Pay&#8221; advisory resolutions </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS will generally support annual advisory votes on executive compensation. We believe shareholders should have the opportunity to express feedback on annual incentive programs and changes to long-term compensation before multiple cycles are issued. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Clawback proposals </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We generally favor recoupment from any senior executive whose compensation was based on faulty financial reporting or deceptive business practices. We also favor recoupment from any senior executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or resulted in a criminal proceeding, even if such actions did not ultimately result in a material restatement of past results. This includes, but is not limited to, settlement agreements arising from such behavior and paid for directly by the company. We typically support shareholder proposals on these matters unless the company already has a robust clawback policy that sufficiently addresses our concerns. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Employee stock purchase plans </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe employee stock purchase plans (&#8220;ESPP&#8221;) are an important part of a company&#8217;s overall human capital management strategy and can provide performance incentives to help align employees&#8217; interests with those of shareholders. The most common form of ESPP qualifies for favorable tax treatment under Section&#160;423 of the Internal Revenue Code. We will typically support qualified ESPP proposals. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Equity compensation plans </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS supports equity plans that align the economic interests of directors, managers, and other employees with those of shareholders. We believe that boards should establish policies prohibiting the use of equity awards in a manner that could disrupt the intended alignment with shareholder interests(e.g., the use of stock as collateral for a loan; the use of stock in a margin account; the use of stock in hedging or derivative transactions). We may support shareholder proposals requesting the establishment of such policies. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Our evaluation of equity compensation plans is based on a company&#8217;s executive pay and performance relative to peers and whether the plan plays a significant role in a <span style="white-space:nowrap"><span style="white-space:nowrap">pay-for-performance</span></span> disconnect. We generally oppose plans that contain &#8220;evergreen&#8221; provisions, which allow for the unlimited increase of shares reserved without requiring further shareholder approval after a reasonable time period. We also generally oppose plans that allow for repricing without shareholder approval. We may also oppose plans that provide for the acceleration of vesting of equity awards even in situations where an actual change of control may not occur. We encourage companies to structure their change of control provisions to require the termination of the covered employee before acceleration or special payments are triggered (commonly referred to as &#8220;double trigger&#8221; change of control provisions). </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Golden parachutes </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We generally view golden parachutes as encouragement to management to consider transactions that might be beneficial to shareholders. However, a large potential <span style="white-space:nowrap">pay-out</span> under a golden parachute arrangement also presents the risk of motivating a management team to support a <span style="white-space:nowrap">sub-optimal</span> sale price for a company. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">When determining whether to support or oppose an advisory vote on a golden parachute plan, BIS may consider several factors, including: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;Whether we believe that the triggering event is in the best interests of shareholders </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;Whether management attempted to maximize shareholder value in the triggering event </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;Whether excessively large excise tax <span style="white-space:nowrap">gross-up</span> payments are part of the <span style="white-space:nowrap">pay-out</span> </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">It may be difficult to anticipate the results of a plan until after it has been triggered; as a result, BIS may vote against a golden parachute proposal even if the golden parachute plan under review was approved by shareholders when it was implemented. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We may support shareholder proposals requesting that implementation of such arrangements require shareholder approval. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Option exchanges </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that there may be legitimate instances where underwater options create an overhang on a company&#8217;s capital structure and a repricing or option exchange may be warranted. We will evaluate these instances on a <span style="white-space:nowrap"><span style="white-space:nowrap">case-by-case</span></span> basis. BIS may support a request to reprice or exchange underwater options under the following circumstances: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS may also support a request to exchange underwater options in other circumstances, if we determine that the exchange is in the best interests of shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Supplemental executive retirement plans </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS may support shareholder proposals requesting to put extraordinary benefits contained in supplemental executive retirement plans(&#8220;SERP&#8221;) to a shareholder vote unless the company&#8217;s executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold" id="appb320889_24">Environmental and social issues </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that well-managed companies deal effectively with material ESG factors relevant to their businesses. Governance is the core means by which boards can oversee the creation of sustainable long-term value. Appropriate risk oversight of environmental and social(&#8220;E&amp;S&#8221;) considerations stems from this construct. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Robust disclosure is essential for investors to effectively gauge the impact of companies&#8217; business practices and strategic planning related to E&amp;S risks and opportunities. When a company&#8217;s reporting is inadequate, investors, including BlackRock, will increasingly conclude that the company is not appropriately managing risk. Given the increased understanding of material sustainability risks and opportunities, and the need for better information to assess them, BIS will advocate for continued improvement in companies&#8217; reporting and will express concerns through our voting where disclosures or the business practices underlying them are inadequate. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS encourages companies to disclose their approach to maintaining a sustainable business model. We believe that reporting aligned with the framework developed by the Task Force on Climate-related Financial Disclosures (&#8220;TCFD&#8221;), supported by industry-specific metrics such as those identified by the Sustainability Accounting Standards Board (&#8220;SASB&#8221;), can provide a comprehensive picture of a company&#8217;s sustainability approach and performance. While the TCFD framework was developed to support climate-related risk disclosure, the four pillars of the TCFD &#8212; Governance, Strategy, Risk Management, and Metrics and Targets &#8212; are a useful way for companies to disclose how they identify, assess, manage, and oversee a variety of sustainability-related risks and opportunities. SASB&#8217;s industry-specific guidance (as identified in its materiality map) is beneficial in helping companies identify key performance indicators (&#8220;KPIs&#8221;) across various dimensions of sustainability that are considered to be financially material and decision-useful within their industry. We recognize that some companies may report using different standards, which may be required by regulation, or one of a number of private standards. In such cases, we ask that companies highlight the metrics that are industry- or company-specific. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Accordingly, we ask companies to: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Disclose the identification, assessment, management, and oversight of sustainability-related risks in accordance with the four pillars of TCFD </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt;text-align:left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Publish investor-relevant, industry-specific, material metrics and rigorous targets, aligned with SASB or comparable sustainability reporting standards </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Companies should also disclose any supranational standards adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their approach to sustainable and responsible business conduct. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Climate risk </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BlackRock believes that climate change has become a defining factor in companies&#8217; long-term prospects. We ask every company to help its investors understand how it may be impacted by climate-related risk and opportunities, and how these factors are considered within strategy in a manner consistent with the company&#8217;s business model and sector. Specifically, we ask companies to articulate how their business model is aligned to a scenario in which global warming is limited to well below 2&#176;C, moving towards global net zero emissions by 2050. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS understands that climate change can be very challenging for many companies, as they seek to drive long-term value by mitigating risks and capturing opportunities. A growing number of companies, financial institutions, as well as governments, have committed to advancing net zero. There is growing consensus that companies can benefit from the more favorable macro-economic environment under an orderly, timely, and just transition to net zero.<sup style="font-size:75%; vertical-align:top">7</sup> Many companies are asking what their role should be in contributing to a just transition &#8211; in ensuring a reliable energy supply and protecting the most vulnerable from energy price shocks and economic dislocation. They are also seeking more clarity as to the public policy path that will help align greenhouse gas reduction actions with commitments. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In this context, we ask companies to disclose a business plan for how they intend to deliver long-term financial performance through the transition to global net zero, consistent with their business model and sector. We encourage companies to demonstrate that their plans are resilient under likely decarbonization pathways, and the global aspiration to limit warming to 1.5&#176;C.<sup style="font-size:75%; vertical-align:top">8</sup> We also encourage companies to disclose how considerations related to having a reliable energy supply and just transition affect their plans. </p> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #c0c0c0;width:29%">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">For example, BlackRock&#8217;s Capital Markets Assumptions anticipate 25 points of cumulative economic gains over a <span style="white-space:nowrap">20-year</span> period in an orderly transition as compared to the alternative. This better macro environment will support better economic growth, financial stability, job growth, productivity, as well as ecosystem stability and health outcomes. </p></td></tr></table>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">The global aspiration is reflective of aggregated efforts; companies in developed and emerging markets are not equally equipped to transition their business and reduce emissions at the same rate&#8212;those in developed markets with the largest market capitalization are better positioned to adapt their business models at an accelerated pace. Government policy and regional targets may be reflective of these realities. </p></td></tr></table>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We look to companies to set short-, medium-, and long-term science-based targets, where available for their sector, for greenhouse gas reductions and to demonstrate how their targets are consistent with the long-term economic interests of their shareholders. Companies have an opportunity to use and contribute to the development of alternative energy sources and <span style="white-space:nowrap">low-carbon</span> transition technologies that will be essential to reaching net zero. We also recognize that some continued investment is required to maintain a reliable, affordable supply of fossil fuels during the transition. We ask companies to disclose how their capital allocation across alternatives, transition technologies, and fossil fuel production is consistent with their strategy and their emissions reduction targets. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In determining how to vote, we will continue to assess whether a company&#8217;s disclosures are aligned with the TCFD and provide short-, medium-, and long-term reduction targets for Scope 1 and 2 emissions. We may signal concerns about a company&#8217;s plans or disclosures in our voting on director elections, particularly at companies facing material climate risks. We may support shareholder proposals that ask companies to disclose climate plans aligned with our expectations. Our publicly available commentary provides more information on our approach to climate risk. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Key stakeholder interests </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that in order to deliver long-term value for shareholders, companies should also consider the interests of their key stakeholders. While stakeholder groups may vary across industries, they are likely to include employees; business partners (such as suppliers and distributors); clients and consumers; government and regulators; and the communities in which a company operates. Companies that build strong relationships with their key stakeholders are more likely to meet their own strategic objectives, while poor relationships may create adverse impacts that expose a company to legal, regulatory, operational, and reputational risks and jeopardize their social license to operate. We expect companies to effectively oversee and mitigate these risks with appropriate due diligence processes and board oversight. Our publicly available commentaries provide more information on our approach. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Human capital management </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">A company&#8217;s approach to human capital management (&#8220;HCM&#8221;) is a critical factor in fostering an inclusive, diverse, and engaged workforce, which contributes to business continuity, innovation, and long-term value creation. Consequently, we expect companies to demonstrate a robust approach to HCM and provide shareholders with disclosures to understand how their approach aligns with their stated strategy and business model. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that clear and consistent disclosures on these matters are critical for investors to make an informed assessment of a company&#8217;s HCM practices. We expect companies to disclose the steps they are taking to advance diversity, equity, and inclusion; job categories and workforce demographics; and their responses to the U.S. Equal Employment Opportunity Commission&#8217;s <span style="white-space:nowrap">EEO-1</span> Survey. Where we believe a company&#8217;s disclosures or practices fall short relative to the market or peers, or we are unable to ascertain the board and management&#8217;s effectiveness in overseeing related risks and opportunities, we may vote against members of the appropriate committee or support relevant shareholder proposals. Our publicly available commentary provides more information on our approach to HCM. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Corporate political activities </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Companies may engage in certain political activities, within legal and regulatory limits, in order to support public policy matters material to the companies&#8217; long-term strategies. These activities can also create risks, including: the potential for allegations of corruption; certain reputational risks; and risks that arise from the complex legal, regulatory, and compliance considerations associated with corporate political spending and lobbying activity. Companies that engage in political activities should develop and maintain robust processes to guide these activities and mitigate risks, including board oversight. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">When presented with shareholder proposals requesting increased disclosure on corporate political activities, BIS will evaluate publicly available information to consider how a company&#8217;s lobbying and political activities may impact the company. We will also evaluate whether there is general consistency between a company&#8217;s stated positions on policy matters material to its strategy and the material positions taken by significant industry groups of which it is a member. We may decide to support a shareholder proposal requesting additional disclosures if we identify a material inconsistency or feel that further transparency may clarify how the company&#8217;s political activities support its long-term strategy. Our publicly available commentary provides more information on our approach to corporate political activities. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold" id="appb320889_25">General corporate governance matters </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Adjourn meeting to solicit additional votes </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We generally support such proposals unless the agenda contains items that we judge to be detrimental to shareholders&#8217; best long-term economic interests. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Bundled proposals </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that shareholders should have the opportunity to review substantial governance changes individually without having to accept bundled proposals. Where several measures are grouped into one proposal, BIS may reject certain positive changes when linked with proposals that generally contradict or impede the rights and economic interests of shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Exclusive forum provisions </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">BIS generally supports proposals to seek exclusive forum for certain shareholder litigation. In cases where a board unilaterally adopts exclusive forum provisions that we consider unfavorable to the interests of shareholders, we will vote against the independent chair or lead independent director and members of the nominating/governance committee. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Multi-jurisdictional companies </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Where a company is listed on multiple exchanges or incorporated in a country different from its primary listing, we will seek to apply the most relevant market guideline(s) to our analysis of the company&#8217;s governance structure and specific proposals on the shareholder meeting agenda. In doing so, we typically consider the governance standards of the company&#8217;s primary listing, the market standards by which the company governs itself, and the market context of each specific proposal on the agenda. If the relevant standards are silent on the issue under consideration, we will use our professional judgment as to what voting outcome would best protect the long-term economic interests of investors. We expect companies to disclose the rationale for their selection of primary listing, country of incorporation, and choice of governance structures, particularly where there is conflict between relevant market governance practices. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Other business </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We oppose voting on matters where we are not given the opportunity to review and understand those measures and carry out an appropriate level of shareholder oversight. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Reincorporation </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Proposals to reincorporate from one state or country to another are most frequently motivated by considerations of anti-takeover protections, legal advantages, and/or cost savings. We will evaluate, on a <span style="white-space:nowrap"><span style="white-space:nowrap">case-by-case</span></span> basis, the economic and strategic rationale behind the company&#8217;s proposal to reincorporate. In all instances, we will evaluate the changes to shareholder protections under the new charter/articles/bylaws to assess whether the move increases or decreases shareholder protections. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Where we find that shareholder protections are diminished, we may support reincorporation if we determine that the overall benefits outweigh the diminished rights. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">IPO governance </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We expect boards to consider and disclose how the corporate governance structures adopted upon initial public offering (&#8220;IPO&#8221;) are in shareholders&#8217; best long-term interests. We also expect boards to conduct a regular review of corporate governance and control structures, such that boards might evolve foundational corporate governance structures as company circumstances change, without undue costs and disruption to shareholders. In our letter on unequal voting structures, we articulate our view that &#8220;one vote for one share&#8221; is the preferred structure for publicly-traded companies. We also recognize the potential benefits of dual class shares to newly public companies as they establish themselves; however, we believe that these structures should have a specific and limited duration. We will generally engage new companies on topics such as classified boards and supermajority vote provisions to amend bylaws, as we believe that such arrangements may not be in the best interest of shareholders in the long-term. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We will typically apply a <span style="white-space:nowrap">one-year</span> grace period for the application of certain director-related guidelines (including, but not limited to, responsibilities on other public company boards and board composition concerns), during which we expect boards to take steps to bring corporate governance standards in line with our expectations. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Further, if a company qualifies as an emerging growth company (an &#8220;EGC&#8221;) under the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;), we will give consideration to the NYSE and NASDAQ governance exemptions granted under the JOBS Act for the duration such a company is categorized as an EGC. We expect an EGC to have a totally independent audit committee by the first anniversary of its IPO, with our standard approach to voting on auditors and audit-related issues applicable in full for an EGC on the first anniversary of its IPO. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Corporate form </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Proposals to change a corporation&#8217;s form, including those to convert to a public benefit corporation (&#8220;PBC&#8221;) structure, should clearly articulate how the interests of shareholders and different stakeholders would be augmented or adversely affected, as well as the accountability and voting mechanisms that would be available to shareholders. We generally support management proposals if our analysis indicates that shareholders&#8217; interests are adequately protected. Corporate form shareholder proposals are evaluated on a <span style="white-space:nowrap"><span style="white-space:nowrap">case-by-case</span></span> basis. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold" id="appb320889_26">Shareholder protections </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Amendment to charter/articles/bylaws </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that shareholders should have the right to vote on key corporate governance matters, including changes to governance mechanisms and amendments to the charter/articles/bylaws. We may vote against certain directors where changes to governing documents are not put to a shareholder vote within a reasonable period of time, particularly if those changes have the potential to impact shareholder rights (see &#8220;Director elections&#8221;). In cases where a board&#8217;s unilateral adoption of changes to the charter/articles/bylaws promotes cost and operational efficiency benefits for the company and its shareholders, we may support such action if it does not have a negative effect on shareholder rights or the company&#8217;s corporate governance structure. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">When voting on a management or shareholder proposal to make changes to the charter/articles/bylaws, we will consider in part the company&#8217;s and/or proponent&#8217;s publicly stated rationale for the changes; the company&#8217;s governance profile and history; relevant jurisdictional laws; and situational or contextual circumstances which may have motivated the proposed changes, among other factors. We will typically support amendments to the charter/articles/bylaws where the benefits to shareholders outweigh the costs of failing to make such changes. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Proxy access </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We believe that long-term shareholders should have the opportunity, when necessary and under reasonable conditions, to nominate directors on the company&#8217;s proxy card. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In our view, securing the right of shareholders to nominate directors without engaging in a control contest can enhance shareholders&#8217; ability to meaningfully participate in the director election process, encourage board attention to shareholder interests, and provide shareholders an effective means of directing that attention where it is lacking. Proxy access mechanisms should provide shareholders with a reasonable opportunity to use this right without stipulating overly restrictive or onerous parameters for use, and also provide assurances that the mechanism will not be subject to abuse by short-term investors, investors without a substantial investment in the company, or investors seeking to take control of the board. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In general, we support market-standardized proxy access proposals, which allow a shareholder (or group of up to 20 shareholders) holding three percent of a company&#8217;s outstanding shares for at least three years the right to nominate the greater of up to two directors or 20% of the board. Where a standardized proxy access provision exists, we will generally oppose shareholder proposals requesting outlier thresholds. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Right to act by written consent </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. We therefore believe that shareholders should have the right to solicit votes by written consent provided that: 1) there are reasonable requirements to initiate the consent solicitation process (in order to avoid the waste of corporate resources in addressing narrowly supported interests); and 2) shareholders receive a minimum of 50% of outstanding shares to effectuate the action by written consent. We may oppose shareholder proposals requesting the right to act by written consent in cases where the proposal is structured for the benefit of a dominant shareholder to the exclusion of others, or if the proposal is written to discourage the board from incorporating appropriate mechanisms to avoid the waste of corporate resources when establishing a right to act by written consent. Additionally, we may oppose shareholder proposals requesting the right to act by written consent if the company already provides a shareholder right to call a special meeting that we believe offers shareholders a reasonable opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Right to call a special meeting </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. Accordingly, shareholders should have the right to call a special meeting in cases where a reasonably high proportion of shareholders(typically a minimum of 15% but no higher than 25%) are required to agree to such a meeting before it is called. However, we may oppose this right in cases where the proposal is structured for the benefit of a dominant shareholder, or where a lower threshold may lead to an ineffective use of corporate resources. We generally believe that a right to act via written consent is not a sufficient alternative to the right to call a special meeting. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Simple majority voting </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">We generally favor a simple majority voting requirement to pass proposals. Therefore, we will support the reduction or the elimination of supermajority voting requirements to the extent that we determine shareholders&#8217; ability to protect their economic interests is improved. Nonetheless, in situations where there is a substantial or dominant shareholder, supermajority voting may be protective of minority shareholder interests and we may support supermajority voting requirements in those situations. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:14.5pt; font-family:Times New Roman;font-weight:bold">Virtual meetings </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Shareholders should have the opportunity to participate in the annual and special meetings for the companies in which they are invested, as these meetings facilitate an opportunity for shareholders to provide feedback and hear from the board and management. While these meetings have traditionally been conducted <span style="white-space:nowrap">in-person,</span> virtual meetings are an increasingly viable way for companies to utilize technology to facilitate shareholder accessibility, inclusiveness, and cost efficiencies. We expect shareholders to have a meaningful opportunity to participate in the meeting and interact with the board and management in these virtual settings; companies should facilitate open dialogue and allow shareholders to voice concerns and provide feedback without undue censorship. Relevant shareholder proposals are assessed on a <span style="white-space:nowrap"><span style="white-space:nowrap">case-by-case</span></span> basis. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">B-40 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">PART C </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Other Information </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;25.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements And Exhibits </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The agreements included or incorporated by reference as exhibits to this Registration Statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i)&#160;were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii)&#160;may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement; (iii)&#160;may apply contract standards of &#8220;materiality&#8221; that are different from &#8220;materiality&#8221; under the applicable securities laws; and (iv)&#160;were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Registrant acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this Registration Statement not misleading. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Financial Statements</td></tr></table> <div>
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<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000119312522065641/d296099dncsr.htm">Part A: The annual report to the Fund&#8217;s shareholders for the fiscal year ended December&#160;31, 2021 (the &#8220;2021 Annual Report&#8221;) is incorporated by reference.</a></td></tr>
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<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000119312522236278/d366274dncsrs.htm">Part A: The semi-annual report to the Fund&#8217;s shareholders for the fiscal period ended June&#160;30, 2022 (the &#8220;2022 Semi-Annual Report&#8221;) is incorporated by reference.</a></td></tr>
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<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/0001051003/000119312522065641/d296099dncsr.htm">Part B: Audited financial statements and financial highlights for the fiscal year ended December&#160;31, 2021 and related Report of Independent Registered Public Accounting Firm are incorporated herein by reference to the 2021 Annual Report. </a></td></tr>
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<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000119312522236278/d366274dncsrs.htm">Part B: Unaudited financial statements and financial highlights for the fiscal period ended June&#160;30, 2022 are incorporated herein by reference to the 2022 Semi-Annual Report.</a></td></tr></table> </div>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)(1)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/0000950130-98-000097.txt">Articles of Incorporation, dated January<span style="text-decoration:underline"></span>&#160;12, 1998, are incorporated by reference to Exhibit (a)<span style="text-decoration:underline"></span>&#160;to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2</span> filed on January<span style="text-decoration:underline"></span>&#160;12, 1998.</a></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)(2)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000134100414000523/exa2.htm">Articles of Amendment, dated September<span style="text-decoration:underline"></span>&#160;14, 2006, are incorporated by reference to Exhibit (a)(2) to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2</span> (File No.<span style="text-decoration:underline"></span><span style="white-space:nowrap">&#160;333-196682)</span> filed on June<span style="text-decoration:underline"></span>&#160;11, 2014.</a></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)(3)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000134100414000523/exa3.htm">Articles Supplementary, dated September<span style="text-decoration:underline"></span>&#160;17, 2010, are incorporated by reference to Exhibit (a)(2) to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2</span> (File No.<span style="text-decoration:underline"></span><span style="white-space:nowrap">&#160;333-196682)</span> filed on June<span style="text-decoration:underline"></span>&#160;11, 2014.</a></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)(4)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000134100414000523/exa4.htm">Articles of Amendment, dated December<span style="text-decoration:underline"></span>&#160;9, 2013, are incorporated by reference to Exhibit (a)(2) to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2</span> (File No.<span style="text-decoration:underline"></span><span style="white-space:nowrap">&#160;333-196682)</span> filed on June<span style="text-decoration:underline"></span>&#160;11, 2014.</a></td></tr>
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 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">C-1 </p>



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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b)(1)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000119312510213634/dex31.htm">Amended and Restated Bylaws, dated September<span style="text-decoration:underline"></span>&#160;17, 2010, are incorporated by reference to Exhibit 3.1 to the Registrant&#8217;s Report on Form <span style="white-space:nowrap">8-K</span> as filed with the Securities and Exchange Commission on September<span style="text-decoration:underline"></span>&#160;21, 2010.</a></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b)(2)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000119312522244995/d320889dex99b2.htm">Amendment No.<span style="text-decoration:underline"></span>&#160;1 to the Amended and Restated Bylaws is incorporated by reference to Exhibit (b)(2) to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2</span> (File No.<span style="text-decoration:underline"></span><span style="white-space:nowrap">&#160;333-267429)</span> filed on September<span style="text-decoration:underline"></span>&#160;14, 2022.</a></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(c)</p></td>
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<td style="vertical-align:top">Inapplicable</td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Portions of Articles of Incorporation and the Amended and Restated Bylaws of the Registrant defining the Rights of Stockholders are incorporated by reference to Exhibits <a href="http://www.sec.gov/Archives/edgar/data/1051003/0000950130-98-000097.txt">(a)(1)</a> and <a href="http://www.sec.gov/Archives/edgar/data/1051003/000134100414000523/exa2.htm">(b)(1)</a>.</td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(e)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000134100414000523/exe.htm">Automatic Dividend Reinvestment Plan is incorporated by reference to Exhibit (e)<span style="text-decoration:underline"></span>&#160;to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2</span> (File No.<span style="text-decoration:underline"></span><span style="white-space:nowrap">&#160;333-196682)</span> filed on June<span style="text-decoration:underline"></span>&#160;11, 2014.</a></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(f)</p></td>
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<td style="vertical-align:top">Inapplicable</td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000134100414000523/exg1.htm">Investment Management Agreement between the Registrant and BlackRock Advisors, LLC is incorporated by reference to Exhibit (g)(1) to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2</span> (File <span style="white-space:nowrap">No.&#160;333-196682)</span> filed on June&#160;11, 2014. </a></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(g)(2)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000119312522244995/d320889dex99g2.htm"><span style="white-space:nowrap">Sub-Investment</span> Advisory Agreement between the Registrant and BlackRock International Limited is incorporated by reference to Exhibit (g)(2) to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2</span> (File No.<span style="text-decoration:underline"></span><span style="white-space:nowrap">&#160;333-267429)</span> filed on September<span style="text-decoration:underline"></span>&#160;14, 2022.</a></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(g)(3)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99g4.htm">Amended and Restated Master Advisory Fee Waiver Agreement is incorporated by reference to Exhibit (g)(4) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock Multi-Sector Income Trust, filed on January&#160;12, 2022</a>.</td></tr>
<tr style="font-size:1pt">
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(g)(4)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99g5.htm">Amendment No.&#160;1 to Amended and Restated&#160;Master Advisory&#160;Fee&#160;Waiver Agreement&#160;is incorporated by reference to Exhibit (g)(5) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock Multi-Sector Income Trust, filed on January&#160;12, 2022</a>.</td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(g)(5)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99g6.htm">Amendment No.&#160;2 to Amended and Restated&#160;Master Advisory&#160;Fee&#160;Waiver Agreement is incorporated by reference to Exhibit (g)(6) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock Multi-Sector Income Trust, filed on January&#160;12, 2022</a>.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(g)(6)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99g7.htm">Amendment No.&#160;3 to Amended and Restated&#160;Master Advisory&#160;Fee&#160;Waiver Agreement is incorporated by reference to Exhibit (g)(7) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock Multi-Sector Income Trust, filed on January&#160;12, 2022</a>.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(g)(7)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99g8.htm">Amendment No.&#160;4 to Amended and Restated&#160;Master Advisory&#160;Fee&#160;Waiver Agreement is incorporated by reference to Exhibit (g)(8) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock Multi-Sector Income Trust, filed on January&#160;12, 2022</a>.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(g)(8)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99g9.htm">Amendment No.&#160;5 to Amended and Restated&#160;Master Advisory&#160;Fee&#160;Waiver Agreement is incorporated by reference to Exhibit (g)(9) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock Multi-Sector Income Trust, filed on January&#160;12, 2022</a>.</td></tr>
</table> </div>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">C-2 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
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<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:7%"/>

<td style="vertical-align:bottom;width:2%"/>
<td style="width:91%"/></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(g)(9)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1832871/000119312522204326/d791219dex99g8.htm">Form of Amendment No.<span style="text-decoration:underline"></span>&#160;6 to Amended and Restated Master Advisory Fee Waiver Agreement is incorporated by reference to Exhibit (g)(8) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock 2037 Municipal Target Term Trust, filed on July<span style="text-decoration:underline"></span>&#160;28, 2022.</a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(h)(1)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000134100414000849/ex_h1.htm">Form of Distribution Agreement between the Registrant and BlackRock Investments, LLC is incorporated by reference to Exhibit (h)(1) to <span style="white-space:nowrap">Pre-Effective</span> Amendment No.&#160;1 to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2</span> (File <span style="white-space:nowrap">No.&#160;333-</span> 196682) filed on October&#160;9, 2014.</a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(h)(2)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000134100414000849/ex_h2.htm">Form of <span style="white-space:nowrap">Sub-Placement</span> Agent Agreement between BlackRock Investments, LLC and UBS Securities LLC is incorporated by reference to Exhibit (h)(2) to <span style="white-space:nowrap">Pre-Effective</span> Amendment No.&#160;1 to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2</span> (File <span style="white-space:nowrap">No.&#160;333-</span> 196682) filed on October&#160;9, 2014.</a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(i)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99i.htm">Form of BlackRock Fixed-Income Complex Third Amended and Restated Deferred Compensation Plan is incorporated by reference to Exhibit (i)&#160;to the Registration on Form <span style="white-space:nowrap">N-2</span> of BlackRock Multi-Sector Income Trust, filed on January&#160;12, 2022</a>.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(j)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99j.htm">Form of Master Custodian Agreement is incorporated by reference to Exhibit (j)&#160;to the Registration on Form <span style="white-space:nowrap">N-2</span> of BlackRock Multi-Sector Income Trust, filed on January&#160;12, 2022</a>.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(1)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99k1.htm">Form of Amended and Restated Transfer Agency and Service Agreement is incorporated by reference to Exhibit (k)(1) to the Registration on Form <span style="white-space:nowrap">N-2</span> of BlackRock Multi-Sector Income Trust, filed on January&#160;12, 2022</a>.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(2)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99k2.htm">Form of Administration and Accounting Services Agreement is incorporated by reference to Exhibit (k)(2) to the Registration on Form <span style="white-space:nowrap">N-2</span> of BlackRock Multi-Sector Income Trust, filed on January&#160;12, 2022</a>.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(3)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000119312513361455/d584134dex9913a.htm">Amendment No. 1 to the Amended and Restated Credit Agreement and Amendment No. 2 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company are incorporated by reference to Exhibits 13(a)-(c) to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-14</span> (File No.<span style="text-decoration:underline"></span><span style="white-space:nowrap">&#160;333-190188)</span> filed on September<span style="text-decoration:underline"></span>&#160;9, 2013.</a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(4)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1051003/000134100414000523/exk4.htm">Amendment No.<span style="text-decoration:underline"></span>&#160;3 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company is incorporated by reference to Exhibit (k)(4) to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2</span> (File No.<span style="text-decoration:underline"></span><span style="white-space:nowrap">&#160;333-196682)</span> filed on June<span style="text-decoration:underline"></span>&#160;11, 2014.</a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(5)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1259708/000134100414000355/exh992_k4.htm">Form of Amendment No.&#160;4 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company is incorporated by reference to Exhibit (k)(4) to <span style="white-space:nowrap">Pre-Effective</span> Amendment No.&#160;1 to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2</span> (File <span style="white-space:nowrap">No.&#160;333-196682)</span> filed on October&#160;9, 2014.</a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(6)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d320889dex99k6.htm">Form of Amendment No.&#160;5 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company is filed herewith. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(7)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99k3.htm">Eighth Amended and Restated Securities Lending Agreement between the Registrant and BlackRock Investment Management, LLC is incorporated by reference to Exhibit (k)(5) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock Multi-Sector Income Trust (File <span style="white-space:nowrap">No.&#160;333-194573),</span> filed on January&#160;12, 2022</a>.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><span style="font-weight:bold">(k)</span>(8)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1528988/000119312522063292/d294767dex99k4.htm">BlackRock <span style="white-space:nowrap">Closed-End</span> Rule <span style="white-space:nowrap">12d1-4</span> Fund of Funds Investment Agreement between the Registrant and Advisors Disciplined Trust, dated as of January<span style="text-decoration:underline"></span>&#160;19, 2022 is incorporated by reference to Exhibit (k)(4) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock Utilities, Infrastructure<span style="text-decoration:underline"></span>&#160;&amp; Power Opportunities Trust, filed on March<span style="text-decoration:underline"></span>&#160;3, 2022</a>.</td></tr>
</table> </div>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">C-3 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:7%"/>

<td style="vertical-align:bottom;width:2%"/>
<td style="width:91%"/></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(9)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1528988/000119312522063292/d294767dex99k5.htm">BlackRock <span style="white-space:nowrap">Closed-End</span> Rule <span style="white-space:nowrap">12d1-4</span> Fund of Funds Investment Agreement between the Registrant, Rydex Dynamic Funds, Rydex Series Funds, Rydex Variable Trust, Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Transparent Value Trust, Guggenheim Active Allocation Fund, Guggenheim Energy<span style="text-decoration:underline"></span>&#160;&amp; Income Fund, Guggenheim Strategic Opportunities Fund, Guggenheim Taxable Municipal Bond<span style="text-decoration:underline"></span>&#160;&amp; Investment Grade Debt Trust and Guggenheim Unit Investment Trusts (Guggenheim Defined Portfolios), dated as of January<span style="text-decoration:underline"></span>&#160;19, 2022 is incorporated by reference to Exhibit (k)(5) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock Utilities, Infrastructure<span style="text-decoration:underline"></span>&#160;&amp; Power Opportunities Trust, filed on March<span style="text-decoration:underline"></span>&#160;3, 2022.</a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(10)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1528988/000119312522063292/d294767dex99k6.htm">BlackRock <span style="white-space:nowrap">Closed-End</span> Rule <span style="white-space:nowrap">12d1-4</span> Fund of Funds Investment Agreement between the Registrant, FT Series and First Trust Exchange-Traded Fund VIII dated as of January<span style="text-decoration:underline"></span>&#160;19, 2022 is incorporated by reference to Exhibit (k)(6) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock Utilities, Infrastructure<span style="text-decoration:underline"></span>&#160;&amp; Power Opportunities Trust, filed on March<span style="text-decoration:underline"></span>&#160;3, 2022.</a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(11)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1528988/000119312522063292/d294767dex99k7.htm">BlackRock <span style="white-space:nowrap">Closed-End</span> Rule <span style="white-space:nowrap">12d1-4</span> Fund of Funds Investment Agreement between the Registrant, RiverNorth Funds, RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Specialty Finance Corporation, RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund II, Inc., RiverNorth Flexible Municipal Income Fund, Inc. and RiverNorth Flexible Municipal Income Fund II, Inc. dated as of January<span style="text-decoration:underline"></span>&#160;19, 2022 is incorporated by reference to Exhibit (k)(7) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock Utilities, Infrastructure<span style="text-decoration:underline"></span>&#160;&amp; Power Opportunities Trust, filed on March<span style="text-decoration:underline"></span>&#160;3, 2022.</a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(12)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1528988/000119312522063292/d294767dex99k8.htm">BlackRock <span style="white-space:nowrap">Closed-End</span> Rule <span style="white-space:nowrap">12d1-4</span> Fund of Funds Investment Agreement between the Registrant, Thrivent Mutual Funds and Thrivent Series Fund, Inc. dated as of January<span style="text-decoration:underline"></span>&#160;26, 2022 is incorporated by reference to Exhibit (k)(8) to the Registration Statement on Form <span style="white-space:nowrap">N-2</span> of BlackRock Utilities, Infrastructure<span style="text-decoration:underline"></span>&#160;&amp; Power Opportunities Trust, filed on March<span style="text-decoration:underline"></span>&#160;3, 2022.</a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(l)(1)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d320889dex99l1.htm">Opinion and Consent of Counsel is filed herewith. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(m)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Inapplicable</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(n)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d320889dex99n.htm">Independent Registered Public Accounting Firm Consent is filed herewith. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(o)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Inapplicable</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(p)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Inapplicable</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(q)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Inapplicable</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(r)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/844779/000119312522014878/d191128dex9916a.htm">Code of Ethics of the Registrant, BlackRock Advisors, LLC, BlackRock International Limited and BlackRock (Singapore) Limited is incorporated herein by reference to Exhibit 16(a) of Post-Effective Amendment No.&#160;1113 to the Registration Statement on Form <span style="white-space:nowrap">N-1A</span> of BlackRock Funds<sup style="font-size:75%; vertical-align:top">SM</sup> (File <span style="white-space:nowrap">No.&#160;33-26305),</span> filed on January&#160;21, 2022</a>.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(s)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d320889dexfilingfees.htm">Calculation of Filing Fee Tables is filed herewith. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(t)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1287480/000119312522200963/d383966dex99t.htm">Power of Attorney is incorporated by reference to Exhibit (t)&#160;to the Registration on Form <span style="white-space:nowrap">N-2</span> of BlackRock Floating Rate Income Trust, filed on July&#160;25, 2022</a>.</td></tr>
</table> </div> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;26.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Marketing Arrangements </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information contained under the section entitled &#8220;Plan of Distribution&#8221; in the Prospectus is incorporated by reference, and any information concerning any underwriters will be contained in the accompanying Prospectus Supplement, if any. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">C-4 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#160;27. Other Expenses Of Issuance And Distribution </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the estimated expenses to be incurred in connection with the offering described in this Registration Statement: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:68%;border:0;margin:0 auto">


<tr>

<td style="width:84%"/>

<td style="vertical-align:bottom;width:7%"/>
<td/>
<td/>
<td/></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Registration fee</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">16,538.95</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NYSE listing fee</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">2,500</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting fees and expenses</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">4,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal fees and expenses</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">80,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FINRA fee</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">22,386</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&#160;</p></td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&#160;</p></td>
<td>&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom" align="right">125,424.95</td>
<td style="white-space:nowrap;vertical-align:bottom">(1)&#160;</td></tr>
</table> </div> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left">(1)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Estimate is based on the aggregate estimated expenses to be incurred during a three year shelf offering&#160;period. </p></td></tr></table> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;28.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Persons Controlled By Or Under Common Control With The Registrant </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">None. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;29.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Number Of Holders Of Shares </p></td></tr></table> <div> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&#160;15, 2022:</p> </div> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;width:68%;border:0;margin:0 auto">


<tr>

<td style="width:72%"/>

<td style="vertical-align:bottom;width:24%"/>
<td/>
<td/>
<td/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Title&#160;Of&#160;Class</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Number&#160;Of&#160;Record&#160;Holders</span></td>
<td style="vertical-align:bottom">&#160;</td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Shares of Beneficial Interest</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" align="right">240</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table> </div> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;30.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Indemnification </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="white-space:nowrap">Section&#160;2-418</span> of the General Corporation Law of the State of Maryland, Article V of the Registrant&#8217;s Charter, Article IV of the Registrant&#8217;s Bylaws and the Investment Management Agreement each provides for indemnification. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Article V of the Registrant&#8217;s Charter provides as follows: </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(4) Each director and each officer of the Corporation shall be indemnified and advanced expenses by the Corporation to the full extent permitted by the General Laws of the State of Maryland now or hereafter in force, including the advance of expenses under the procedures and to the full extent permitted by law subject to the requirements of the Investment Company Act. The foregoing rights of indemnification shall not be exclusive of any other rights to which those seeking indemnification may be entitled. No amendment of these Articles of Incorporation or repeal of any provision hereof shall limit or eliminate the benefits provided to directors and officers under this provision in connection with any act or omission that occurred prior to such amendment or repeal. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(5) To the fullest extent permitted by the General Laws of the State of Maryland or decisional law, as amended or interpreted, subject to the requirements of the Investment Company Act, no director or officer of the Corporation shall be personally liable to the Corporation or its security holders for money damages. No amendment of these Articles of Incorporation or repeal of any provision hereof shall limit or eliminate the benefits provided to directors and officers under this provision in connection with any act or omission that occurred prior to such amendment or repeal. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">C-5 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Article IV of the Registrant&#8217;s Amended and Restated Bylaws provides as follows: </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&#160;1. <span style="text-decoration:underline">No Personal Liability of Directors or Officers</span>. No Director, advisory board member or officer of the Fund shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Fund or its shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his or her duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the assets of the Fund for satisfaction of claims of any nature arising in connection with the affairs of the Fund. If any Director, advisory board member or officer, as such, of the Fund, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, such person shall not, on account thereof, be held to any personal liability. Any repeal or modification of the Charter or this Article IV Section&#160;1 shall not adversely affect any right or protection of a Director, advisory board member or officer of the Fund existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&#160;2. <span style="text-decoration:underline">Mandatory Indemnification</span>. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) The Fund hereby agrees to indemnify each person who is or was a Director, advisory board member or officer of the Fund (each such person being an &#8220;Indemnitee&#8221;) to the full extent permitted under the Charter. In addition, the Fund may provide greater but not lesser rights to indemnification pursuant to a contract approved by at least a majority of Directors between the Fund and any Indemnitee. Notwithstanding the foregoing no Indemnitee shall be indemnified hereunder against any liability to any person or any expense of such Indemnitee arising by reason of (i)&#160;willful misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence, or (iv)&#160;reckless disregard of the duties involved in the conduct of the Indemnitee&#8217;s position (the conduct referred to in such clauses (i)&#160;through (iv) being sometimes referred to herein as &#8220;Disabling Conduct&#8221;). Furthermore, with respect to any action, suit or other proceeding voluntarily prosecuted by any Indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such Indemnitee (A)&#160;was authorized by a majority of the Directors or (B)&#160;was instituted by the Indemnitee to enforce his or her rights to indemnification hereunder in a case in which the Indemnitee is found to be entitled to such indemnification. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding the foregoing, unless otherwise provided in any agreement relating to indemnification between an Indemnitee and the Fund, no indemnification shall be made hereunder unless there has been a determination (i)&#160;by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such Indemnitee is entitled to indemnification hereunder or, (ii)&#160;in the absence of such a decision, by (A)&#160;a majority vote of a quorum of those Directors who are both Independent Directors and not parties to the proceeding (&#8220;Independent <span style="white-space:nowrap">Non-Party</span> Directors&#8221;), that the Indemnitee is entitled to indemnification hereunder, or (B)&#160;if such quorum is not obtainable or even if obtainable, if such majority so directs, a Special Counsel in a written opinion concludes that the Indemnitee should be entitled to indemnification hereunder. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Subject to any limitations provided by the 1940 Act and the Charter, the Fund shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Fund or serving in any capacity at the request of the Fund to the full extent permitted for corporations organized under the corporations laws of the state in which the Fund was formed, provided that such indemnification has been approved by a majority of the Directors. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Any repeal or modification of the Charter or Section&#160;2 of this Article IV shall not adversely affect any right or protection of any person who is or was a Director, any advisory board member or any officer of the Fund existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&#160;3. <span style="text-decoration:underline">Good Faith Defined; Reliance on Experts</span>. For purposes of any determination under this Article IV, a person shall be deemed to have acted in good faith and in a manner such person reasonably believed to be in the best interests of the Fund, or, with respect to any criminal action or proceeding, to have had no reasonable cause to believe such person&#8217;s conduct was unlawful, if such person&#8217;s action is based on the records or books of account of the Fund, or on information supplied to such person by the officers of the Fund in the course of their duties, or </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">C-6 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
on the advice of legal counsel for the Fund or on information or records given or reports made to the Fund by an independent certified public accountant or by an appraiser or other expert or agent selected with reasonable care by the Fund. The provisions of this Article IV Section&#160;3 shall not be deemed to be exclusive or to limit in any way the circumstances in which a person may be deemed to have met the applicable standard of conduct set forth in this Article IV. Each Director and officer or employee of the Fund shall, in the performance of his or her duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Fund, upon an opinion of counsel selected by the Board of Directors or a committee of the Directors, or upon reports made to the Fund by any of the Fund&#8217;s officers or employees or by any advisor, administrator, manager, distributor, dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Board of Directors or a committee of the Directors, officers or employees of the Fund, regardless of whether such counsel or expert may also be a Director. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&#160;4. <span style="text-decoration:underline">Survival of Indemnification and Advancement of Expenses</span>. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article IV shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&#160;5. <span style="text-decoration:underline">Insurance</span>. The Directors may maintain insurance for the protection of the Fund&#8217;s property, the shareholders, Directors, officers, employees and agents in such amount as the Directors shall deem adequate to cover possible tort liability, and such other insurance as the Directors in their sole judgment shall deem advisable or is required by the 1940 Act. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&#160;6. <span style="text-decoration:underline">Subrogation</span>. In the event of payment by the Fund to an Indemnitee under the Charter or these Bylaws, the Fund shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute such documents and do such acts as the Fund may reasonably request to secure such rights and to enable the Fund effectively to bring suit to enforce such rights. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Registrant has also entered into an agreement with Directors and officers of the Registrant entitled to indemnification under the charter and bylaws of the Fund pursuant to which the Registrant has agreed to advance expenses and costs incurred by the indemnitee in connection with any matter in respect of which indemnification might be sought pursuant to the charter and bylaws of the Fund to the maximum extent permitted by law. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reference is also made to: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">Sections 10 and 11 of the Registrant&#8217;s Investment Management Agreement </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">Section&#160;8 of the Registrant&#8217;s Distribution Agreement with the Distributor </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, the Registrant and the other funds in the BlackRock Fixed-Income Complex jointly maintain, at their own expense, E&amp;O/D&amp;O insurance policies for the benefit of its Directors, officers and certain affiliated persons. The Registrant pays a pro rata portion of the premium on such insurance policies. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;31.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Business And Other Connections Of Investment Advisor </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Advisors, LLC, a limited liability company organized under the laws of Delaware (the &#8220;Advisor&#8221;), acts as investment adviser to the Registrant. The Registrant is fulfilling the requirement of this Item 31 to provide a list of the officers and directors of the Advisor, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the Advisor or those officers and directors during the past two years, by incorporating by reference the information contained in the Form ADV of the Advisor filed with the commission pursuant to the Investment Advisers Act of 1940 (Commission File <span style="white-space:nowrap">No.&#160;801-47710).</span> </p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;32.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Location Of Accounts And Records </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Omitted pursuant to the Instruction of Item 32 of Form <span style="white-space:nowrap">N-2.</span> </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;33.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Management Services </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not Applicable </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;34.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Undertakings </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top" align="left">(1)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Not applicable. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top" align="left">(2)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Not applicable. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top" align="left">(3)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">The securities being registered will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933. Accordingly, the Registrant undertakes: </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">(a)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">to file, during and period in which offers or sales are being made, a post-effective amendment to this Registration Statement: </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(1)&#160;to include any prospectus required by Section&#160;10(a)(3) of the Securities Act of 1933; </p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(2) to reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement. </p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(3)&#160;to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement. </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">(b)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">that for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">(c)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering; and </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">(d)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">that, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: </p></td></tr></table>
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 <p style="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(1) if the Registrant is relying on Rule&#160;430B [17 CFR 230.430B]: </p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi)&#160;for the purpose of providing the information required by Section&#160;10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. <span style="font-style:italic">Provided, however</span>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or </p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(2) if the Registrant is subject to Rule 430C [17 CFR 230.430C]: Each prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933 as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">(e)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">that for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of securities: The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser: (1)&#160;any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act of 1933; (2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant; (3)&#160;the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act of 1933 relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and (4)&#160;any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser. </p></td></tr></table>
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<td style="width:4%;vertical-align:top" align="left">(4)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">If applicable: </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">(a)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">For the purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of a registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act of 1933 shall be deemed to be part of the Registration Statement as of the time it was declared effective. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">(b)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top" align="left">(5)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant&#8217;s f pursuant to Section&#160;13(a) or Section&#160;15(d) of the Securities Exchange Act of 1934 that is incorporated by reference into the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top" align="left">(6)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top" align="left">(7)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information constituting Part B of this Registration Statement. </p></td></tr></table>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURES </p> <div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Fund has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on the 28th day of December, 2022. </p> </div> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p><div>
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<td style="vertical-align:top" colspan="3">BLACKROCK DEBT STRATEGIES FUND, INC.</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"/>
<td style="height:12pt" colspan="2"/></tr>
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<td style="vertical-align:top">By:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ John M. Perlowski</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">John M. Perlowski</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">President and Chief Executive Officer</td></tr>
</table></div> <div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated and on the 28th day of December, 2022. </p> </div> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0">


<tr>

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<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Signature</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td></tr>


<tr style="font-size:1pt">
<td style="height:12pt"/>
<td style="height:12pt" colspan="2"/>
<td style="height:12pt" colspan="2"/></tr>
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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman;text-align:center">/s/ John M. Perlowski</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(John M. Perlowski)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;text-align:center">Director, President and Chief Executive Officer<br/>(Principal Executive Officer)</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">December&#160;28, 2022</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"/>
<td style="height:12pt" colspan="2"/>
<td style="height:12pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman;text-align:center">/s/ Trent Walker</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Trent Walker)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;text-align:center">Chief Financial Officer</p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;text-align:center">(Principal Financial and Accounting Officer)</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">December&#160;28, 2022</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"/>
<td style="height:12pt" colspan="2"/>
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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman;text-align:center">C<small>YNTHIA</small> L. E<small>GAN</small>*</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Cynthia L. Egan)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;text-align:center">Director</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/></tr>
<tr style="font-size:1pt">
<td style="height:12pt"/>
<td style="height:12pt" colspan="2"/>
<td style="height:12pt" colspan="2"/></tr>
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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman;text-align:center">F<small>RANK</small> J. F<small>ABOZZI</small>*</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Frank J. Fabozzi)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;text-align:center">Director</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/></tr>
<tr style="font-size:1pt">
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<td style="height:12pt" colspan="2"/>
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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman;text-align:center">L<small>ORENZO</small> A. F<small>LORES</small>*</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Lorenzo A. Flores)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;text-align:center">Director</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/></tr>
<tr style="font-size:1pt">
<td style="height:12pt"/>
<td style="height:12pt" colspan="2"/>
<td style="height:12pt" colspan="2"/></tr>
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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman;text-align:center">S<small>TAYCE</small> D. H<small>ARRIS</small>*</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Stayce D. Harris)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;text-align:center">Director</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/></tr>
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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman;text-align:center">J. P<small>HILLIP</small> H<small>OLLOMAN</small>*</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(J. Phillip Holloman)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;text-align:center">Director</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/></tr>
<tr style="font-size:1pt">
<td style="height:12pt"/>
<td style="height:12pt" colspan="2"/>
<td style="height:12pt" colspan="2"/></tr>
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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman;text-align:center">R. G<small>LENN</small> H<small>UBBARD</small>*</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(R. Glenn Hubbard)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;text-align:center">Director</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/></tr>
<tr style="font-size:1pt">
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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman;text-align:center">W. C<small>ARL</small> K<small>ESTER</small>*</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(W. Carl Kester)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;text-align:center">Director</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/></tr></table> </div>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">C-11 </p>



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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman;text-align:center">C<small>ATHERINE</small> A. L<small>YNCH</small>*</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Catherine A. Lynch)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;text-align:center">Director</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/></tr>
<tr style="font-size:1pt">
<td style="height:12pt"/>
<td style="height:12pt" colspan="2"/>
<td style="height:12pt" colspan="2"/></tr>
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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman;text-align:center">R<small>OBERT</small> F<small>AIRBAIRN</small>*</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Robert Fairbairn)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;text-align:center">Director</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/></tr>
<tr style="font-size:1pt">
<td style="height:12pt"/>
<td style="height:12pt" colspan="2"/>
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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">*By: /s/ Janey Ahn</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">(Janey Ahn, <span style="white-space:nowrap"><span style="white-space:nowrap">Attorney-In-Fact)</span></span></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">December&#160;28, 2022</td></tr>
</table> </div>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">C-12 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">EXHIBIT INDEX </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div>
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<td style="vertical-align:bottom;white-space:nowrap" align="center"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Exhibit</p> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:inline-block; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Number</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Description</p></td></tr>


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<td style="vertical-align:top;white-space:nowrap">(k)(6)</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d320889dex99k6.htm">Form of Amendment No.&#160;5 to the Amended and Restated Credit Agreement </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">(l)(1)</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d320889dex99l1.htm">Opinion and Consent of Counsel </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">(n)</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d320889dex99n.htm">Independent Registered Public Accounting Firm Consent </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">(s)</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d320889dexfilingfees.htm">Calculation of Filing Fee Tables </a></td></tr>
</table> </div>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <div> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">C-13 </p> </div>

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<DOCUMENT>
<TYPE>EX-99.(K)(6)
<SEQUENCE>2
<FILENAME>d320889dex99k6.htm
<DESCRIPTION>AMENDMENT NO. 5 TO THE AMENDED & RESTATED CREDIT AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Amendment No. 5 to the Amended &amp;amp; Restated Credit Agreement</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit (k)(6) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT AGREEMENT NO.&nbsp;5 TO AMENDED AND RESTATED CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This<B> AMENDMENT AGREEMENT NO.</B><B></B><B>&nbsp;5 TO AMENDED AND RESTATED CREDIT AGREEMENT</B> (this &#147;<U>Amendment</U>&#148;) is made
as of [&#9679;], by and among <B>BLACKROCK DEBT STRATEGIES FUND, INC.</B>, a Maryland corporation (the &#147;<U>Borrower</U>&#148;), the lending institutions listed on the signature pages hereof (collectively, the &#147;<U>Banks</U>&#148;) and
<B>STATE STREET BANK AND TRUST COMPANY</B>, as agent for itself and such other Banks (in such capacity, the &#147;<U>Agent</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> the Borrower, the Banks and the Agent are parties to that certain Amended and Restated Credit Agreement, dated as of
March&nbsp;3, 2011 (as amended and in effect from time to time, the &#147;<U>Credit Agreement</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> the parties
hereto wish to amend the Credit Agreement as more fully set forth herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE,</B> in consideration of these premises and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#167;<B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Definitions</U></B>. Capitalized terms which are used herein without definition and which are
defined in the Credit Agreement shall have the same meanings herein as in the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#167;2.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Amendments to the Credit Agreement</U></B>. The Credit Agreement is hereby amended as follows:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 of the Credit Agreement is hereby amended by deleting the definitions of &#147;Aggregate
Commitment Amount&#148;, &#147;Custodian&#148;, &#147;Custody Agreement&#148;, &#147;LIBOR Offered Rate&#148; and &#147;Overnight LIBOR Rate&#148; in their entirety and restating each such definition as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Aggregate Commitment Amount&#148; means, as of any date, the aggregate of all Commitment Amounts as of such date. On the
Fifth Amendment Effective Date, the Aggregate Commitment Amount is $377,000,000. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Custodian&#148; means State Street
Bank and Trust Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Custody Agreement&#148; means that certain Master Custody Agreement, dated as of
September&nbsp;21, 2001, among the Borrower, the other investment companies party thereto and State Street Bank and Trust Company, as the same may be amended, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;LIBOR Offered Rate&#148; means, with respect to any LIBOR Loan for any Interest Period, the rate appearing on the Reuters
&#147;LIBOR01&#148; screen displaying interest rates for dollar deposits in the London interbank market (or on any successor or substitute page on such screen) at approximately 11:00 a.m., London time two LIBOR Business Days prior to the
commencement of such Interest Period, </P>
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as the rate for dollar deposits in the London interbank market with a maturity comparable to such Interest Period, <U>provided</U> that (i)&nbsp;in the event such rate does not appear on such
screen (or on any successor or substitute page on such screen or otherwise on such screen), the &#147;LIBOR Offered Rate&#148; with respect to such LIBOR Loan during such Interest Period shall be determined by reference to such other comparable
publicly available service for displaying interest rates applicable to dollar deposits in the London interbank market as may be selected by the Agent or, in the absence of such availability, by reference to the rate at which dollar deposits of
$1,000,000 in immediately available funds for a maturity comparable to such Interest Period are offered by the principal office of the Agent to leading banks in the London interbank market at approximately 11:00 a.m., London time, two LIBOR Business
Days prior to the commencement of such Interest Period and (ii)&nbsp;if the LIBOR Offered Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Overnight LIBOR Rate&#148; means, as of any day, the rate appearing on the Reuters &#147;LIBOR01&#148; screen displaying
interest rates for dollar deposits in the London interbank market (or on any successor or substitute page on such screen) at approximately 11:00 a.m., London time, as the rate for dollar deposits in the London interbank market with a maturity of one
LIBOR Business Day, <U>provided</U> that (i)&nbsp;in the event such rate does not appear on such screen (or on any successor or substitute page on such screen or otherwise on such screen), the &#147;Overnight LIBOR Rate&#148; shall be determined by
reference to such other comparable publicly available service for displaying interest rates applicable to dollar deposits in the London interbank market as may be selected by the Agent or, in the absence of such availability, by reference to the
rate at which dollar deposits of $1,000,000 in immediately available funds for a term of one LIBOR Business Day are offered by the principal office of the Agent to leading banks in the London interbank market at approximately 11:00 a.m., London time
and (ii)&nbsp;if the Overnight LIBOR Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement, <U>provided</U>, <U>further</U>, that in the event such day is not a LIBOR Business Day, then the Overnight LIBOR Rate
shall be such rate as in effect on the immediately preceding LIBOR Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 of the Credit
Agreement is further amended by deleting the definition of &#147;Custodian Termination Date&#148; in its entirety and inserting the following definitions in the appropriate alphabetical order: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Anti-Corruption Laws&#148; means all laws, rules and regulations of any jurisdiction applicable to the Borrower from time
to time concerning or relating to bribery or corruption. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">&#147;Bail-In</FONT>
Action&#148; means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">&#147;Bail-In</FONT> Legislation&#148;
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described
in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Change in Law&#148; means the
occurrence, after the date of the Agreement, of any of the following: (a)&nbsp;the adoption or taking effect of any law, rule, regulation or treaty, (b)&nbsp;any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Authority or (c)&nbsp;the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Authority; <U>provided</U> that notwithstanding anything herein to
the contrary, (x)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y)&nbsp;all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case
be deemed to be a &#147;Change in Law&#148;, regardless of the date enacted, adopted or issued. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;EEA Financial
Institution&#148; means (a)&nbsp;any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b)&nbsp;any entity established in an EEA Member Country which is a
parent of an institution described in clause (a)&nbsp;of this definition, or (c)&nbsp;any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a)&nbsp;or (b) of this definition and
is subject to consolidated supervision with its parent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;EEA Member Country&#148; means any of the member states of
the European Union, Iceland, Liechtenstein and Norway. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;EEA Resolution Authority&#148; means any public
administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule&#148; means the EU
<FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Fifth Amendment Effective Date&#148; means December&nbsp;2, 2016. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;OFAC&#148; has the meaning set forth in the definition of Sanctioned Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Sanctioned Country&#148; means, at any time, any country, territory or region which is itself the subject or target of
any Sanctions (which, as of the Fifth Amendment Effective Date, include Crimea, Cuba, Iran, North Korea, Sudan and Syria). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Sanctioned Person&#148; means, at any time, (a)&nbsp;any Person listed
in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S.&nbsp;Department of the Treasury (&#147;OFAC&#148;) , the U.S.&nbsp;Department of State, the United Nations Security Council, the
European Union, or Her Majesty&#146;s Treasury of the United Kingdom, or (b)&nbsp;any Person operating, organized or resident of a Sanctioned Country. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Sanctions&#148; means any economic, financial or other sanction or trade embargoes imposed, administered or enforced from
time to time by (a)&nbsp;the U.S.&nbsp;government, including those administered or enforced by OFAC and the U.S.&nbsp;Department of State, or (b)&nbsp;the United Nations Security Council, the European Union, or Her Majesty&#146;s Treasury. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Write-Down and Conversion Powers&#148; means, with respect to any EEA Resolution Authority, the write-down and conversion
powers of such EEA Resolution Authority from time to time under the <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU <FONT
STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06(a) of the Credit Agreement is
hereby amended by deleting the last sentence of Section&nbsp;2.06(a) in its entirety and restating it as follows: &#147;Interest on each Overnight Rate Loan shall be payable in arrears on the fifteenth day of each calendar month for the immediately
preceding calendar month and on the Termination Date (or, if earlier, with respect to the Loans of any Terminating Bank, on such Bank&#146;s Specified Termination Date).&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07(a) of the Credit Agreement is hereby amended by deleting Section&nbsp;2.07(a) in its entirety and
restating it as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;During the Revolving Credit Period, the Borrower shall pay to the
Agent for the pro rata accounts of each Bank a utilization fee (the &#147;Utilization Fee&#148; calculated at the rate of 0.15% per annum on the average daily amount during each calendar quarter or portion thereof from the Fifth Amendment Effective
Date to the Termination Date (or, if earlier, with respect to any Terminating Bank, such Bank&#146;s Specified Termination Date) by which the Aggregate Commitment Amount as then in effect exceeds the outstanding aggregate principal amount of Loans
during such calendar quarter. The Utilization Fee shall be payable quarterly in arrears on the fifteenth day of each calendar quarter for the immediately preceding calendar quarter commencing on the first such date following the Fifth Amendment
Effective Date, with a final payment on the Termination Date (or, if earlier, with respect to any Terminating Bank, such Bank&#146;s Specified Termination Date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;Article IV of the Credit Agreement is hereby amended by inserting immediately after the end of Section&nbsp;4.18
the following new Sections 4.19 and 4.20: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 4.19. OFAC, Etc</B>. (i)&nbsp;None of the Borrower, any
Subsidiary, their respective officers, the Investment Adviser, or, to the knowledge of the Borrower, any of their respective directors or employees of the Borrower or its Subsidiaries is a Sanctioned Person; (ii)&nbsp;the Investment Adviser for the
Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, it Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions, and
(iii)&nbsp;the Borrower, its Subsidiaries, their respective officers and, to the knowledge of the Borrower, their respective directors and employees are in compliance with Anti-Corruption Laws and applicable Sanctions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 4.20. EEA Financial Institution</B>. The Borrower is not an EEA Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04 of the Credit Agreement is hereby amended by deleting Section&nbsp;5.04 in its entirety and restating
it as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 5.04. Conduct of Business and Maintenance of Existence</B>. (a)&nbsp;The Borrower will continue
to engage in business of the same general type as now conducted by it as described in the Borrower&#146;s Fundamental Policies and its Disclosure Package. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will preserve, renew and keep in full force and effect its existence as a corporation,
and its rights and privileges necessary in the normal conduct of its business . The Borrower will maintain in full force and effect its registration as a <FONT STYLE="white-space:nowrap">closed-end</FONT> management company under the Investment
Company Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will not amend, terminate, supplement or otherwise modify any of its
Charter Documents in any material respect or if such amendment, termination, supplement or modification could reasonably be expected to have a Material Adverse Effect without the prior written consent of the Agent, which consent will not be
unreasonably withheld or delayed. The Borrower will promptly provide copies to the Agent of all amendments, supplements, terminations and other modifications of any of its Charter Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Other than as expressly permitted by the Agreement and the Security Agreement, the Borrower will at
all times place and maintain its assets in the custody of the Custodian. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall
cause its Investment Adviser to maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable
Sanctions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall, promptly following a request by the Agent or any Bank, provide
all documentation and other information that the Agent or such Bank requests in order to comply with its ongoing obligations under applicable &#147;know your customer&#148;, anti-terrorism and anti-money laundering rules and regulations, including
the Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10 of the Credit Agreement is hereby amended by
inserting at the end of the text of Section&nbsp;5.10 the following sentence. &#147;In addition, the Borrower will not request any Borrower, and the Borrower will not use, and shall procure that its directors, officers, employees and agents shall
not use, the proceeds of any Loan (i)&nbsp;in furtherance of any offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii)&nbsp;for the
purpose of funding, financing or facilitating any activities or business of or with any Sanctioned Person or in any Sanctioned Country, or (iii)&nbsp;in any other manner that would result in a violation of any Sanctions.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10(b) of the Credit Agreement is hereby amended by inserting immediately after the words &#147;or
(iv)&nbsp;an order for relief shall be entered against it under the bankruptcy law as now or hereafter in effect&#148; the words &#147;or (v)&nbsp;such Bank becomes the subject of a <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01(a) of the Credit Agreement is hereby amended by deleting the words &#147;If any new law, rule or
regulation, or any change after the date hereof in the interpretation or administration of any Applicable Law, rule or regulation by any governmental authority, central bank or comparable agency charged with the interpretation or administration
thereof, or compliance by any Bank (or its Applicable Lending Office) with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency in connection therewith issued, promulgated or
enacted after the date hereof shall&#148; which appear in Section&nbsp;8.01(a) and substituting in place thereof the words &#147;If any Change in Law shall&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01(b) of the Credit Agreement is hereby amended by deleting the words &#147;change after the date hereof
in any existing applicable law, rule or regulation or any new law, rule or regulation regarding capital adequacy, or any change therein, or any change after the date hereof in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or administration thereof, or any new request or directive of general applicability regarding capital adequacy (whether or not having the force of law) of any such
authority, central bank or comparable agency issued, promulgated or enacted after the date hereof&#148; which appear in Section&nbsp;8.01(b) and substituting in place thereof the words &#147;Change in Law&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;Section 9.01 of the Credit Agreement is hereby amended by deleting Section&nbsp;9.01 in its entirety and restating
it as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 9.01. Notices; Electronic Communications</B>. (a)&nbsp;Except as provided in subsection
(b)&nbsp;below, all notices, requests, consents and other communications to any party hereunder shall be in writing (including facsimile transmission or similar writing) and shall be given to such party at its address or telex number or facsimile
number set forth on <U>Schedule 1</U> attached hereto. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have
been given when sent (except that, if not given during normal </P>
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business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications,
to the extent provided in paragraph (b)&nbsp;below, shall be effective as provided in paragraph (c). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Notices made by the Borrower consisting of requests for Loans or notices of repayments hereunder or
items referred to in Sections 5.01(a) and (b)&nbsp;hereof may be delivered or furnished by <FONT STYLE="white-space:nowrap">e-mail</FONT> or other electronic communication pursuant to procedures approved by the Agent, unless the Agent, in its
discretion, previously notifies the Borrower otherwise, <U>provided</U> that the foregoing shall not apply to notices to any Bank pursuant to <U>Article II</U> if such Bank has notified the Agent and the Borrower that it is incapable of receiving
notices under such Article by electronic communication. In furtherance of the foregoing, each Bank hereby agrees to notify the Agent in writing, on or before the date such Bank becomes a party to this Agreement, of such Bank&#146;s <FONT
STYLE="white-space:nowrap">e-mail</FONT> address to which a notice may be sent (and from time to time thereafter to ensure that the Agent has on record an effective <FONT STYLE="white-space:nowrap">e-mail</FONT> address for such Bank). The Agent
may, in its discretion, agree to accept other notices and communications to it hereunder by electronic communications pursuant to procedures approved by it; <U>provided</U> that approval of such procedures may be limited to particular notices or
communications. Neither the Agent, any Bank, the Borrower nor any of the directors, officers, employees, agents or Affiliates of the Agent, any Bank or the Borrower shall be liable for any damages arising from the use by unintended recipients of any
information or other materials distributed through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, except to
the extent that any such damages are found by a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Unless the Agent otherwise prescribes, (i)&nbsp;notices and other communications sent to an <FONT
STYLE="white-space:nowrap">e-mail</FONT> address shall be deemed to have been given when received by the intended recipient, and (ii)&nbsp;if agreed to pursuant to paragraph (b)&nbsp;above, notices or communications posted to an Internet or intranet
website shall be deemed received upon the deemed receipt by the intended recipient at its <FONT STYLE="white-space:nowrap">e-mail</FONT> address as described in the foregoing clause (i)&nbsp;of notification that such notice or communication is
available and identifying the website address therefor; <U>provided</U> that, for both <U>clauses (i)</U>&nbsp;and <U>(ii)</U>, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice,
email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Any party hereto may change its address, facsimile number or
<FONT STYLE="white-space:nowrap">e-mail</FONT> address for notices and other communications hereunder by notice to the other parties hereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;Article IX of the Credit Agreement is hereby amended by inserting
immediately after the text of Section&nbsp;9.12 the following new Section&nbsp;9.13: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 9.13. Acknowledgement and
Consent to <FONT STYLE="white-space:nowrap">Bail-In</FONT> of EEA Financial Institutions</B>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any Bank that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;the application of any
Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Bank that is an EEA Financial Institution; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;the effects of any <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action on any such liability,
including, if applicable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;a reduction in full or in part or cancellation of any such liability;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;a conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights
with respect to any such liability under this Agreement or any other Loan Document; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule 1</U> to the Credit Agreement is hereby amended by deleting Schedule 1 in its entirety and replacing it
with the Schedule 1 attached hereto as Exhibit A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#167;3.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Representations and Warranties</U></B>.
The Borrower hereby represents and warrants as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties in Credit
Agreement</U>. The representations and warranties of the Borrower contained in the Credit Agreement (as amended by this Amendment) are true and correct on and as of the date hereof and with the same force and effect as it made on and as of such date
(or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Default</U>. No Default or Event of Default has occurred and is continuing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority, Etc</U>. The execution and delivery by the Borrower of this Amendment and the Borrower&#146;s
performance of this Amendment and the Credit Agreement as amended hereby </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(as so amended, the &#147;<U>Amended Agreement</U>&#148;) (i) are within the Borrower&#146;s corporate
powers, (ii)&nbsp;have been duly authorized by all necessary corporate action on the part of the Borrower, (iii)&nbsp;require no Governmental Authorizations, Private Authorizations or Governmental Filings by the Borrower which have not already been
obtained or made, (iv)&nbsp;do not contravene, or constitute a default under, any provision of (A)&nbsp;any Applicable Law unless the violation of such Applicable Law could not reasonably be expected to have a Material Adverse Effect, (B)&nbsp;the
Charter Documents of the Borrower, or (C)&nbsp;any agreement, judgment, injunction, order, decree or other instrument binding upon the Borrower unless such contravention or violation could not reasonably be expected to have a Material Adverse
Effect, and (v)&nbsp;do not result in the creation or imposition of any Lien on any asset of the Borrower (other than Liens in favor of the Agent to secure the Obligations and Liens permitted pursuant to Section&nbsp;5.08 of the Credit Agreement).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforceability of Obligations</U>. This Amendment has been duly executed and delivered by the Borrower.
Each of this Amendment and the Amended Agreement constitutes the valid and legally binding agreement of the Borrower, in each case enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting creditors&#146; rights generally and general principles of equity (regardless of whether enforcement is sought in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#167;4.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Effectiveness</U></B>. This Amendment shall be effective as of the Fifth Amendment Effective Date
(as such term is defined in the Credit Agreement as amended hereby) upon the receipt by the Agent of the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;counterparts of this Amendment duly executed and delivered by each of the Borrower, the Banks and the Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;a certificate duly executed by an officer of the Borrower which is reasonably satisfactory to the Agent certifying
that (i)&nbsp;the representations and warranties of the Borrower contained in the Credit Agreement (as amended by this Amendment) and the other Loan Documents shall be true on and as of the Fifth Amendment Effective Date and with the same force and
effect as if made on and as of such date (or, if any representation or warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii)&nbsp;no Default or Event of Default has occurred and is continuing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;a duly executed certificate from the Secretary or Assistant Secretary of the Borrower in form and substance
reasonably satisfactory to the Agent and dated as of the Fifth Amendment Effective Date as to the incumbency of, and bearing specimen signatures of, the Authorized Signatories who are authorized as of the date hereof to execute and take actions
hereunder and under the Loan Documents for and on behalf of the Borrower (or a certification that the incumbency of the Authorized Signatories set forth on that certificate delivered to the Agent pursuant to Section&nbsp;4(c) of Amendment Agreement
No.&nbsp;4 to Amended and Restated Credit Agreement on the Fourth Amendment Effective Date (the &#147;<U>Prior Certificate</U>&#148;) remains true and accurate as of the date hereof); and certifying and attaching copies of (i)&nbsp;the
Borrower&#146;s Charter Documents, with all amendments thereto (or a certification that the Borrower&#146;s Charter Documents previously delivered to the Agent and referenced in the Prior Certificate have not been amended, supplemented or modified
and are in full force and effect); (ii)&nbsp;an excerpt from the Minutes of the Joint Regular Meeting of the Boards of Directors/Trustees of the BlackRock Closed <FONT STYLE="white-space:nowrap">End-Funds</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(which includes the Board of Directors of the Borrower) dated December&nbsp;2, 2016 authorizing the
transactions contemplated hereby; (iii)&nbsp;the current Prospectus as then in effect (or a certification that the Prospectus previously delivered to the Agent and referenced in the Prior Certificate has not been amended, supplemented or modified
and is in full force and effect); (iv) the investment management agreement between the Borrower and the Investment Adviser as then in effect (or a certification that the investment management agreement previously delivered to the Agent and
referenced in the Prior Certificate has not been amended, supplemented or modified and is in full force and effect); and (v)&nbsp;the Custody Agreement (or a certification that the Custody Agreement previously delivered to the Agent and referenced
in the Prior Certificate has not been amended, supplemented or modified and is in full force and effect); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;a
legal existence and good standing certificate for the Borrower from the Secretary of State of the State of Maryland dated as of a recent date; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;a copy of the certificate of incorporation of the Borrower, with all amendments, certified as of a recent date by
the Secretary of State of the State of Maryland. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#167;5.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Ratification of the Borrower</U></B>. The
Borrower ratifies and confirms in all respects all of its obligations to the Agents and the Banks under the Credit Agreement and the other Loan Documents and hereby affirms its absolute and unconditional promise to pay to the Banks and the Agents
the Loans made to it and all other amounts due from it under the Credit Agreement as amended hereby. The Credit Agreement and this Amendment shall be read and construed as a single agreement. All references in the Credit Agreement or any related
agreement or instrument to the Credit Agreement shall hereafter refer to the Credit Agreement as amended hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#167;6.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Miscellaneous</U></B>. This Amendment shall be a Loan Document for all purposes under the Credit
Agreement. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. Except as specifically amended by this Amendment, the Credit Agreement and all other agreements and instruments executed and delivered
in connection with the Credit Agreement, including, without limitation, the other Loan Documents, shall remain in full force and effect. This Amendment is limited specifically to the matters set forth herein and does not constitute directly or by
implication an amendment or waiver of any other provision of the Credit Agreement or any of the other Loan Documents. Nothing contained herein shall constitute a waiver of, impair or otherwise affect any Obligations, any other obligation of the
Borrower or any rights of the Agents and the Banks consequent thereon. This Amendment may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, and all of
which together shall constitute one instrument. Delivery of an executed signature page to this Amendment by facsimile transmission or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Amendment,
<U>provided</U>, the Borrower does agree to provide the Agent with an original manually signed counterpart of this Amendment within five (5)&nbsp;Domestic Business Days of the Fifth Amendment Effective Date. In proving this Amendment it shall not be
necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Signature
page follows.] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the parties hereto have caused this Amendment to be duly executed
by their respective authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BLACKROCK</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>DEBT STRATEGIES
FUND, INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">[&#9679;]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">[&#9679;]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STATE STREET</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BANK AND
TRUST COMPANY,</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Individually and as Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">[&#9679;]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">[&#9679;]</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Signature Page to Amendment Agreement No.&nbsp;5 to Amended and Restated Credit Agreement </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 1 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>BORROWER: </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BLACKROCK DEBT STRATEGIES FUND, INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 Bellevue
Parkway </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wilmington, DE 19809 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="71%"></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; "><B>BANKS:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>COMMITMENT</B><br><B>AMOUNT</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>COMMITMENT</B><br><B>PERCENTAGE</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>STATE STREET BANK AND TRUST COMPANY</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$377,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">100%</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>Domestic Lending Office:</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Mutual&nbsp;Fund&nbsp;Lending&nbsp;Department</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">M/S&nbsp;CCB0900</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">One Iron Street</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Boston, MA 02210</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attn:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robyn A. Shepard,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assistant Vice President,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">CSU Manager</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tel:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">617-662-8575</FONT></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Fax:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">617-988-6677</FONT></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">E-mail:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">rashepard@statestreet.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>LIBOR Lending Office:</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Mutual Fund Lending Department</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">M/S CCB0900</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">One Iron Street</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Boston, MA 02210</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attn:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robyn A. Shepard,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assistant Vice President</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">CSU Manager</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tel:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">617-662-8575</FONT></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Fax:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">617-988-6677</FONT></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">E-mail:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">rashepard@statestreet.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>For <FONT STYLE="white-space:nowrap">non-funding</FONT> or payment notices:</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">State Street Bank and Trust Company</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Mutual Fund Lending Department</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">M/S CCB0900</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">One Iron Street</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Boston, MA 02210</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attn:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Karen Gallagher, Managing Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tel:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">617-662-8626</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap">E-mail</FONT> for electronic notices:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ais-loanops-csu@statestreet.com</FONT></FONT></TD></TR>
</TABLE>
</DIV></Center>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(L)(1)
<SEQUENCE>3
<FILENAME>d320889dex99l1.htm
<DESCRIPTION>OPINION AND CONSENT OF COUNSEL
<TEXT>
<HTML><HEAD>
<TITLE>Opinion and Consent of Counsel</TITLE>
</HEAD>
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<IMG SRC="g320889g76b31.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit (l)(1) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 28, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Debt Strategies Fund, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">55 East 52nd Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10055 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have acted as special Maryland
counsel to BlackRock Debt Strategies Fund, Inc., a Maryland corporation (the &#147;Company&#148;), in connection with the registration under the Securities Act of 1933, as amended (the &#147;Act&#148;), of 16,000,000 shares (the &#147;Shares&#148;)
of common stock, par value $0.10 per share (the &#147;Common Stock&#148;), of the Company on its Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> filed with the Securities and Exchange Commission on September&nbsp;14, 2022
(File <FONT STYLE="white-space:nowrap">No.&nbsp;333-267429,</FONT> together with all amendments and supplements thereto, the &#147;Registration Statement&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have examined the Registration Statement (exclusive of the exhibits thereto other than the Company&#146;s governing documents) and such corporate records,
certificates, and documents as we deemed necessary for the purpose of this opinion. We have relied as to certain factual matters on information obtained from public officials and officers of the Company. Based on that examination, we advise you that
in our opinion the Shares offered by the Company have been duly authorized and, assuming that upon any issuance of Shares the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock
that the Company is then authorized to issue under its charter, when issued and sold under the circumstances contemplated in the Registration Statement, will be legally issued, fully paid, and <FONT STYLE="white-space:nowrap">non-assessable.</FONT>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In expressing the opinion set forth herein, we have assumed that (i)&nbsp;all documents submitted to us as originals are authentic, (ii)&nbsp;all
documents submitted to us as copies conform with the originals of those documents, (iii)&nbsp;all signatures on all documents submitted to us for examination are genuine, (iv)&nbsp;each natural person executing any such document is legally competent
to do so, (v)&nbsp;all public records reviewed by us or on our behalf are accurate and complete, and (vi)&nbsp;at the time of issuance of any of the Shares, (A)&nbsp;the Company will be in good standing under the laws of the State of Maryland, and
(B)&nbsp;none of the governing documents of the Company will have been amended so as to cause such issuance of the Shares to conflict with or violate any provisions of the governing documents of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We express no opinion with respect to the laws of, or the effect or applicability of the laws of, any jurisdiction other than, and our opinion expressed
herein is limited to, the laws of the State of Maryland. The opinion expressed herein is limited to the matters expressly set forth in this letter and no other opinion should be inferred beyond the matters expressly stated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the use of our name and the discussion of this opinion under the headings &#147;Legal Matters&#148; in the forms of Prospectus
Supplements forming a part of the Registration Statement and to the filing of this opinion as an exhibit to the Registration Statement. In giving </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g320889g17p88.jpg" ALT="LOGO">
 </P>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 28, 2022</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Act or the rules and regulations of the Securities and Exchange
Commission thereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Miles&nbsp;&amp; Stockbridge P.C.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Emily Higgs</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Principal</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>4
<FILENAME>d320889dex99n.htm
<DESCRIPTION>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM CONSENT
<TEXT>
<HTML><HEAD>
<TITLE>Independent Registered Public Accounting Firm Consent</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit (n) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the incorporation by reference in this Registration Statement No. 333-267429 on Form N-2 of our report dated February 24, 2022, relating to the
financial statements and financial highlights of BlackRock Debt Strategies Fund, Inc. (the, &#147;Fund&#148;) appearing in the Annual Report on Form N-CSR of the Fund for the year ended December 31, 2021, and to the references to us under the
headings &#147;Financial Highlights&#148; and &#147;Independent Registered Public Accounting Firm&#148; in the Base Prospectus and &#147;Independent Registered Public Accounting Firm&#148; and &#147;Financial Statements&#148; in the Statement of
Additional Information, which are part of such Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Deloitte&nbsp;&amp; Touche LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 23, 2022 </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>d320889dexfilingfees.htm
<DESCRIPTION>CALCULATION OF FILING FEE TABLES
<TEXT>
<HTML><HEAD>
<TITLE>Calculation of Filing Fee Tables</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit (s) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calculation of Filing Fee Tables </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">N-2/A</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Form Type) </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BLACKROCK DEBT
STRATEGIES FUND, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exact Name of Registrant as Specified in its Charter) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Table 1: Newly Registered and Carry Forward Securities </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="97%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B>Security&nbsp;<BR>Type</B>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B>Security<BR>Class<BR>Title</B>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B>Fee<BR>Calculation&nbsp;or&nbsp;&nbsp;<BR>Carry<BR>Forward<BR>Rule</B>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B>Amount&nbsp;&nbsp;<BR>Registered&nbsp;&nbsp;</B>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;<BR><BR><BR></B><BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman"><B></B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B>Proposed&nbsp;&nbsp;<BR>Maximum&nbsp;&nbsp;<BR>Offering&nbsp;&nbsp;<BR>Price</B><BR>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Per&nbsp;Unit&nbsp;&nbsp;</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B><BR><BR><BR></B><BR>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman"><B>&nbsp;</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;<BR><BR></B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B>Maximum&nbsp;&nbsp;<BR>Aggregate&nbsp;&nbsp;<BR>Offering&nbsp;Price&nbsp;&nbsp;</B>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B><BR><BR>&nbsp;</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;<BR></B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B>Fee<BR>Rate</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B><BR>&nbsp;</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B>Amount of&nbsp;&nbsp;<BR>Registration&nbsp;&nbsp;<BR>Fee</B>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;<BR><BR><BR></B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B>Carry&nbsp;&nbsp;<BR>Forward&nbsp;&nbsp;<BR>Form&nbsp;&nbsp;<BR>Type&nbsp;&nbsp;</B>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B><BR><BR><BR>&nbsp;</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;<BR><BR><BR></B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B>Carry&nbsp;&nbsp;<BR>Forward&nbsp;&nbsp;<BR>File&nbsp;&nbsp;<BR>Number&nbsp;&nbsp;</B>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B><BR><BR><BR>&nbsp;</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;<BR><BR><BR><BR></B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B>Carry<BR>Forward&nbsp;&nbsp;<BR>Initial&nbsp;&nbsp;<BR>effective&nbsp;&nbsp;<BR>date</B>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B><BR><BR><BR><BR>&nbsp;</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT COLOR="#020202"><B>&nbsp;<BR><BR><BR><BR><BR><BR><BR><BR><BR></B></FONT> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><FONT COLOR="#020202"><B>Filing&nbsp;Fee&nbsp;&nbsp;<BR>Previously&nbsp;&nbsp;<BR>Paid
In&nbsp;&nbsp;<BR>Connection&nbsp;&nbsp;<BR>with<BR>Unsold<BR>Securities<BR>to be<BR>Carried<BR>Forward</B></FONT> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT COLOR="#020202"><B><BR><BR><BR><BR><BR><BR><BR><BR><BR>&nbsp;</B></FONT>
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<TD NOWRAP VALIGN="bottom" ALIGN="center"><FONT COLOR="#020202"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#020202"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="38" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Newly Registered Securities</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:Times New Roman">&nbsp;</P></TD>
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<TD VALIGN="top"></TD>
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<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Fees to Be</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Paid</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common&nbsp;Stock,&nbsp;&nbsp;<BR>$0.10<BR>par value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Other(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">16,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">$9.39</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">$150,240,000(1)</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">$110.20</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$16,538.95(2)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Other</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rights to<BR>Purchase<BR>Common&nbsp;Shares(3)&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#150;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#150;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">&#150;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">&#150;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">&#150;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#150;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Fees</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Previously Paid</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock,<BR>$0.10<BR>par value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">457(o)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#150;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">&#150;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">$1,000,000</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">$92.70</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$92.70(4)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Other</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rights to<BR>Purchase<BR>Common&nbsp;Shares(3)&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#150;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#150;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">&#150;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">&#150;</TD>
<TD NOWRAP VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#150;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="38" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Carry Forward Securities</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Carry</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Forward</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Securities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="9" ALIGN="right" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="right">Total
Offering Amounts&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center">$150,240,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$16,538.95</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="9" ALIGN="right" STYLE="BORDER:1px solid #000000; padding-left:8pt">Total Fees Previously Paid&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$92.70</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="9" ALIGN="right" STYLE="BORDER:1px solid #000000; padding-left:8pt">Total Fee Offsets&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#150;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="9" ALIGN="right" STYLE="BORDER:1px solid #000000; padding-left:8pt">Net Fee Due&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$16,446.25</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">The Registrant is relying on Rule 457(c) under the Securities Act of 1933 to calculate the registration fee. The
Maximum Aggregate Offering Price is estimated solely for the purpose of determining the registration fee in accordance with Rule 457(c) under the Securities Act of 1933 based on the average of the high and low sales prices of the shares of common
shares on December&nbsp;20, 2022, as reported on the New York Stock Exchange. The proposed maximum offering price per security will be determined, from time to time, by the Registrant in connection with the sale by the Registrant of the securities
registered under this Registration Statement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Amount represents $92.70 previously paid to register $1,000,000 of common shares, plus $16,446.25 to register
the additional $149,240,000 of common shares registered hereby. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">No separate consideration will be received by the Registrant. Any shares issued pursuant to an offering of
rights to purchase shares of common shares, including any shares issued pursuant to an over-subscription privilege or a secondary over-subscription privilege, will be shares registered under this Registration Statement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">The Registrant previously paid $92.70 in connection with the filing of the Registrant&#146;s Registration
Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-267429)</FONT> with the Securities and Exchange Commission on September&nbsp;14, 2022. </P></TD></TR></TABLE>
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<link:roleType roleURI="http://www.blackrock.com/role/N2RiskFactors" id="N2RiskFactors">
<link:definition>1004 - Disclosure - N-2 - [Risk Factors]</link:definition>
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<link:roleType roleURI="http://www.blackrock.com/role/N2EffectsOfLeverage" id="N2EffectsOfLeverage">
<link:definition>1005 - Disclosure - N-2 - [Effects of Leverage]</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:definition>1006 - Disclosure - N-2 - [Share Price Table]</link:definition>
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<link:roleType roleURI="http://www.blackrock.com/role/N2CapitalStock" id="N2CapitalStock">
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<link:definition>1008 - Disclosure - N-2 - [Other Securities]</link:definition>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>cik0001051003-20221228_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_RegulationAsACommodityPoolMember" xml:lang="en-US">Regulation as a Commodity Pool [Member]</label>
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<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_RegulationAsACommodityPoolMember" xlink:to="lab_cik0001051003_RegulationAsACommodityPoolMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_InvestmentCompanyActRegulationsMember" xlink:label="loc_cik0001051003_InvestmentCompanyActRegulationsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_InvestmentCompanyActRegulationsMember" xml:lang="en-US">Investment Company Act Regulations [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_InvestmentCompanyActRegulationsMember" xlink:to="lab_cik0001051003_InvestmentCompanyActRegulationsMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_RegulationAndGovernmentInterventionRiskMember" xlink:label="loc_cik0001051003_RegulationAndGovernmentInterventionRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_RegulationAndGovernmentInterventionRiskMember" xml:lang="en-US">Regulation and Government Intervention Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_RegulationAndGovernmentInterventionRiskMember" xlink:to="lab_cik0001051003_RegulationAndGovernmentInterventionRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_AntiTakeoverProvisionsRiskMember" xlink:label="loc_cik0001051003_AntiTakeoverProvisionsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_AntiTakeoverProvisionsRiskMember" xml:lang="en-US">Anti Takeover Provisions Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001051003_AntiTakeoverProvisionsRiskMember" xml:lang="en-US">Anti-Takeover Provisions Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_AntiTakeoverProvisionsRiskMember" xlink:to="lab_cik0001051003_AntiTakeoverProvisionsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_PortfolioTurnoverRiskMember" xlink:label="loc_cik0001051003_PortfolioTurnoverRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_PortfolioTurnoverRiskMember" xml:lang="en-US">Portfolio Turnover Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_PortfolioTurnoverRiskMember" xlink:to="lab_cik0001051003_PortfolioTurnoverRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_AllocationRiskMember" xlink:label="loc_cik0001051003_AllocationRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_AllocationRiskMember" xml:lang="en-US">Allocation Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_AllocationRiskMember" xlink:to="lab_cik0001051003_AllocationRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_SpecialRisksForHoldersOfRightsMember" xlink:label="loc_cik0001051003_SpecialRisksForHoldersOfRightsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_SpecialRisksForHoldersOfRightsMember" xml:lang="en-US">Special Risks for Holders of Rights [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_SpecialRisksForHoldersOfRightsMember" xlink:to="lab_cik0001051003_SpecialRisksForHoldersOfRightsMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_MisconductOfEmployeesAndOfServiceProvidersRiskMember" xlink:label="loc_cik0001051003_MisconductOfEmployeesAndOfServiceProvidersRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_MisconductOfEmployeesAndOfServiceProvidersRiskMember" xml:lang="en-US">Misconduct of Employees and of Service Providers Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_MisconductOfEmployeesAndOfServiceProvidersRiskMember" xlink:to="lab_cik0001051003_MisconductOfEmployeesAndOfServiceProvidersRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_CyberSecurityRiskMember" xlink:label="loc_cik0001051003_CyberSecurityRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_CyberSecurityRiskMember" xml:lang="en-US">Cyber Security Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_CyberSecurityRiskMember" xlink:to="lab_cik0001051003_CyberSecurityRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_InformationTechnologySystemsRiskMember" xlink:label="loc_cik0001051003_InformationTechnologySystemsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_InformationTechnologySystemsRiskMember" xml:lang="en-US">Information Technology Systems Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_InformationTechnologySystemsRiskMember" xlink:to="lab_cik0001051003_InformationTechnologySystemsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_RelianceOnServiceProvidersRiskMember" xlink:label="loc_cik0001051003_RelianceOnServiceProvidersRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_RelianceOnServiceProvidersRiskMember" xml:lang="en-US">Reliance on Service Providers Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_RelianceOnServiceProvidersRiskMember" xlink:to="lab_cik0001051003_RelianceOnServiceProvidersRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_MarketDisruptionAndGeopoliticalRiskMember" xlink:label="loc_cik0001051003_MarketDisruptionAndGeopoliticalRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_MarketDisruptionAndGeopoliticalRiskMember" xml:lang="en-US">Market Disruption and Geopolitical Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_MarketDisruptionAndGeopoliticalRiskMember" xlink:to="lab_cik0001051003_MarketDisruptionAndGeopoliticalRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_EventLinkedSecuritiesRiskMember" xlink:label="loc_cik0001051003_EventLinkedSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_EventLinkedSecuritiesRiskMember" xml:lang="en-US">Event Linked Securities Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001051003_EventLinkedSecuritiesRiskMember" xml:lang="en-US">Event-Linked Securities Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_EventLinkedSecuritiesRiskMember" xlink:to="lab_cik0001051003_EventLinkedSecuritiesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_StructuredNotesRiskMember" xlink:label="loc_cik0001051003_StructuredNotesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_StructuredNotesRiskMember" xml:lang="en-US">Structured Notes Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_StructuredNotesRiskMember" xlink:to="lab_cik0001051003_StructuredNotesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_DefensiveInvestingRiskMember" xlink:label="loc_cik0001051003_DefensiveInvestingRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_DefensiveInvestingRiskMember" xml:lang="en-US">Defensive Investing Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_DefensiveInvestingRiskMember" xlink:to="lab_cik0001051003_DefensiveInvestingRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_InflationIndexedBondsRiskMember" xlink:label="loc_cik0001051003_InflationIndexedBondsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_InflationIndexedBondsRiskMember" xml:lang="en-US">Inflation Indexed Bonds Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_InflationIndexedBondsRiskMember" xlink:to="lab_cik0001051003_InflationIndexedBondsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_InverseFloaterAndRelatedSecuritiesRiskMember" xlink:label="loc_cik0001051003_InverseFloaterAndRelatedSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_InverseFloaterAndRelatedSecuritiesRiskMember" xml:lang="en-US">Inverse Floater and Related Securities Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_InverseFloaterAndRelatedSecuritiesRiskMember" xlink:to="lab_cik0001051003_InverseFloaterAndRelatedSecuritiesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_EventRiskMember" xlink:label="loc_cik0001051003_EventRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_EventRiskMember" xml:lang="en-US">Event Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_EventRiskMember" xlink:to="lab_cik0001051003_EventRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_LIBORRiskMember" xlink:label="loc_cik0001051003_LIBORRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_LIBORRiskMember" xml:lang="en-US">LIBOR Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_LIBORRiskMember" xlink:to="lab_cik0001051003_LIBORRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_SovereignGovernmentalAndSupranationalDebtRiskMember" xlink:label="loc_cik0001051003_SovereignGovernmentalAndSupranationalDebtRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_SovereignGovernmentalAndSupranationalDebtRiskMember" xml:lang="en-US">Sovereign Governmental and Supranational Debt Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_SovereignGovernmentalAndSupranationalDebtRiskMember" xlink:to="lab_cik0001051003_SovereignGovernmentalAndSupranationalDebtRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_ForeignCurrencyRiskMember" xlink:label="loc_cik0001051003_ForeignCurrencyRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_ForeignCurrencyRiskMember" xml:lang="en-US">Foreign Currency Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_ForeignCurrencyRiskMember" xlink:to="lab_cik0001051003_ForeignCurrencyRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_EmergingMarketsRiskMember" xlink:label="loc_cik0001051003_EmergingMarketsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_EmergingMarketsRiskMember" xml:lang="en-US">Emerging Markets Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_EmergingMarketsRiskMember" xlink:to="lab_cik0001051003_EmergingMarketsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_EmuAndRedenominationRiskMember" xlink:label="loc_cik0001051003_EmuAndRedenominationRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_EmuAndRedenominationRiskMember" xml:lang="en-US">EMU and Redenomination Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_EmuAndRedenominationRiskMember" xlink:to="lab_cik0001051003_EmuAndRedenominationRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_RiskAssociatedWithRecentMarketEventsMember" xlink:label="loc_cik0001051003_RiskAssociatedWithRecentMarketEventsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_RiskAssociatedWithRecentMarketEventsMember" xml:lang="en-US">Risk Associated with Recent Market Events [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_RiskAssociatedWithRecentMarketEventsMember" xlink:to="lab_cik0001051003_RiskAssociatedWithRecentMarketEventsMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_DeflationRiskMember" xlink:label="loc_cik0001051003_DeflationRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_DeflationRiskMember" xml:lang="en-US">Deflation Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_DeflationRiskMember" xlink:to="lab_cik0001051003_DeflationRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_InflationRiskMember" xlink:label="loc_cik0001051003_InflationRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_InflationRiskMember" xml:lang="en-US">Inflation Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_InflationRiskMember" xlink:to="lab_cik0001051003_InflationRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_SecuritiesLendingRiskMember" xlink:label="loc_cik0001051003_SecuritiesLendingRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_SecuritiesLendingRiskMember" xml:lang="en-US">Securities Lending Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_SecuritiesLendingRiskMember" xlink:to="lab_cik0001051003_SecuritiesLendingRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_WhenIssuedForwardCommitmentAndDelayedDeliveryTransactionsRiskMember" xlink:label="loc_cik0001051003_WhenIssuedForwardCommitmentAndDelayedDeliveryTransactionsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_WhenIssuedForwardCommitmentAndDelayedDeliveryTransactionsRiskMember" xml:lang="en-US">When Issued, Forward Commitment and Delayed Delivery Transactions Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001051003_WhenIssuedForwardCommitmentAndDelayedDeliveryTransactionsRiskMember" xml:lang="en-US">When-Issued, Forward Commitment and Delayed Delivery Transactions Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_WhenIssuedForwardCommitmentAndDelayedDeliveryTransactionsRiskMember" xlink:to="lab_cik0001051003_WhenIssuedForwardCommitmentAndDelayedDeliveryTransactionsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_DollarRollTransactionsRiskMember" xlink:label="loc_cik0001051003_DollarRollTransactionsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_DollarRollTransactionsRiskMember" xml:lang="en-US">Dollar Roll Transactions Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_DollarRollTransactionsRiskMember" xlink:to="lab_cik0001051003_DollarRollTransactionsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_RepurchaseAgreementsRiskMember" xlink:label="loc_cik0001051003_RepurchaseAgreementsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_RepurchaseAgreementsRiskMember" xml:lang="en-US">Repurchase Agreements Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_RepurchaseAgreementsRiskMember" xlink:to="lab_cik0001051003_RepurchaseAgreementsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_CreditLinkedNotesRiskMember" xlink:label="loc_cik0001051003_CreditLinkedNotesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_CreditLinkedNotesRiskMember" xml:lang="en-US">Credit Linked Notes Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001051003_CreditLinkedNotesRiskMember" xml:lang="en-US">Credit-Linked Notes Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_CreditLinkedNotesRiskMember" xlink:to="lab_cik0001051003_CreditLinkedNotesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_EquityLinkedNotesRiskMember" xlink:label="loc_cik0001051003_EquityLinkedNotesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_EquityLinkedNotesRiskMember" xml:lang="en-US">Equity Linked Notes Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001051003_EquityLinkedNotesRiskMember" xml:lang="en-US">Equity-Linked Notes Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_EquityLinkedNotesRiskMember" xlink:to="lab_cik0001051003_EquityLinkedNotesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_LiquidityOfInvestmentsMember" xlink:label="loc_cik0001051003_LiquidityOfInvestmentsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_LiquidityOfInvestmentsMember" xml:lang="en-US">Liquidity of Investments [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_LiquidityOfInvestmentsMember" xlink:to="lab_cik0001051003_LiquidityOfInvestmentsMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_GeneralRisksMember" xlink:label="loc_cik0001051003_GeneralRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_GeneralRisksMember" xml:lang="en-US">General Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_GeneralRisksMember" xlink:to="lab_cik0001051003_GeneralRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_OfferingRiskMember" xlink:label="loc_cik0001051003_OfferingRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_OfferingRiskMember" xml:lang="en-US">Offering Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_OfferingRiskMember" xlink:to="lab_cik0001051003_OfferingRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_SecondLienLoansRiskMember" xlink:label="loc_cik0001051003_SecondLienLoansRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_SecondLienLoansRiskMember" xml:lang="en-US">Second Lien Loans Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_SecondLienLoansRiskMember" xlink:to="lab_cik0001051003_SecondLienLoansRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_MezzanineInvestmentRiskMember" xlink:label="loc_cik0001051003_MezzanineInvestmentRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_MezzanineInvestmentRiskMember" xml:lang="en-US">Mezzanine Investment Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_MezzanineInvestmentRiskMember" xlink:to="lab_cik0001051003_MezzanineInvestmentRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_RisksOfLoanAssignmentsAndParticipationsMember" xlink:label="loc_cik0001051003_RisksOfLoanAssignmentsAndParticipationsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_RisksOfLoanAssignmentsAndParticipationsMember" xml:lang="en-US">Risks of Loan Assignments and Participations [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_RisksOfLoanAssignmentsAndParticipationsMember" xlink:to="lab_cik0001051003_RisksOfLoanAssignmentsAndParticipationsMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_BankLoansRiskMember" xlink:label="loc_cik0001051003_BankLoansRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_BankLoansRiskMember" xml:lang="en-US">Bank Loans Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_BankLoansRiskMember" xlink:to="lab_cik0001051003_BankLoansRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_CorporateBondsRiskMember" xlink:label="loc_cik0001051003_CorporateBondsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_CorporateBondsRiskMember" xml:lang="en-US">Corporate Bonds Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_CorporateBondsRiskMember" xlink:to="lab_cik0001051003_CorporateBondsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_YieldAndRatingsRiskMember" xlink:label="loc_cik0001051003_YieldAndRatingsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_YieldAndRatingsRiskMember" xml:lang="en-US">Yield and Ratings Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_YieldAndRatingsRiskMember" xlink:to="lab_cik0001051003_YieldAndRatingsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_UnratedSecuritiesRiskMember" xlink:label="loc_cik0001051003_UnratedSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_UnratedSecuritiesRiskMember" xml:lang="en-US">Unrated Securities Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_UnratedSecuritiesRiskMember" xlink:to="lab_cik0001051003_UnratedSecuritiesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_DebtorinpossessionDipFinancingRiskMember" xlink:label="loc_cik0001051003_DebtorinpossessionDipFinancingRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_DebtorinpossessionDipFinancingRiskMember" xml:lang="en-US">DebtorInPossession (DIP) Financing Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001051003_DebtorinpossessionDipFinancingRiskMember" xml:lang="en-US">Debtor-In-Possession (DIP) Financing Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_DebtorinpossessionDipFinancingRiskMember" xlink:to="lab_cik0001051003_DebtorinpossessionDipFinancingRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_MortgageRelatedSecuritiesRisksMember" xlink:label="loc_cik0001051003_MortgageRelatedSecuritiesRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_MortgageRelatedSecuritiesRisksMember" xml:lang="en-US">Mortgage Related Securities Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_MortgageRelatedSecuritiesRisksMember" xlink:to="lab_cik0001051003_MortgageRelatedSecuritiesRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_RmbsRisksMember" xlink:label="loc_cik0001051003_RmbsRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_RmbsRisksMember" xml:lang="en-US">RMBS Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_RmbsRisksMember" xlink:to="lab_cik0001051003_RmbsRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_AgencyRmbsRisksMember" xlink:label="loc_cik0001051003_AgencyRmbsRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_AgencyRmbsRisksMember" xml:lang="en-US">Agency RMBS Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_AgencyRmbsRisksMember" xlink:to="lab_cik0001051003_AgencyRmbsRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_MunicipalLeaseObligationsRisksMember" xlink:label="loc_cik0001051003_MunicipalLeaseObligationsRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_MunicipalLeaseObligationsRisksMember" xml:lang="en-US">Municipal Lease Obligations Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_MunicipalLeaseObligationsRisksMember" xlink:to="lab_cik0001051003_MunicipalLeaseObligationsRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_MunicipalNotesRisksMember" xlink:label="loc_cik0001051003_MunicipalNotesRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_MunicipalNotesRisksMember" xml:lang="en-US">Municipal Notes Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_MunicipalNotesRisksMember" xlink:to="lab_cik0001051003_MunicipalNotesRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_MoralObligationBondsRisksMember" xlink:label="loc_cik0001051003_MoralObligationBondsRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_MoralObligationBondsRisksMember" xml:lang="en-US">Moral Obligation Bonds Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_MoralObligationBondsRisksMember" xlink:to="lab_cik0001051003_MoralObligationBondsRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_PrivateActivityBondsRisksMember" xlink:label="loc_cik0001051003_PrivateActivityBondsRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_PrivateActivityBondsRisksMember" xml:lang="en-US">Private Activity Bonds Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_PrivateActivityBondsRisksMember" xlink:to="lab_cik0001051003_PrivateActivityBondsRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_RevenueBondsRisksMember" xlink:label="loc_cik0001051003_RevenueBondsRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_RevenueBondsRisksMember" xml:lang="en-US">Revenue Bonds Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_RevenueBondsRisksMember" xlink:to="lab_cik0001051003_RevenueBondsRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_GeneralObligationBondsRisksMember" xlink:label="loc_cik0001051003_GeneralObligationBondsRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_GeneralObligationBondsRisksMember" xml:lang="en-US">General Obligation Bonds Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_GeneralObligationBondsRisksMember" xlink:to="lab_cik0001051003_GeneralObligationBondsRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_MunicipalSecuritiesRisksMember" xlink:label="loc_cik0001051003_MunicipalSecuritiesRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_MunicipalSecuritiesRisksMember" xml:lang="en-US">Municipal Securities Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_MunicipalSecuritiesRisksMember" xlink:to="lab_cik0001051003_MunicipalSecuritiesRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_RightsRiskMember" xlink:label="loc_cik0001051003_RightsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_RightsRiskMember" xml:lang="en-US">Rights Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_RightsRiskMember" xlink:to="lab_cik0001051003_RightsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_InsolvencyOfIssuersOfIndebtednessRiskMember" xlink:label="loc_cik0001051003_InsolvencyOfIssuersOfIndebtednessRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_InsolvencyOfIssuersOfIndebtednessRiskMember" xml:lang="en-US">Insolvency of Issuers of Indebtedness Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_InsolvencyOfIssuersOfIndebtednessRiskMember" xlink:to="lab_cik0001051003_InsolvencyOfIssuersOfIndebtednessRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_PayInKindBondsRisksMember" xlink:label="loc_cik0001051003_PayInKindBondsRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_PayInKindBondsRisksMember" xml:lang="en-US">Pay In Kind Bonds Risks [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001051003_PayInKindBondsRisksMember" xml:lang="en-US">Pay-In-Kind Bonds Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_PayInKindBondsRisksMember" xlink:to="lab_cik0001051003_PayInKindBondsRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_NonagencyRmbsRisksMember" xlink:label="loc_cik0001051003_NonagencyRmbsRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_NonagencyRmbsRisksMember" xml:lang="en-US">NonAgency RMBS Risks [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001051003_NonagencyRmbsRisksMember" xml:lang="en-US">Non-Agency RMBS Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_NonagencyRmbsRisksMember" xlink:to="lab_cik0001051003_NonagencyRmbsRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_InterestRateRiskMember" xlink:label="loc_cik0001051003_InterestRateRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_InterestRateRiskMember" xml:lang="en-US">Interest Rate Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_InterestRateRiskMember" xlink:to="lab_cik0001051003_InterestRateRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_StructuralRiskMember" xlink:label="loc_cik0001051003_StructuralRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_StructuralRiskMember" xml:lang="en-US">Structural Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_StructuralRiskMember" xlink:to="lab_cik0001051003_StructuralRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_SubordinationRiskMember" xlink:label="loc_cik0001051003_SubordinationRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_SubordinationRiskMember" xml:lang="en-US">Subordination Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_SubordinationRiskMember" xlink:to="lab_cik0001051003_SubordinationRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_PrepaymentExtensionAndRedemptionRisksMember" xlink:label="loc_cik0001051003_PrepaymentExtensionAndRedemptionRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_PrepaymentExtensionAndRedemptionRisksMember" xml:lang="en-US">Prepayment, Extension and Redemption Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_PrepaymentExtensionAndRedemptionRisksMember" xlink:to="lab_cik0001051003_PrepaymentExtensionAndRedemptionRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_SpreadWideningRiskMember" xlink:label="loc_cik0001051003_SpreadWideningRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_SpreadWideningRiskMember" xml:lang="en-US">Spread Widening Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_SpreadWideningRiskMember" xlink:to="lab_cik0001051003_SpreadWideningRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_IlliquidityRiskMember" xlink:label="loc_cik0001051003_IlliquidityRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_IlliquidityRiskMember" xml:lang="en-US">Illiquidity Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_IlliquidityRiskMember" xlink:to="lab_cik0001051003_IlliquidityRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_AssetBackedSecuritiesRiskMember" xlink:label="loc_cik0001051003_AssetBackedSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_AssetBackedSecuritiesRiskMember" xml:lang="en-US">Asset Backed Securities Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001051003_AssetBackedSecuritiesRiskMember" xml:lang="en-US">Asset-Backed Securities Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_AssetBackedSecuritiesRiskMember" xlink:to="lab_cik0001051003_AssetBackedSecuritiesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_CollateralizedDebtObligationRisksMember" xlink:label="loc_cik0001051003_CollateralizedDebtObligationRisksMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_CollateralizedDebtObligationRisksMember" xml:lang="en-US">Collateralized Debt Obligation Risks [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_CollateralizedDebtObligationRisksMember" xlink:to="lab_cik0001051003_CollateralizedDebtObligationRisksMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_ReitsRiskMember" xlink:label="loc_cik0001051003_ReitsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_ReitsRiskMember" xml:lang="en-US">REITs Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_ReitsRiskMember" xlink:to="lab_cik0001051003_ReitsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_U.s.GovernmentSecuritiesRiskMember" xlink:label="loc_cik0001051003_U.s.GovernmentSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_U.s.GovernmentSecuritiesRiskMember" xml:lang="en-US">U.S. Government Securities Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_U.s.GovernmentSecuritiesRiskMember" xlink:to="lab_cik0001051003_U.s.GovernmentSecuritiesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001051003-20221228.xsd#cik0001051003_ZeroCouponSecuritiesRiskMember" xlink:label="loc_cik0001051003_ZeroCouponSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001051003_ZeroCouponSecuritiesRiskMember" xml:lang="en-US">Zero Coupon Securities Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001051003_ZeroCouponSecuritiesRiskMember" xml:lang="en-US">Zero-Coupon Securities Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001051003_ZeroCouponSecuritiesRiskMember" xlink:to="lab_cik0001051003_ZeroCouponSecuritiesRiskMember" />
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>cik0001051003-20221228_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<span style="display: none;">v3.22.4</span><table class="report" border="0" cellspacing="2" id="idm140043855400592">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>N-2 - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="11">3 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1">10 Months Ended</th>
<th class="th" colspan="12">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 28, 2022</div></th>
<th class="th"><div>Dec. 20, 2022</div></th>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Jun. 30, 2022</div></th>
<th class="th"><div>Mar. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Sep. 30, 2021</div></th>
<th class="th"><div>Jun. 30, 2021</div></th>
<th class="th"><div>Mar. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Sep. 30, 2020</div></th>
<th class="th"><div>Jun. 30, 2020</div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Jun. 30, 2022</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
<th class="th"><sup>[8]</sup></th>
<th class="th"><div>Feb. 28, 2017</div></th>
<th class="th"><sup>[8]</sup></th>
<th class="th"><div>Feb. 29, 2016</div></th>
<th class="th"><div>Feb. 28, 2015</div></th>
<th class="th"><div>Feb. 28, 2014</div></th>
<th class="th"><div>Feb. 28, 2013</div></th>
<th class="th"><div>Feb. 29, 2012</div></th>
</tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document Registration Statement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreEffectiveAmendment', window );">Pre-Effective Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
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</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreEffectiveAmendmentNumber', window );">Pre-Effective Amendment Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">1<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PostEffectiveAmendment', window );">Post-Effective Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_InvestmentCompanyActRegistration', window );">Investment Company Act Registration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_InvestmentCompanyRegistrationAmendment', window );">Investment Company Registration Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_InvestmentCompanyRegistrationAmendmentNumber', window );">Investment Company Registration Amendment Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">9<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">BlackRock Debt Strategies Fund, Inc.<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">100 Bellevue Parkway<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Wilmington<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">DE<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">19809<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">882-0052<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ApproximateDateOfCommencementOfProposedSaleToThePublic', window );">Approximate Date of Commencement of Proposed Sale to Public</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From time to time after the effective date of this Registration Statement.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DividendOrInterestReinvestmentPlanOnly', window );">Dividend or Interest Reinvestment Plan Only</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DelayedOrContinuousOffering', window );">Delayed or Continuous Offering</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PrimaryShelfFlag', window );">Primary Shelf [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EffectiveUponFiling462e', window );">Effective Upon Filing, 462(e)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AdditionalSecuritiesEffective413b', window );">Additional Securities Effective, 413(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EffectiveWhenDeclaredSection8c', window );">Effective when Declared, Section 8(c)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_NewEffectiveDateForPreviousFiling', window );">New Effective Date for Previous Filing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AdditionalSecurities462b', window );">Additional Securities. 462(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_NoSubstantiveChanges462c', window );">No Substantive Changes, 462(c)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ExhibitsOnly462d', window );">Exhibits Only, 462(d)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RegisteredClosedEndFundFlag', window );">Registered Closed-End Fund [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_BusinessDevelopmentCompanyFlag', window );">Business Development Company [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PrimaryShelfQualifiedFlag', window );">Primary Shelf Qualified [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_NewCefOrBdcRegistrantFlag', window );">New CEF or BDC Registrant [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_FeeTableAbstract', window );"><strong>Fee Table [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ShareholderTransactionExpensesTableTextBlock', window );">Shareholder Transaction Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 92%; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; margin: 0px auto;">
<tr style="font-size: 0px;">
<td style="width: 65%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; width: 5%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="font-weight:bold;display:inline;">Shareholder Transaction Expenses</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Sales load paid by you (as a percentage of offering price)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(1)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Offering expenses borne by the Fund (as a percentage of offering price)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(1)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.03</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Dividend reinvestment plan fees</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$<br/>&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.02<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(2)</div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">&#160;per&#160;share&#160;for&#160;open-market</div><br/>purchases of common shares</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><br/><div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(2)</div>&#160;</td></tr>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Dividend reinvestment plan sale transaction fee</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">2.50</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(2)</div>&#160;</td></tr></table><div style="margin-top: 0px; margin-bottom: 0px; border-bottom: 1px solid rgb(0, 0, 0); width: 11%; font-size: 7pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="font-size: 7pt; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(1)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">. </div></div>Fund shareholders will pay all offering expenses involved with an offering. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(2)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">The Reinvestment Plan Agent&#8217;s (as defined below under &#8220;Dividend Reinvestment Plan&#8221;) fees for the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. </div></td></tr></table><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SalesLoadPercent', window );">Sales Load [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 0.02<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesAbstract', window );"><strong>Other Transaction Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesPercent', window );">Other Transaction Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.03%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AnnualExpensesTableTextBlock', window );">Annual Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
<table style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 92%; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; margin: 0px auto;">
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Estimated Annual Expenses </div></div>(as a percentage of net assets attributable to common shares)</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Management fees<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(3)(4)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.80%&#160;&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Other Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(5),(6)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.64%&#160;&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Miscellaneous Other Expenses</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.05</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Interest Expense<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(7)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.59</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Total Annual Fund Operating Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(6)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">2.44</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Fee Waivers and/or Expense Reimbursements<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(4)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">&#160;&#8212;&#160;&#160;</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(4)</div></div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">2.44</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;">&#160;</div></td>
<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td></tr></table><div style="margin-top: 0px; margin-bottom: 0px; border-bottom: 1px solid rgb(0, 0, 0); width: 11%; font-size: 7pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="font-size: 7pt; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">&#160;</div></div><div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(3)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.55% based on an aggregate of (i) the Fund&#8217;s average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, &#8220;average daily Managed Assets&#8221;). &#8220;Net Assets&#8221; means the total assets of the Fund minus the sum of the accrued liabilities. The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund&#8217;s net asset value. The Fund uses leverage in the form of a credit facility, which as of December 19, 2022 amounted to approximately 26.45% of the Fund&#8217;s Managed Assets (approximately 35.95% of the Fund&#8217;s net assets). &#8220;Managed Assets&#8221; means the total assets of the Fund minus the sum of the Fund&#8217;s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund&#8217;s net assets attributable to common stock are the Fund&#8217;s Managed Assets minus the value of the Fund&#8217;s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Fund&#8217;s use of leverage in the form of higher fees as a percentage of the Fund&#8217;s net assets attributable to common stock than if the Fund did not use leverage. </div></td></tr></table></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(4)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">The Fund and the Advisor have entered into a fee waiver agreement (the &#8220;Fee Waiver Agreement&#8221;), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#8217;s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (&#8220;ETFs&#8221;) managed by the Advisor or its affiliates that have a contractual management fee, through June&#160;30, 2024. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June&#160;30, 2024. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Directors who are not &#8220;interested persons&#8221; (as defined in the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), of the Fund (the &#8220;Independent Directors&#8221;)) or a majority of the outstanding voting securities of the Fund), upon 90 days&#8217; written notice by the Fund to the Advisor. </div></td></tr></table><div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(5)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Other Expenses have been restated to reflect current fees. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(6)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund&#8217;s most recent annual report, which do not include the restatement of Miscellaneous Other Expenses and Interest Expense to reflect current fees. </div></td></tr></table></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;">
<tr style="page-break-inside:avoid">
<td style="width: 4%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">(7)</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;">Reflects leverage, in the form of a credit facility, in an amount equal to approximately 26.45% of the Fund&#8217;s Managed Assets as of December&#160;19, 2022. The interest expense borne by the Fund will vary over time in accordance with the level of the Fund&#8217;s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Fund for accounting purposes. </div></td></tr></table><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ManagementFeesPercent', window );">Management Fees [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3],[4]</sup></td>
<td class="nump">0.80%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpense1Percent', window );">Other Annual Expense 1 [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.05%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpense2Percent', window );">Other Annual Expense 2 [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="nump">1.59%<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesPercent', window );">Other Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6],[7]</sup></td>
<td class="nump">1.64%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_TotalAnnualExpensesPercent', window );">Total Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="nump">2.44%<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_WaiversAndReimbursementsOfFeesPercent', window );">Waivers and Reimbursements of Fees [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0.00%<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_NetExpenseOverAssetsPercent', window );">Net Expense over Assets [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">2.44%<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleTableTextBlock', window );">Expense Example [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The following example illustrates the expenses (including the sales load of $10 and offering costs of $0.29) that you would pay on a $1,000 investment in common shares, assuming (i)&#160;total net annual expenses of 2.44% of net assets attributable to common shares, and (ii)&#160;a 5% annual return: </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div><div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;width:92%;border:0;margin:0 auto">
<tr>
<td style="width:54%"/>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">One&#160;Year</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">Three&#160;Years</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">Five&#160;Years</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">Ten&#160;Years</div></td>
<td style="vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total expenses incurred</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">35</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">85</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">139</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right;">285</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr></table></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">The example should not be considered a representation of future expenses. The example assumes that the estimated &#8220;Other expenses&#8221; set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund&#8217;s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </div></div> <span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYear01', window );">Expense Example, Year 01</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 35<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">85<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">139<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 285<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PurposeOfFeeTableNoteTextBlock', window );">Purpose of Fee Table , Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The following example illustrates the expenses (including the sales load of $10 and offering costs of $0.29) that you would pay on a $1,000 investment in common shares, assuming (i)&#160;total net annual expenses of 2.44% of net assets attributable to common shares, and (ii)&#160;a 5% annual return: </div><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_BasisOfTransactionFeesNoteTextBlock', window );">Basis of Transaction Fees, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">as a percentage of offering price<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionFeesNoteTextBlock', window );">Other Transaction Fees, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">The example should not be considered a representation of future expenses. The example assumes that the estimated &#8220;Other expenses&#8221; set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund&#8217;s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </div></div><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
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</td>
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</td>
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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherExpensesNoteTextBlock', window );">Other Expenses, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Other Expenses have been restated to reflect current fees.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock', window );">Management Fee not based on Net Assets, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.55% based on an aggregate of (i) the Fund&#8217;s average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, &#8220;average daily Managed Assets&#8221;). &#8220;Net Assets&#8221; means the total assets of the Fund minus the sum of the accrued liabilities. The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund&#8217;s net asset value. The Fund uses leverage in the form of a credit facility, which as of December 19, 2022 amounted to approximately 26.45% of the Fund&#8217;s Managed Assets (approximately 35.95% of the Fund&#8217;s net assets). &#8220;Managed Assets&#8221; means the total assets of the Fund minus the sum of the Fund&#8217;s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund&#8217;s net assets attributable to common stock are the Fund&#8217;s Managed Assets minus the value of the Fund&#8217;s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Fund&#8217;s use of leverage in the form of higher fees as a percentage of the Fund&#8217;s net assets attributable to common stock than if the Fund did not use leverage.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AcquiredFundFeesAndExpensesNoteTextBlock', window );">Acquired Fund Fees and Expenses, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund&#8217;s most recent annual report, which do not include the restatement of Miscellaneous Other Expenses and Interest Expense to reflect current fees.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SeniorSecuritiesAmount', window );">Senior Securities Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 222,000,000<span></span>
</td>
<td class="nump">$ 262,000,000<span></span>
</td>
<td class="nump">$ 248,000,000<span></span>
</td>
<td class="nump">$ 229,000,000<span></span>
</td>
<td class="nump">$ 278,000,000<span></span>
</td>
<td colspan="2" class="nump">$ 338,000,000<span></span>
</td>
<td colspan="2" class="nump">$ 318,000,000<span></span>
</td>
<td class="nump">$ 190,000,000<span></span>
</td>
<td class="nump">$ 295,000,000<span></span>
</td>
<td class="nump">$ 315,000,000<span></span>
</td>
<td class="nump">$ 190,000,000<span></span>
</td>
<td class="nump">$ 145,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SeniorSecuritiesCoveragePerUnit', window );">Senior Securities Coverage per Unit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,144<span></span>
</td>
<td class="nump">$ 3,310<span></span>
</td>
<td class="nump">$ 3,172<span></span>
</td>
<td class="nump">$ 3,349<span></span>
</td>
<td class="nump">$ 3,308<span></span>
</td>
<td colspan="2" class="nump">$ 3,196<span></span>
</td>
<td colspan="2" class="nump">$ 3,455<span></span>
</td>
<td class="nump">$ 4,733<span></span>
</td>
<td class="nump">$ 3,719<span></span>
</td>
<td class="nump">$ 3,634<span></span>
</td>
<td class="nump">$ 3,500<span></span>
</td>
<td class="nump">$ 4,075<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_InvestmentObjectivesAndPracticesTextBlock', window );">Investment Objectives and Practices [Text Block]</a></td>
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<td class="text"><div style="margin-bottom: 0px; margin-top: 0px; font-size: 24pt; background: none;"><div style="font-size: 24pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div id="toc320889_57" style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; text-indent: 0px; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">THE FUND&#8217;S INVESTMENTS </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Investment Objectives and Policies </div><br/></div> <div style="text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"/> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px;"><br/></div> <div style="text-align: justify; text-indent: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-right: 0px; background: none;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Please refer to the <a href="http://www.sec.gov/Archives/edgar/data/0001259708/000119312522065652/d297148dncsr.htm#tx296099_17">section of the Fund&#8217;s most recent annual report on Form <span style="white-space: nowrap; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">N-CSR</span> entitled &#8220;Investment Objectives, Policies and Risks&#8212;BlackRock Debt Strategies Fund, Inc. (DSU)&#8221;</a>, which is incorporated by reference herein, for a discussion of the Fund&#8217;s investment objectives and policies. </div></div> <div style="text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"/> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Investment Process </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In selecting debt instruments and other securities for the Fund, the Advisors will seek to identify issuers and industries that the Advisors believe are likely to experience stable or improving financial conditions. The Advisors&#8217; analysis will include: </div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">credit research on the issuers&#8217; financial strength; </div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">assessment of the issuers&#8217; ability to meet principal and interest payments; </div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">general industry trends; </div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">the issuers&#8217; managerial strength; </div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div>
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<td style="width: 5%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="width: 3%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">&#8226;</td>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">analysis of deal structure and covenants; </div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">changing financial conditions; </div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div>
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<td style="width: 3%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">&#8226;</td>
<td style="width: 1%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">borrowing requirements or debt maturity schedules; and </div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div>
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<td style="width: 5%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="width: 3%; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;">&#8226;</td>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:left;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;">the issuers&#8217; responsiveness to changes in business conditions and interest rates. </div> </td> </tr> </table> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Advisors will consider relative values among issuers based on anticipated cash flow, interest or dividend coverage, asset coverage and earnings prospects. 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Adverse conditions could make it difficult at times for the Fund to sell certain securities or could result in lower prices than those used in calculating the Fund&#8217;s NAV. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The prices of fixed income securities generally are inversely related to interest rate changes; however, the price volatility caused by fluctuating interest rates of securities also is inversely related to the coupons of such securities. Accordingly, below investment grade securities may be relatively less sensitive to interest rate changes than higher quality securities of comparable maturity because of their higher coupon. The investor receives this higher coupon in return for bearing greater credit risk. The higher credit risk associated with below investment grade securities potentially can have a greater effect on the value of such securities than may be the case with higher quality issues of comparable maturity. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Lower grade securities may be particularly susceptible to economic downturns. It is likely that an economic recession could severely disrupt the market for such securities and may have an adverse impact on the value of such securities. In addition, it is likely that any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default for such securities. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The ratings of Moody&#8217;s, S&amp;P, Fitch and other rating agencies represent their opinions as to the quality of the obligations which they undertake to rate. Ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market value risk of such obligations. Although these ratings may be an initial criterion for selection of portfolio investments, the Advisors also will independently evaluate these securities and the ability of the issuers of such securities to pay interest and principal. To the extent that the Fund invests in lower grade securities that have not been rated by a rating agency, the Fund&#8217;s ability to achieve its investment objectives will be more dependent on the Advisors&#8217; credit analysis than would be the case when the Fund invests in rated securities. </div>  <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Distressed and Defaulted Securities </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may invest in securities of financially distressed and bankrupt issuers, including debt obligations that are in covenant or payment default. Such investments generally trade significantly below par and are considered speculative. The repayment of defaulted obligations is subject to significant uncertainties. Defaulted obligations might be repaid only after lengthy workout or bankruptcy proceedings, during which the issuer might not make any interest or other payments. Typically such workout or bankruptcy proceedings result in only partial recovery of cash payments or an exchange of the defaulted obligation for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid or speculative. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Senior Loans </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The senior loans in which the Fund invests may consist of direct obligations of a borrower undertaken to finance the growth of the borrower&#8217;s business, internally or externally, or to finance a capital restructuring. Senior loans may also include debtor in possession financings pursuant to Chapter 11 of the U.S. Bankruptcy Code and obligations of a borrower issued in connection with a restructuring pursuant to Chapter 11 of the U.S. Bankruptcy Code. A significant portion of such senior loans are highly leveraged loans such as leveraged <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">buy-out</div> loans, leveraged recapitalization loans and other types of acquisition loans. Such senior loans may be structured to include both term loans, which are generally fully funded at the time of the Fund&#8217;s investment, and revolving credit facilities or delayed draw term loans, which would require the Fund to make additional investments in the senior loans as required under the terms of the credit facility. Such senior loans may also include receivables purchase facilities, which are similar to revolving credit facilities secured by a borrower&#8217;s receivables, senior loans designed to provide &#8220;bridge&#8221; financing to a borrower pending the sale of identified assets or the arrangement of longer-term loans or the issuance and sale of debt obligations or senior loans of borrowers that have obtained bridge loans from other parties. Senior loans generally are issued in the form of senior syndicated loans, but the Fund also may invest from time to time in privately placed notes, credit linked notes, structured notes or other instruments with credit and pricing terms which are, in the opinion of the Advisors, consistent with investments in senior loan obligations. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The senior loans in which the Fund invests typically have stated maturities ranging from five to nine years, though such stated maturities could vary from this range and the Fund is not subject to any restrictions with respect to the maturity of senior loans held in its portfolio. As a result, as short-term interest rates increase, interest payable to the Fund from its investments in senior loans should increase, and as short-term interest rates decrease, interest payable to the Fund from its investments in senior loans should decrease. Because of prepayments, the Advisors expect the average life of the senior loans in which the Fund invests to be shorter than the stated maturity. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The senior loans in which the Fund invests generally hold a senior position in the capital structure of the borrower. Such loans may include loans that hold the most senior position, loans that hold an equal ranking with other senior debt, or loans that are, in the judgment of the Advisors, in the category of senior debt. A senior position in the borrower&#8217;s capital structure generally gives the holder of the senior loan a claim on some or all of the borrower&#8217;s assets that is senior to that of subordinated debt, preferred stock and common stock in the event the borrower defaults or becomes bankrupt. The senior loans in which the Fund invests may be wholly or partially secured by collateral, or may be unsecured. In the event of a default, the ability of an investor to have access to any collateral may be limited by bankruptcy and other insolvency laws. The value of the collateral also may decline subsequent to the Fund&#8217;s investment in the senior loan. Under certain circumstances, the collateral may be released with the consent of the Agent Bank and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lenders</div> (each as defined below), or pursuant to the terms of the underlying credit agreement with the borrower. There is no assurance that the liquidation of the collateral will satisfy the borrower&#8217;s obligation in the event of nonpayment of scheduled interest or principal, or that the collateral could be readily liquidated. As a result, the Fund might not receive payments to which it is entitled and thereby may experience a decline in the value of the investment, and possibly, its NAV. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In the case of highly leveraged senior loans, a borrower is often required to pledge collateral that may include (i)&#160;working capital assets, such as accounts receivable and inventory, (ii)&#160;tangible fixed assets, such as real property, buildings and equipment, (iii)&#160;intangible assets, such as trademarks, copyrights and patent rights and/or (iv)&#160;security interests in securities of subsidiaries or affiliates. 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Project finance credit facilities typically provide for payment of interest from escrowed funds during a scheduled construction period, and for the pledge of current and fixed assets after the project is constructed and becomes operational. During the construction period, however, the lenders bear the risk that the project will not be constructed in a timely manner, or will exhaust project funds prior to completion. In such an event, the lenders may need to take legal action to enforce the completion guaranties, or may need to lend more money to the project on less favorable financing terms, or may need to liquidate the undeveloped project assets. 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The interest rate on Prime Rate-based senior loans floats daily as the Prime Rate changes, while the interest rate on LIBOR-based and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">CD-based</div> senior loans is reset periodically, typically every one, two, three or six months. Certain of the senior floating rate loans in which the Fund invests permit the borrower to select an interest rate reset period of up to one year. A portion of the Fund&#8217;s portfolio may be invested in senior loans with interest rates that are fixed for the term of the loan. Investment in senior loans with longer interest rate reset periods or fixed interest rates may increase fluctuations in the Fund&#8217;s NAV, and potentially the market price of the Fund&#8217;s shares of common stock, as a result of changes in interest rates. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may receive and/or pay certain fees in connection with its lending activities. These fees are in addition to interest payments received and may include facility fees, commitment fees, amendment and waiver fees, commissions and prepayment fees. In certain circumstances, the Fund may receive a prepayment fee on the prepayment of a senior loan by a borrower. In connection with the acquisition of senior loans or other debt securities, the Fund also may acquire warrants and other debt and equity securities of the borrower or issuer or its affiliates. The Fund may also acquire other debt and equity securities of the borrower or issuer in connection with an amendment, waiver, conversion or exchange of a senior loan or in connection with a bankruptcy or workout of the borrower or issuer. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In making an investment in a senior loan, the Advisors will consider factors deemed by it to be appropriate to the analysis of the borrower and the senior loan. The Advisors performs their own independent credit analysis of the borrower in addition to utilizing information prepared and supplied by the Agent Bank, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant (each defined below) from whom the Fund purchases its interest in a senior loan. Such factors include, but are not limited to, the legal/protective features associated with the securities (such as their position in the borrower&#8217;s capital structure and any security through collateral), financial ratios of the borrower such as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">pre-tax</div> interest coverage, leverage ratios, and the ratios of cash flows to total debts and the ratio of tangible assets to debt. In its analysis of these factors, the Advisors also will be influenced by the nature of the industry in which the borrower is engaged, the nature of the borrower&#8217;s assets and the Advisors&#8217; assessments of the general quality of the borrower. The Advisors&#8217; analysis continues on an ongoing basis for any senior loans in which the Fund has invested. Although the Advisors use due care in making such analysis, there can be no assurance that such analysis will disclose factors that may impair the value of the senior loan. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Senior loans made in connection with highly leveraged transactions are subject to greater credit risks than other senior loans in which each Fund may invest. These credit risks include a greater possibility of default or bankruptcy of the borrower and the assertion that the pledging of collateral to secure the loan constituted a fraudulent conveyance or preferential transfer which can be nullified or subordinated to the rights of other creditors of the borrower under applicable law. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Many senior loans in which the Fund invests may not be rated by a rating agency, are not registered with the SEC, or any state securities commission, and are not listed on any national securities exchange. Borrowers may have outstanding debt obligations that are rated below investment grade by a rating agency. Many of the senior loans in </div>  <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">which the Fund invests will have been assigned below investment grade ratings by independent rating agencies. In the event senior loans are not rated, they are likely to be the equivalent of below investment grade quality. The Advisors do not view ratings as the determinative factor in its investment decisions and relies more upon its credit analysis abilities than upon ratings. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Except with respect to high yield securities which are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest at the time of acquisition by the Fund or are rated in the lowest rating categories (Ca or lower by Moody&#8217;s, CC or lower by S&amp;P or CC or lower by Fitch) or, if unrated, are considered by the Advisors to be of comparable quality (&#8220;Distressed Securities&#8221;), the Fund has no policy with regard to minimum ratings for senior loans in which it may invest. The Fund may purchase and retain in its portfolio senior loans where the borrower has experienced, or may be perceived to be likely to experience, credit problems, including involvement in or recent emergence from bankruptcy reorganization proceedings or other forms of debt restructuring. Such investments may provide opportunities for enhanced income as well as capital appreciation, although they also will be subject to greater risk of loss. At times, in connection with the restructuring of a senior loan either outside of bankruptcy court or in the context of bankruptcy court proceedings, the Fund may determine or be required to accept equity securities or junior fixed-income securities in exchange for all or a portion of a senior loan. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The secondary market for trading of senior loans continues to develop and mature. One of the effects of a more active and liquid secondary market, however, is that a senior loan may trade at a premium or discount to the principal amount, or par value, of the loan. There are many factors that influence the market value of a senior loan, including technical factors relating to the operation of the loan market, supply and demand conditions, market perceptions about the credit quality or financial condition of the borrower or more general concerns about the industry in which the borrower operates. The Fund participates in this secondary market for senior loans, purchasing and selling loans that may trade at a premium or discount to the par value of the loan. However, no active trading market may exist for some senior loans and some loans may be subject to restrictions on resale. A secondary market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the ability to realize full value and thus cause a material decline in the Fund&#8217;s NAV. In addition, the Fund may not be able to readily dispose of its senior loans at prices that approximate those at which the Fund could sell such loans if they were more widely-traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. During periods of limited supply and liquidity of senior loans, the Fund&#8217;s yield may be lower. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">When interest rates decline, the value of a fund invested in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a fund invested in fixed rate obligations can be expected to decline. Although changes in prevailing interest rates can be expected to cause some fluctuations in the value of floating rate senior loans (due to the fact that floating rates on senior loans only reset periodically), the value of floating rate senior loans is substantially less sensitive to changes in market interest rates than fixed rate instruments. As a result, to the extent the Fund invests in floating rate senior loans, the Fund&#8217;s portfolio may be less volatile and less sensitive to changes in market interest rates than if the Fund invested in fixed rate obligations. Similarly, a sudden and significant increase in market interest rates may cause a decline in the value of these investments and in the Fund&#8217;s NAV. Other factors (including, but not limited to, rating downgrades, credit deterioration, a large downward movement in stock prices, a disparity in supply and demand of certain securities or market conditions that reduce liquidity) can reduce the value of senior loans and other debt obligations, impairing the Fund&#8217;s NAV. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">A borrower must comply with various restrictive covenants contained in any credit agreement between the borrower and the lending syndicate. Such covenants, in addition to requiring the scheduled payment of interest and principal, may include restrictions on dividend payments and other distributions to stockholders, provisions requiring the borrower to maintain specific financial ratios or relationships, limits on total debt and restrictions on the borrower&#8217;s ability to pledge its assets. In addition, the loan agreement may contain a covenant requiring the borrower to prepay the senior loan with any excess cash flow. Excess cash flow generally includes net cash flow after scheduled debt service payments and permitted capital expenditures, among other things, as well as the proceeds from asset dispositions or sales of securities. A breach of a covenant (after giving effect to any cure period) which is not waived by the Agent Bank and the lending syndicate normally is an event of default (i.e., the Agent Bank has the right to call the outstanding senior loan). </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div>  <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Senior loans usually require, in addition to scheduled payments of interest and principal, the prepayment of the senior loan from excess cash flow, as discussed above, and typically permit the borrower to prepay at its election. The degree to which borrowers prepay senior loans, whether as a contractual requirement or at their election, may be affected by general business conditions, the financial condition of the borrower and competitive conditions among lenders, among other factors. Accordingly, prepayments cannot be predicted with accuracy. Upon a prepayment, the Fund may receive both a prepayment fee from the prepaying borrower and a facility fee on the purchase of a new senior loan with the proceeds from the prepayment of the former. Such fees may mitigate any adverse impact on the yield on the Fund&#8217;s portfolio which may arise as a result of prepayments and the reinvestment of such proceeds in senior loans bearing lower interest rates. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">A senior loan in which the Fund may invest typically is originated, negotiated and structured by a syndicate of lenders <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">(&#8220;Co-Lenders&#8221;)</div> consisting of commercial banks, thrift institutions, insurance companies, finance companies, investment banking firms, securities brokerage houses or other financial institutions or institutional investors, one or more of which administers the loan on behalf of the syndicate (the &#8220;Agent Bank&#8221;). <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lenders</div> may sell senior loans to third parties (&#8220;Participants&#8221;). 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If the Fund purchases an assignment, the Fund typically accepts all of the rights of the assigning lender in a senior loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower and assumes all of the obligations of the assigning lender, including any obligations to make future advances to the borrower. As a result, therefore, the Fund has the status of a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender.</div> In some cases, the rights and obligations acquired by a purchaser of an assignment may differ from, and may be more limited than, the rights and obligations of the assigning lender. The Fund also may purchase a participation in a portion of the rights of a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant in a senior loan by means of a participation agreement. A participation is similar to an assignment in that the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant transfers to the Fund all or a portion of an interest in a senior loan. Unlike an assignment, however, a participation does not establish any direct relationship between the Fund and the borrower. In such a case, the Fund is required to rely on the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant that sold the participation not only for the enforcement of the Fund&#8217;s rights against the borrower but also for the receipt and processing of payments due to the Fund under the senior loans. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Because it may be necessary to assert through a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant such rights as may exist against the borrower, in the event the borrower fails to pay principal and interest when due, the Fund may be subject to delays, expenses and risks that are greater than those that would be involved if the Fund could enforce its rights directly against the borrower. Moreover, under the terms of a participation, the Fund may be regarded as a creditor of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant that sold the participation (rather than of the borrower), so that the Fund may also be subject to the risk that the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant may become insolvent. Similar risks may arise with respect to the Agent Bank, as described below. Further, in the event of the bankruptcy or insolvency of the borrower, the obligation of the borrower to repay the senior loan may be subject to certain defenses that can be asserted by such borrower as a result of improper conduct by the Agent Bank, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In a typical senior loan, the Agent Bank administers the terms of the credit agreement and is responsible for the collection of principal and interest and fee payments from the borrower and the apportionment of these payments to the credit of all lenders which are parties to the credit agreement. The Fund generally relies on the Agent Bank (or the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Co-Lender</div> or Participant that sold the Fund a participation interest) to collect its portion of the payments on the senior loan. Furthermore, the Fund generally relies on the Agent Bank to use appropriate creditor remedies against the borrower. Typically, under credit agreements, the Agent Bank is given broad discretion in enforcing the credit agreement, and is obligated to use only the same care it would use in the management of its own property. The borrower compensates the Agent Bank for these services. Such compensation may include special fees paid on structuring and funding the senior loan and other fees paid on a continuing basis. </div>  <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In the event that an Agent Bank becomes insolvent, or has a receiver, conservator, or similar official appointed for it by the appropriate bank regulatory authority or becomes a debtor in a bankruptcy proceeding, assets held by the Agent Bank under the credit agreement should remain available to holders of senior loans. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">If, however, assets held by the Agent Bank for the benefit of the Fund were determined by an appropriate regulatory authority or court to be subject to the claims of the Agent Bank&#8217;s general or secured creditors, the Fund might incur certain costs and delays in realizing payment on a senior loan or suffer a loss of principal and/or interest. 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These commitments may have the effect of requiring the Fund to increase its investment in a borrower at a time it might not be desirable to do so (including at a time when the borrower&#8217;s financial condition makes it unlikely that such amounts will be repaid). The Fund currently intends to reserve against such contingent obligations by designating sufficient investments in liquid assets on its books and records. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may obtain exposure to senior loans through the use of derivative instruments, which have recently become increasingly available. The Advisors may utilize these instruments and similar instruments that may be available in the future. The Fund may invest in a derivative instrument known as a Select Aggregate Market Index (&#8220;SAMI&#8221;), which provides investors with exposure to a reference basket of senior loans. SAMIs are structured as floating rate instruments. SAMIs consist of a basket of credit default swaps whose underlying reference securities are senior secured loans. While investing in SAMIs will increase the universe of floating rate fixed-income securities to which the Fund is exposed, such investments entail risks that are not typically associated with investments in other floating rate fixed-income securities. The liquidity of the market for SAMIs will be subject to liquidity in the secured loan and credit derivatives markets. Investment in SAMIs involves many of the risks associated with investments in derivative instruments discussed generally herein. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Second Lien Loans </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may invest in second lien or other subordinated or unsecured floating rate and fixed rate loans or debt. Second lien loans have the same characteristics as senior loans except that such loans are second in lien property rather than first. Second lien loans typically have adjustable floating rate interest payments. Accordingly, the risks associated with second lien loans are higher than the risk of loans with first priority over the collateral. In the event of default on a second lien loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for the second priority lien holder, which may result in a loss of investment to the Fund. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Mezzanine Loans </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may invest in mezzanine loans. Structurally, mezzanine loans usually rank subordinate in priority of payment to senior debt, such as senior bank debt, and are often unsecured. However, mezzanine loans rank senior to common and preferred equity in a borrower&#8217;s capital structure. Mezzanine debt is often used in leveraged buyout and real estate finance transactions. Typically, mezzanine loans have elements of both debt and equity instruments, offering the fixed returns in the form of interest payments associated with senior debt, while providing lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of warrants. Due to their higher risk profile and often less restrictive covenants as compared to senior loans, mezzanine loans generally earn a higher return than senior secured loans. The warrants associated with mezzanine loans are typically detachable, which allows lenders to receive repayment of their principal on an agreed amortization schedule while retaining their equity interest in the borrower. Mezzanine loans also may include a &#8220;put&#8221; feature, which permits the holder to sell its equity interest back to the borrower at a price determined through an agreed-upon formula. Mezzanine investments may be issued with or without registration rights. Similar to other high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average life is significantly shorter at three to five years; however, maturities and expected average lives could vary from these ranges and the Fund is not subject to any restrictions with respect to the maturities or expected average lives of mezzanine loans held in its portfolio. Mezzanine investments are usually unsecured and subordinate to other obligations of the issuer. </div>  <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Debtor-In-Possession</div></div> Financings </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund may invest in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">&#8220;debtor-in-possession&#8221;</div></div> or &#8220;DIP&#8221; financings newly issued in connection with &#8220;special situation&#8221; restructuring and refinancing transactions. DIP financings are loans to a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">debtor-in-possession</div></div> in a proceeding under the U.S. Bankruptcy Code that has been approved by the bankruptcy court. These financings allow the entity to continue its business operations while reorganizing under Chapter 11 of the U.S. Bankruptcy Code. DIP financings are typically fully secured by a lien on the debtor&#8217;s otherwise unencumbered assets or secured by a junior lien on the debtor&#8217;s encumbered assets (so long as the loan is fully secured based on the most recent current valuation or appraisal report of the debtor). DIP financings are often required to close with certainty and in a rapid manner in order to satisfy existing creditors and to enable the issuer to emerge from bankruptcy or to avoid a bankruptcy proceeding. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Mortgage Related Securities </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">MBS</div></div>. Mortgage-backed securities (&#8220;MBS&#8221;) include structured debt obligations collateralized by pools of commercial (&#8220;CMBS&#8221;) or residential (&#8220;RMBS&#8221;) mortgages. Pools of mortgage loans and mortgage-backed loans, such as mezzanine loans, are assembled as securities for sale to investors by various governmental, government-related and private organizations. MBS include complex instruments such as collateralized mortgage obligations (&#8220;CMOs&#8221;), stripped MBS, mortgage pass-through securities and interests in real estate mortgage investment conduits (&#8220;REMICs&#8221;). The MBS in which the Fund may invest include those with fixed, floating or variable interest rates, those with interest rates that change based on multiples of changes in a specified reference interest rate or index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest. The Fund may invest in RMBS and CMBS issued by governmental entities and private issuers, including subordinated MBS and residual interests. The Fund may invest in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">sub-prime</div> mortgages or MBS that are backed by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">sub-prime</div> mortgages. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In general, losses on a mortgaged property securing a mortgage loan included in a securitization will be borne first by the equity holder of the property, then by a cash reserve fund or letter of credit, if any, then by the holder of a mezzanine loan or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">B-Note,</div> if any, then by the &#8220;first loss&#8221; subordinated security holder (generally, the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">&#8220;B-Piece&#8221;</div> buyer) and then by the holder of a higher rated security. The Fund may invest in any class of security included in a securitization. In the event of default and the exhaustion of any equity support, reserve fund, letter of credit, mezzanine loans or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">B-Notes,</div> and any classes of securities junior to those in which the Fund invests, the Fund will not be able to recover all of its investment in the MBS it purchases. MBS in which the Fund invests may not contain reserve funds, letters of credit, mezzanine loans and/or junior classes of securities. The prices of lower credit quality securities are generally less sensitive to interest rate changes than more highly rated investments, but more sensitive to adverse economic downturns or individual issuer developments. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">Mortgage Pass-Through Securities. </div></div>Mortgage pass-through securities differ from other forms of fixed-income securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a &#8220;pass through&#8221; of the monthly payments made by the individual borrowers on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs that may be incurred. Some mortgage related securities (such as securities issued by the Government National Mortgage Association (&#8220;GNMA&#8221;)) are described as &#8220;modified pass-through.&#8221; These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">RMBS. </div></div>RMBS are securities the payments on which depend primarily on the cash flow from residential mortgage loans made to borrowers that are secured, on a first priority basis or second priority basis, subject to permitted liens, easements and other encumbrances, by residential real estate <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">(one-</div> to four-family properties), the proceeds of which are used to purchase real estate and purchase or construct dwellings thereon or to refinance indebtedness previously used for such purposes. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">Non-agency</div> residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a </div>  <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">borrower to repay a loan secured by residential property is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower&#8217;s ability to repay its loans. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"><div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">Agency RMBS. </div></div>The principal U.S. Governmental guarantor of mortgage related securities is GNMA, which is a wholly owned U.S. Government corporation within the Department of Housing and Urban Development. GNMA is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgages insured by the Federal Housing Administration (&#8220;FHA&#8221;) or guaranteed by the Department of Veterans Affairs (&#8220;VA&#8221;). MBS issued by GNMA include GNMA Mortgage Pass-Through Certificates (also known as &#8220;Ginnie Maes&#8221;) which are guaranteed as to the timely payment of principal and interest by GNMA and such guarantees are backed by the full faith and credit of the United States. GNMA certificates also are supported by the authority of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (&#8220;FNMA&#8221;) and the Federal Home Loan Mortgage Corporation (&#8220;FHLMC&#8221;). FNMA is a government-sponsored corporation the common stock of which is owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA (also known as &#8220;Fannie Maes&#8221;) are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC was created by Congress in 1970 for the purpose of increasing the availability of mortgage credit for residential housing. It is a government-sponsored corporation that issues FHLMC Guaranteed Mortgage Pass-Through Certificates (also known as &#8220;Freddie Macs&#8221; or &#8220;PCs&#8221;), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In 2008, the Federal Housing Finance Agency (&#8220;FHFA&#8221;) placed FNMA and FHLMC into conservatorship. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its MBS. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. In connection with the conservatorship, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with each of FNMA and FHLMC pursuant to which the U.S. Treasury would purchase up to an aggregate of $100&#160;billion of each of FNMA and FHLMC to maintain a positive net worth in each enterprise. This agreement contains various covenants that severely limit each enterprise&#8217;s operations. In exchange for entering into these agreements, the U.S. Treasury received $1&#160;billion of each enterprise&#8217;s senior preferred stock and warrants to purchase 79.9% of each enterprise&#8217;s common stock. In February 2009, the U.S. Treasury doubled the size of its commitment to each enterprise under the Senior Preferred Stock Program to $200&#160;billion. The U.S. Treasury&#8217;s obligations under the Senior Preferred Stock Program are for an indefinite period of time for a maximum amount of $200&#160;billion per enterprise. In December 2009, the U.S. Treasury announced further amendments to the Senior Preferred Stock Purchase Agreements and extended additional financial support to certain governmentally supported entities, including the Federal Home Loan Banks (&#8220;FHLBs&#8221;), FNMA and FHLMC. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact FNMA, FHLMC and the FHLBs, and the values of their related securities or obligations. There is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. In August 2012, the U.S. Treasury announced a third amendment to the Amended and Restated Senior Preferred Stock Purchase Agreements that replaced the fixed-dividend rate of 10% with a variable dividend structure, in which FNMA and FHLMC would transfer to the U.S. Treasury on a quarterly basis all net profits during that quarter. Each enterprise would also be required to reduce its investment portfolios by 15% rather than the previously established 10% annual reduction. In December 2017, FHFA and the U.S. Treasury agreed to reinstate a $3&#160;billion capital reserve amount for each of FNMA and FHLMC. The agreements changed the terms of the Senior Preferred Stock certificate to permit each of FNMA and FHLMC to retain a $3&#160;billion capital reserve each quarter so that each of FNMA and FHLMC will only pay a dividend to the U.S. Treasury if the net worth at the end of a quarter is more than $3&#160;billion. </div>  <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Under the Federal Housing Finance Regulatory Reform Act of 2008 (the &#8220;Reform Act&#8221;), which was included as part of the Housing and Economic Recovery Act of 2008, FHFA, as conservator or receiver, has the power to repudiate any contract entered into by FNMA or FHLMC prior to FHFA&#8217;s appointment as conservator or receiver, as applicable, if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the contract promotes the orderly administration of FNMA&#8217;s or FHLMC&#8217;s affairs. The Reform Act requires FHFA to exercise its right to repudiate any contract within a reasonable period of time after its appointment as conservator or receiver. FHFA, in its capacity as conservator, has indicated that it has no intention to repudiate the guaranty obligations of FNMA or FHLMC because FHFA views repudiation as incompatible with the goals of the conservatorship. However, in the event that FHFA, as conservator or if it is later appointed as receiver for FNMA or FHLMC, were to repudiate any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only to the extent of FNMA&#8217;s or FHLMC&#8217;s assets available therefor. In the event of repudiation, the payments of interest to holders of FNMA or FHLMC MBS would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such MBS are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such MBS holders. Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. Although FHFA has stated that it has no present intention to do so, if FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC MBS would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. In addition, certain rights provided to holders of MBS issued by FNMA and FHLMC under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and FHLMC MBS may provide (or with respect to securities issued prior to the date of the appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such MBS have the right to replace FNMA or FHLMC as trustee if the requisite percentage of MBS holders consent. The Reform Act prevents MBS holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. A 2011 report to Congress from the Treasury Department and the Department of Housing and Urban Development set forth a plan to reform America&#8217;s housing finance market, which would reduce the role of and eventually eliminate FNMA and FHLMC. Notably, the plan did not propose similar significant changes to GNMA, which guarantees payments on mortgage related securities backed by federally insured or guaranteed loans. The report also identified three proposals for Congress and the administration to consider for the long-term structure of the housing finance markets after the elimination of FNMA and FHLMC, including implementing: (i)&#160;a privatized system of housing finance that limits government insurance to very limited groups of creditworthy <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">low-</div> and moderate-income borrowers; (ii)&#160;a privatized system with a government backstop mechanism that would allow the government to insure a larger share of the housing finance market during a future housing crisis; and (iii)&#160;a privatized system where the government would offer reinsurance to holders of certain highly rated mortgage related securities insured by private insurers and would pay out under the reinsurance arrangements only if the private mortgage insurers were insolvent. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;"><div style="white-space:nowrap;display:inline;">Non-Agency</div> RMBS. </div><div style="white-space:nowrap;display:inline;">Non-agency</div> RMBS are issued by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other <div style="white-space:nowrap;display:inline;">non-governmental</div> issuers. Timely payment of principal and interest on RMBS backed by pools created by <div style="white-space:nowrap;display:inline;">non-governmental</div> issuers often is supported partially by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance. The insurance and guarantees are issued by government entities, private insurers and the mortgage poolers. There can be no assurance that the private insurers or mortgage poolers can meet their obligations under the policies, so that if the issuers default on their obligations, the holders of the security could sustain a loss. No insurance or guarantee covers the Fund or the price of the Fund&#8217;s common shares. RMBS issued by <div style="white-space:nowrap;display:inline;">non-governmental</div> issuers generally offer a higher rate of interest than government agency and government-related securities because there are no direct or indirect government guarantees of payment. </div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">CMBS. </div>CMBS generally are multi-class debt or pass-through certificates secured or backed by mortgage loans on commercial properties. CMBS generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. This protection generally is provided by having the holders of subordinated classes of securities (&#8220;Subordinated CMBS&#8221;) take the first loss if there are defaults on the underlying commercial mortgage loans. Other protection, which may benefit all of the classes or particular classes, may include issuer guarantees, reserve funds, additional Subordinated CMBS, cross-collateralization and over-collateralization. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in Subordinated CMBS, which are subordinated in some manner as to the payment of principal and/or interest to the holders of more senior CMBS arising out of the same pool of mortgages and which are often referred to as <div style="white-space:nowrap;display:inline;">&#8220;B-Pieces.&#8221;</div> The holders of Subordinated CMBS typically are compensated with a higher stated yield than are the holders of more senior CMBS. On the other hand, Subordinated CMBS typically subject the holder to greater risk than senior CMBS and tend to be rated in a lower rating category (frequently a substantially lower rating category) than the senior CMBS issued in respect of the same mortgage pool. Subordinated CMBS generally are likely to be more sensitive to changes in prepayment and interest rates and the market for such securities may be less liquid than is the case for traditional income securities and senior CMBS. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">CMOs</div>. A CMO is a multi-class bond backed by a pool of mortgage pass-through certificates or mortgage loans. CMOs may be collateralized by (i)&#160;GNMA, FNMA or FHLMC pass-through certificates, (ii)&#160;unsecuritized mortgage loans insured by the FHA or guaranteed by the VA, (iii)&#160;unsecuritized conventional mortgages, (iv)&#160;other MBS or (v)&#160;any combination thereof. Each class of a CMO, often referred to as a &#8220;tranche,&#8221; is issued at a specific coupon rate and has a stated maturity or final distribution date. Principal prepayments on collateral underlying a CMO may cause it to be retired substantially earlier than its stated maturity or final distribution date. The principal and interest on the underlying mortgages may be allocated among the several classes of a series of a CMO in many ways. One or more tranches of a CMO may have coupon rates which reset periodically at a specified increment over an index, such as LIBOR (or sometimes more than one index). These floating rate CMOs typically are issued with lifetime caps on the coupon rate thereon. CMO residuals represent the interest in any excess cash flow remaining after making the payments of interest and principal on the tranches issued by the CMO and the payment of administrative expenses and management fees. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in inverse floating rate CMOs. Inverse floating rate CMOs constitute a tranche of a CMO with a coupon rate that moves in the reverse direction relative to an applicable index such as LIBOR. Accordingly, the coupon rate thereon will increase as interest rates decrease. Inverse floating rate CMOs are typically more volatile than fixed or floating rate tranches of CMOs. Many inverse floating rate CMOs have coupons that move inversely to a multiple of an index. The effect of the coupon varying inversely to a multiple of an applicable index creates a leverage factor. Inverse floating rate debt instruments (&#8220;inverse floaters&#8221;) based on multiples of a stated index are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and loss of principal. The market for inverse floating rate CMOs with highly leveraged characteristics at times may be very thin. The Fund&#8217;s ability to dispose of its positions in such securities will depend on the degree of liquidity in the markets for such securities. It is impossible to predict the amount of trading interest that may exist in such securities, and therefore the future degree of liquidity. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Stripped MBS. </div>Stripped MBS are created by segregating the cash flows from underlying mortgage loans or mortgage securities to create two or more new securities, each receiving a specified percentage of the underlying security&#8217;s principal or interest payments. Mortgage securities may be partially stripped so that each investor class receives some interest and some principal. When securities are completely stripped, however, all of the interest is distributed to holders of one type of security, known as an interest-only security (or &#8220;IO&#8221;), and all of the principal is distributed to holders of another type of security, known as a principal-only security (or &#8220;PO&#8221;). Strips can be created in a pass-through structure or as tranches of a CMO. The yields to maturity on IOs and POs are very sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying mortgage assets experience less than anticipated prepayments of principal, the yield on POs could be materially and adversely affected. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Adjustable Rate Mortgage Securities</div>. Adjustable rate mortgages (&#8220;ARMs&#8221;) have interest rates that reset at periodic intervals. Acquiring ARMs permits the Fund to participate in increases in prevailing current interest rates </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">through periodic adjustments in the coupons of mortgages underlying the pool on which ARMs are based. Such ARMs generally have higher current yield and lower price fluctuations than is the case with more traditional fixed-income securities of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, the Fund may potentially reinvest the proceeds of such prepayments at rates higher than those at which they were previously invested. Mortgages underlying most ARMs, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, the Fund, when holding an ARM, does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of the coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, ARMs behave more like fixed-income securities and less like adjustable-rate securities and are subject to the risks associated with fixed-income securities. In addition, during periods of rising interest rates, increases in the coupon rate of ARMs generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;"><div style="white-space:nowrap;display:inline;">Sub-Prime</div> Mortgages</div>. <div style="white-space:nowrap;display:inline;">Sub-prime</div> mortgages are mortgages rated below &#8220;A&#8221; by S&amp;P, Moody&#8217;s, or Fitch. Historically, <div style="white-space:nowrap;display:inline;">sub-prime</div> mortgage loans have been made to borrowers with blemished (or <div style="white-space:nowrap;display:inline;">non-existent)</div> credit records, and the borrower is charged a higher interest rate to compensate for the greater risk of delinquency and the higher costs of loan servicing and collection. <div style="white-space:nowrap;display:inline;">Sub-prime</div> mortgages are subject to both state and federal anti-predatory lending statutes that carry potential liability to secondary market purchasers such as the Fund. <div style="white-space:nowrap;display:inline;">Sub-prime</div> mortgages have certain characteristics and associated risks similar to below investment grade securities, including a higher degree of credit risk, and certain characteristics and associated risks similar to MBS, including prepayment risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Mortgage Related ABS</div>. Asset-backed securities (&#8220;ABS&#8221;) are bonds backed by pools of loans or other receivables. ABS are created from many types of assets, including in some cases mortgage related asset classes, such as home equity loan ABS. Home equity loan ABS are subject to many of the same risks as RMBS, including interest rate risk and prepayment risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Mortgage REITs</div>. A real estate investment trust (&#8220;REIT&#8221;) is a corporation, or a business trust that would otherwise be taxed as a corporation, that meets the definitional requirements applicable to REITs under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). The Code permits a qualifying REIT to deduct dividends paid, thereby generally eliminating corporate level U.S. federal income tax and effectively making the REIT a pass-through vehicle for U.S. federal income tax purposes. To meet the definitional requirements of the Code, a REIT must, among other things, invest substantially all of its assets in interests in real estate (including mortgages and other REITs) or cash and government securities, derive most of its income from rents from real property or interest on loans secured by mortgages on real property, and distribute to shareholders annually substantially all of its otherwise taxable income. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investor&#8217;s capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic areas or in specific property types (i.e., hotels, shopping malls, residential complexes and office buildings). Distributions received by the Fund from REITs may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on a <div style="white-space:nowrap;display:inline;">pre-tax</div> basis) than operating companies, to the extent application of the Fund&#8217;s investment strategy results in the Fund investing in REIT shares, the percentage of the Fund&#8217;s dividend income received from REIT shares will likely exceed the percentage of the Fund&#8217;s portfolio which is comprised of REIT shares. There are three general categories of REITs: equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or long-term loans, and the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also are subject to heavy cash flow dependency and the possibility of failing to qualify for REIT status under the Code or to maintain exemption from the Investment Company Act. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Mortgage Related Derivative Instruments</div>. The Fund may invest in MBS credit default swaps. MBS credit default swaps include swaps the reference obligation for which is an MBS or related index, such as the CMBX Index (a tradeable index referencing a basket of CMBS), the TRX Index (a tradeable index referencing total return swaps based on CMBS) or the ABX Index (a tradeable index referencing a basket of <div style="white-space:nowrap;display:inline;">sub-prime</div> MBS). The Fund </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">may engage in other derivative transactions related to MBS, including purchasing and selling exchange-listed and <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">over-the-counter</div></div> put and call options, futures and forwards on mortgages and MBS. The Fund may invest in newly developed mortgage related derivatives that may hereafter become available. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Net Interest Margin (NIM) Securities</div>. The Fund may invest in net interest margin (&#8220;NIM&#8221;) securities. These securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM securities receive any &#8220;excess&#8221; interest computed after paying coupon costs, servicing costs and fees and any credit losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Tiered Index Bonds</div>. Tiered index bonds are relatively new forms of mortgage-related securities. The interest rate on a tiered index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined &#8220;strike&#8221; rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate rises above the &#8220;strike&#8221; rate, the interest rate of the tiered index bond will decrease. Thus, under these circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than that of a fixed-rate bond. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">TBA Commitments</div>. The Fund may enter into &#8220;to be announced&#8221; or &#8220;TBA&#8221; commitments. TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Other Mortgage Related Securities</div>. Other mortgage related securities include securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Other mortgage related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Asset-Backed Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">ABS are a form of structured debt obligation. The securitization techniques used for ABS are similar to those used for MBS. ABS are bonds backed by pools of loans or other receivables. The collateral for these securities may include home equity loans, automobile and credit card receivables, boat loans, computer leases, airplane leases, mobile home loans, recreational vehicle loans and hospital account receivables. The Fund may invest in these and other types of ABS that may be developed in the future. ABS present certain risks that are not presented by mortgage related securities. Primarily, these securities may provide the Fund with a less effective security interest in the related collateral than do mortgage related securities. Therefore, there is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Collateralized Debt Obligations </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in collateralized debt obligations (&#8220;CDOs&#8221;), which include collateralized bond obligations (&#8220;CBOs&#8221;), collateralized loan obligations (&#8220;CLOs&#8221;) and other similarly structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other special purpose entity (&#8220;SPE&#8221;) and is typically backed by a diversified pool of fixed-income securities (which may include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and <div style="white-space:nowrap;display:inline;">non-U.S.</div> senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer. Although certain CDOs may benefit from credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present, and may fail to protect the Fund against the risk of loss on default of the collateral. Certain CDO </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">issuers may use derivatives contracts to create &#8220;synthetic&#8221; exposure to assets rather than holding such assets directly, which entails the risks of derivative instruments described elsewhere in this Prospectus. CDOs may charge management fees and administrative expenses, which are in addition to those of the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the &#8220;equity&#8221; tranche, which bears the first loss from defaults from the bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Delayed Funding Loans and Revolving Credit Facilities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may enter into, or acquire participations in, delayed funding loans and revolving credit facilities, in which a bank or other lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the Fund to increase its investment in a company at a time when it might not be desirable to do so (including at a time when the company&#8217;s financial condition makes it unlikely that such amounts will be repaid). Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Zero-Coupon Bonds, <div style="white-space:nowrap;display:inline;">Step-Ups</div> and <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">Payment-In-Kind</div></div> Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Zero-coupon bonds pay interest only at maturity rather than at intervals during the life of the security. Like <div style="white-space:nowrap;display:inline;">zero-coupon</div> bonds, &#8220;step up&#8221; bonds pay no interest initially but eventually begin to pay a coupon rate prior to maturity, which rate may increase at stated intervals during the life of the security. <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">Payment-in-kind</div></div> securities (&#8220;PIKs&#8221;) are debt obligations that pay &#8220;interest&#8221; in the form of other debt obligations, instead of in cash. Each of these instruments is normally issued and traded at a deep discount from face value. Zero-coupon bonds, <div style="white-space:nowrap;display:inline;">step-ups</div> and PIKs allow an issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater credit risk than bonds that pay interest currently or in cash. The Fund would be required to distribute the income on these instruments as it accrues, even though the Fund will not receive the income on a current basis or in cash. Thus, the Fund may have to sell other investments, including when it may not be advisable to do so, to make income distributions to its shareholders. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">U.S. Government Debt Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in debt securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, including U.S. Treasury obligations, which differ in their interest rates, maturities and times of issuance. Such obligations include U.S. Treasury bills (maturity of one year or less), U.S. Treasury notes (maturity of one to ten years) and U.S. Treasury bonds (generally maturities of greater than ten years), including the principal components or the interest components issued by the U.S. Government under the separate trading of registered interest and principal securities program (i.e., &#8220;STRIPS&#8221;), all of which are backed by the full faith and credit of the United States. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Municipal Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in municipal securities, which include debt obligations issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general operating expenses and loans to other public institutions and facilities. In addition, certain types of private activity bonds (&#8220;PABs&#8221;) (or industrial development bonds, under <div style="white-space:nowrap;display:inline;">pre-1986</div> law) are issued by or on behalf of public authorities to finance various privately owned or operated facilities, including </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">among other things, airports, public ports, mass commuting facilities, multi-family housing projects, as well as facilities for water supply, gas, electricity, sewage or solid waste disposal and other specialized facilities. Other types of PABs, the proceeds of which are used for the construction, equipment or improvement of privately operated industrial or commercial facilities, may constitute municipal securities. The interest on municipal securities may bear a fixed rate or be payable at a variable or floating rate. The two principal classifications of municipal securities are &#8220;general obligation&#8221; bonds and &#8220;revenue&#8221; bonds, which latter category includes PABs. Municipal securities typically are issued to finance public projects, such as roads or public buildings, to pay general operating expenses or to refinance outstanding debt. Municipal securities may also be issued for private activities, such as housing, medical and educational facility construction, or for privately owned industrial development and pollution control projects. General obligation bonds are backed by the full faith and credit, or taxing authority, of the issuer and may be repaid from any revenue source. Revenue bonds may be repaid only from the revenues of a specific facility or source. Municipal securities may be issued on a long term basis to provide permanent financing. The repayment of such debt may be secured generally by a pledge of the full faith and credit taxing power of the issuer, a limited or special tax, or any other revenue source, including project revenues, which may include tolls, fees and other user charges, lease payments and mortgage payments. Municipal securities may also be issued to finance projects on a short-term interim basis, anticipating repayment with the proceeds of the later issuance of long-term debt. Obligations are included within the term municipal securities if the interest paid thereon is excluded from gross income for U.S. federal income tax purposes in the opinion of bond counsel to the issuer. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">General Obligation Bonds</div>. General obligation bonds are secured by the issuer&#8217;s pledge of its faith, credit and taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited, however, by provisions of its state constitution or laws, and an entity&#8217;s creditworthiness will depend on many factors, including potential erosion of its tax base due to population declines, natural disasters, declines in the state&#8217;s industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on federal or state aid, access to capital markets or other factors beyond the state&#8217;s or entity&#8217;s control. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of principal when due is affected by the issuer&#8217;s maintenance of its tax base. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Revenue Bonds</div>. Revenue bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue sources such as payments from the user of the facility being financed. Accordingly, the timely payment of interest and the repayment of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic viability of such facility or such revenue source. Revenue bonds issued by state or local agencies to finance the development of <div style="white-space:nowrap;display:inline;">low-income,</div> multi-family housing involve special risks in addition to those associated with municipal securities generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally <div style="white-space:nowrap;display:inline;">non-recourse</div> against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for issuers to meet payment obligations on subordinated bonds. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Moral Obligation Bonds</div>. The Fund may also invest in &#8220;moral obligation&#8221; bonds, which are normally issued by special purpose public authorities. If an issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral commitment but not a legal obligation of the state or municipality in question. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Municipal Lease Obligations</div>. The Fund may invest in participations in lease obligations or installment purchase contract obligations (hereinafter collectively called &#8220;Municipal Lease Obligations&#8221;) of municipal authorities or entities. Although a Municipal Lease Obligation does not constitute a general obligation of the municipality for which the municipality&#8217;s taxing power is pledged, a Municipal Lease Obligation is ordinarily backed by the municipality&#8217;s covenant to budget for, appropriate and make the payments due under the Municipal Lease Obligation. However, certain Municipal Lease Obligations contain <div style="white-space:nowrap;display:inline;">&#8220;non-appropriation&#8221;</div> clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">unless money is appropriated for such purpose on a yearly basis. In the case of a <div style="white-space:nowrap;display:inline;">&#8220;non-appropriation&#8221;</div> lease, the Fund&#8217;s ability to recover under the lease in the event of <div style="white-space:nowrap;display:inline;">non-appropriation</div> or default will be limited solely to the repossession of the leased property, without recourse to the general credit of the lessee, and the disposition or <div style="white-space:nowrap;display:inline;">re-leasing</div> of the property might prove difficult. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Certificates of Participation</div>. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, installment purchase agreements or other instruments. The certificates are typically issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days&#8217; notice, of all or any part of the Fund&#8217;s participation interest in the underlying municipal securities, plus accrued interest. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;"><div style="white-space:nowrap;display:inline;">Pre-Refunded</div> Municipal Securities</div>. The principal of, and interest on, <div style="white-space:nowrap;display:inline;">pre-refunded</div> municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. Government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the <div style="white-space:nowrap;display:inline;">pre-refunded</div> municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the <div style="white-space:nowrap;display:inline;">pre-refunded</div> municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the <div style="white-space:nowrap;display:inline;">pre-refunded</div> municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Private Activity Bonds</div>. Private activity bonds, formerly referred to as industrial development bonds, are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airports, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities, and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues. Such bonds are secured primarily by revenues derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a parent company or otherwise secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, an investor should be aware that repayment of such bonds generally depends on the revenues of a private entity and be aware of the risks that such an investment may entail. Continued ability of an entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by many factors, including the size of the entity, capital structure, demand for its products or services, competition, general economic conditions, government regulation and the entity&#8217;s dependence on revenues for the operation of the particular facility being financed. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Special Taxing Districts</div>. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. Bonds issued pursuant to financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds (a type of municipal security established by the Mello-Roos Community Facilities District Act of 1982), are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities. They often are exposed to real estate development-related risks and can have more taxpayer concentration risk than general <div style="white-space:nowrap;display:inline;">tax-supported</div> bonds, such as general obligation bonds. Further, the fees, special taxes, or tax allocations and other revenues that are established to secure such financings are generally limited as to the rate or amount that may be levied or assessed and are not subject to increase pursuant to rate covenants or municipal or corporate guarantees. The bonds could default if development failed to progress as anticipated or if larger taxpayers failed to pay the assessments, fees and taxes as provided in the financing plans of the districts. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">VRDOs</div>. Variable rate demand obligations (&#8220;VRDOs&#8221;) are <div style="white-space:nowrap;display:inline;">tax-exempt</div> obligations that contain a floating or variable interest rate adjustment formula and right of demand on the part of the holder thereof to receive payment </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days. There is, however, the possibility that because of default or insolvency the demand feature of VRDOs may not be honored. The interest rates are adjustable at intervals (ranging from daily to up to one year) to some prevailing market rate for similar investments, such adjustment formula being calculated to maintain the market value of the VRDOs, at approximately the par value of the VRDOs on the adjustment date. The adjustments typically are based upon SIFMA or some other appropriate interest rate adjustment index. The Fund may invest in all types of <div style="white-space:nowrap;display:inline;">tax-exempt</div> instruments currently outstanding or to be issued in the future. VRDOs that contain an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest on a notice period exceeding seven days may be deemed to be illiquid securities. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Taxable Municipal Securities</div>. The Fund may invest in taxable municipal securities, which include obligations issued pursuant to the American Recovery and Reinvestment Act (&#8220;ARRA&#8221;) or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support (any bonds so issued are considered &#8220;Build America Bonds&#8221;). If the Fund invests in Build America Bonds, it expects to invest in direct pay Build America Bonds and &#8220;principal only&#8221; strips of tax credit Build America Bonds. Provisions of the ARRA relevant to the issuance of Build America Bonds expired on December&#160;31, 2010 and, as such, issuance has ceased. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Preferred Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in preferred securities. There are two basic types of preferred securities. The first type, sometimes referred to as traditional preferred securities, consists of preferred stock issued by an entity taxable as a corporation. The second type, sometimes referred to as trust preferred securities, are usually issued by a trust or limited partnership and represent preferred interests in deeply subordinated debt instruments issued by the corporation for whose benefit the trust or partnership was established. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Traditional Preferred Securities</div>. Traditional preferred securities generally pay fixed or adjustable rate dividends to investors and generally have a &#8220;preference&#8221; over common stock in the payment of dividends and the liquidation of a company&#8217;s assets. This means that a company must pay dividends on preferred stock before paying any dividends on its common stock. In order to be payable, distributions on such preferred securities must be declared by the issuer&#8217;s board of directors. Income payments on typical preferred securities currently outstanding are cumulative, causing dividends and distributions to accumulate even if not declared by the board of directors or otherwise made payable. In such a case all accumulated dividends must be paid before any dividend on the common stock can be paid. However, some traditional preferred stocks are <div style="white-space:nowrap;display:inline;">non-cumulative,</div> in which case dividends do not accumulate and need not ever be paid. A portion of the portfolio may include investments in <div style="white-space:nowrap;display:inline;">non-cumulative</div> preferred securities, whereby the issuer does not have an obligation to make up any arrearages to its shareholders. Should an issuer of a <div style="white-space:nowrap;display:inline;">non-cumulative</div> preferred stock held by the Fund determine not to pay dividends on such stock, the amount of dividends the Fund pays may be adversely affected. There is no assurance that dividends or distributions on the traditional preferred securities in which the Fund invests will be declared or otherwise made payable. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Preferred stockholders usually have no right to vote for corporate directors or on other matters. Shares of traditional preferred securities have a liquidation value that generally equals the original purchase price at the date of issuance. The market value of preferred securities may be affected by favorable and unfavorable changes impacting companies in the utilities and financial services sectors, which are prominent issuers of preferred securities, and by actual and anticipated changes in tax laws, such as changes in corporate income tax rates or the &#8220;Dividends Received Deduction.&#8221; Because the claim on an issuer&#8217;s earnings represented by traditional preferred securities may become onerous when interest rates fall below the rate payable on such securities, the issuer may redeem the securities. Thus, in declining interest rate environments in particular, the Fund&#8217;s holdings, if any, of higher rate-paying fixed rate preferred securities may be reduced and the Fund may be unable to acquire securities of comparable credit quality paying comparable rates with the redemption proceeds. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Trust Preferred Securities</div>. Trust preferred securities are a comparatively new asset class. Trust preferred securities are typically issued by corporations, generally in the form of interest-bearing notes with preferred security characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The trust preferred securities market consists of both fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates. </div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Trust preferred securities are typically junior and fully subordinated liabilities of an issuer or the beneficiary of a guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred securities typically permit an issuer to defer the payment of income for eighteen months or more without triggering an event of default. Generally, the deferral period is five years or more. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments for extended periods of time without default consequences to the issuer, and certain other features (such as restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the trust preferred securities have not been made), these trust preferred securities are often treated as close substitutes for traditional preferred securities, both by issuers and investors. Trust preferred securities have many of the key characteristics of equity due to their subordinated position in an issuer&#8217;s capital structure and because their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Convertible Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A convertible security is a bond, debenture, note, preferred&#160;stock or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security&#8217;s investment value. Convertible securities rank senior to common stock in a corporation&#8217;s capital structure but are usually subordinated to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the issuer at a price established in the convertible security&#8217;s governing instrument. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A &#8220;synthetic&#8221; or &#8220;manufactured&#8221; convertible security may be created by the Fund or by a third party by combining separate securities that possess the two principal characteristics of a traditional convertible security: an income producing component and a convertible component. The income-producing component is achieved by investing in <div style="white-space:nowrap;display:inline;">non-convertible,</div> income-producing securities such as bonds, preferred stocks and money market instruments. The convertible component is achieved by investing in securities or instruments such as warrants or options to buy common stock at a certain exercise price, or options on a stock index. Unlike a traditional convertible security, which is a single security having a single market value, a synthetic convertible comprises two or more separate securities, each with its own market value. Because the &#8220;market value&#8221; of a synthetic convertible security is the sum of the values of its income-producing component and its convertible component, the value of a synthetic convertible security may respond differently to market fluctuations than a traditional convertible security. The Fund also may purchase synthetic convertible securities created by other parties, including convertible structured notes. Convertible structured notes are income-producing debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the issuer of the convertible note (typically an investment bank), rather than the issuer of the underlying common stock into which the note is convertible, assumes credit risk associated with the underlying investment and the Fund in turn assumes credit risk associated with the issuer of the convertible note. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Restricted and Illiquid Investments </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. Liquidity of an investment relates to the ability to dispose easily of the investment and the price to be obtained upon disposition of the investment, which may be less than would be obtained for a comparable more liquid investment. &#8220;Illiquid investments&#8221; are investments which cannot be sold within seven days in the ordinary course of business at approximately the value used by the Fund in determining its NAV. Illiquid investments may trade at a discount </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">from comparable, more liquid investments. Illiquid investments are subject to legal or contractual restrictions on disposition or lack an established secondary trading market. Investment of the Fund&#8217;s assets in illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;"><div style="white-space:nowrap;display:inline;">Non-U.S.</div> Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in <div style="white-space:nowrap;display:inline;">Non-U.S.</div> Securities. These securities may be U.S. dollar-denominated or <div style="white-space:nowrap;display:inline;">non-U.S.</div> dollar-denominated. Some <div style="white-space:nowrap;display:inline;">Non-U.S.</div> Securities may be less liquid and more volatile than securities of comparable U.S. issuers. Similarly, there is less volume and liquidity in most foreign securities markets than in the United States and, at times, greater price volatility than in the United States. Because evidence of ownership of such securities usually is held outside the United States, the Fund will be subject to additional risks if it invests in <div style="white-space:nowrap;display:inline;">Non-U.S.</div> Securities, which include adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions which might adversely affect or restrict the payment of principal and interest or dividends on the foreign securities to investors located outside the country of the issuer, whether from currency blockage or otherwise. <div style="white-space:nowrap;display:inline;">Non-U.S.</div> Securities may trade on days when the common shares are not priced or traded. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Emerging Market Investments </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in securities of issuers located in emerging market countries, including securities denominated in currencies of emerging market countries. Emerging market countries generally include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. These issuers may be subject to risks that do not apply to issuers in larger, more developed countries. These risks are more pronounced to the extent the Fund invests significantly in one country. Less information about emerging market issuers or markets may be available due to less rigorous disclosure and accounting standards or regulatory practices. Emerging markets are smaller, less liquid and more volatile than U.S. markets. In a changing market, the Advisors may not be able to sell the Fund&#8217;s portfolio securities in amounts and at prices they consider reasonable. The U.S. dollar may appreciate against emerging market currencies or an emerging market government may impose restrictions on currency conversion or trading. The economies of <div style="white-space:nowrap;display:inline;">non-U.S.</div> countries may grow at a slower rate than expected or may experience a downturn or recession. Economic, political and social developments may adversely affect emerging market countries and their securities markets. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Equity Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and rights and depositary receipts. Common stock represents an equity ownership interest in a company. The Fund may hold or have exposure to common stocks of issuers of any size, including small and medium capitalization stocks. Because the Fund will ordinarily have exposure to common stocks, historical trends would indicate that the Fund&#8217;s portfolio and investment returns will be subject at times, and over time, to higher levels of volatility and market and issuer-specific risk than if it invested exclusively in debt securities. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Warrants and Rights </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Warrants and rights are instruments issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. Warrants and rights normally have a short life span to expiration. The purchase of warrants or rights involves the risk that the Fund could lose the purchase value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrants&#8217; and rights&#8217; expiration. Also, the purchase of warrants and/or rights involves the risk that the effective price paid for the warrant and/or right added to the subscription price of the related security may exceed the subscribed security&#8217;s market price such as when there is no movement in the level of the underlying security. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may participate in rights offerings and may purchase warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. Subscription rights normally have a short life span to expiration. </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the rights&#8217; and warrants&#8217; expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security&#8217;s market price such as when there is no movement in the level of the underlying security. Buying a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for this reason investments in warrants may be more speculative than other equity-based investments. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Sovereign Governmental and Supranational Debt </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in all types of debt securities of governmental issuers in all countries, including foreign countries. These sovereign debt securities may include: debt securities issued or guaranteed by governments, governmental agencies or instrumentalities and political subdivisions located in foreign countries; debt securities issued by government owned, controlled or sponsored entities located in foreign countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for debtor nations to restructure their outstanding external indebtedness; participations in loans between emerging market governments and financial institutions; or debt securities issued by supranational entities such as the World Bank. A supranational entity is a bank, commission or company established or financially supported by the national governments of one or more countries to promote reconstruction or development. Sovereign government and supranational debt involve all the risks described herein regarding foreign and emerging markets investments as well as the risk of debt moratorium, repudiation or renegotiation. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Brady Bonds are not considered to be U.S. Government securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate discount bonds, are generally collateralized in full as to principal by U.S. Treasury <div style="white-space:nowrap;display:inline;">zero-coupon</div> bonds having the same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a <div style="white-space:nowrap;display:inline;">one-year</div> or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year&#8217;s interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter. Certain Brady Bonds are entitled to &#8220;value recovery payments&#8221; in certain circumstances, which in effect constitute supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady Bonds are often viewed as having three or four valuation components: (i)&#160;the collateralized repayment of principal at final maturity; (ii)&#160;the collateralized interest payments; (iii)&#160;the uncollateralized interest payments; and (iv)&#160;any uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the &#8220;residual risk&#8221;). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Brady Bonds involve various risk factors described elsewhere associated with investing in foreign securities, including the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Fund may invest will not be subject to restructuring arrangements or to requests for new credit, which may cause the Fund to suffer a loss of interest or principal on any of its holdings. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Inflation-Indexed Bonds </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in inflation-indexed bonds, which are fixed-income securities or other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index (&#8220;CPI&#8221;) accruals as party of a semi-annual coupon. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">1.5% semi-annually), and inflation over the first six months was 1%, the <div style="white-space:nowrap;display:inline;">mid-year</div> par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year&#8217;s inflation equaling 3%, the <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">end-of-year</div></div> par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation index may not be correlated to the rate of inflation in the United States. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than the nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond&#8217;s inflation measure. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the Consumer Price Index for Urban Consumers <div style="white-space:nowrap;display:inline;">(&#8220;CPI-U&#8221;),</div> which is calculated monthly by the U.S. Bureau of Labor Statistics. The <div style="white-space:nowrap;display:inline;">CPI-U</div> is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the <div style="white-space:nowrap;display:inline;">CPI-U</div> or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any increase in the principal amount of inflation-indexed bond will be considered taxable ordinary income, even though investors do not received their principal until maturity. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Variable and Floating Rate Instruments </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The interest rate on a floating rate security is a variable rate which is tied to another interest rate, such as a money-market index or Treasury bill rate. The interest rate on a floating rate security resets periodically, typically every six months. Because of the interest rate reset feature, floating rate securities provide the Fund with a certain degree of protection against rises in interest rates, although the Fund will participate in any declines in interest rates as well. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Inverse Floating Rate Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">An inverse floater is a type of debt instrument that bears a floating or variable interest rate that moves in the opposite direction to interest rates generally or the interest rate on another security or index. Changes in interest rates generally, or the interest rate of the other security or index, inversely affect the interest rate paid on the inverse </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">floater, with the result that the inverse floater&#8217;s price will be considerably more volatile than that of a fixed rate bond. The Fund may invest in inverse floaters, which brokers typically create by depositing an income-producing instrument, including a mortgage related security, in a trust. The trust in turn issues a variable rate security and inverse floaters. The interest rate for the variable rate security is typically determined by an index or an auction process, while the inverse floater holder receives the balance of the income from the underlying income-producing instrument less an auction fee. The market prices of inverse floaters may be highly sensitive to changes in interest rates and prepayment rates on the underlying securities, and may decrease significantly when interest rates increase or prepayment rates change. In a transaction in which the Fund purchases an inverse floater from a trust, and the underlying security was held by the Fund prior to being deposited into the trust, the Fund typically treats the transaction as a secured borrowing for financial reporting purposes. As a result, for financial reporting purposes, the Fund will generally incur a <div style="white-space:nowrap;display:inline;">non-cash</div> interest expense with respect to interest paid by the trust on the variable rate securities and will recognize additional interest income in an amount directly corresponding to the <div style="white-space:nowrap;display:inline;">non-cash</div> interest expense. Therefore, the Fund&#8217;s NAV per common share and performance are not affected by the <div style="white-space:nowrap;display:inline;">non-cash</div> interest expense. This accounting treatment does not apply to inverse floaters acquired by the Fund when the Fund did not previously own the underlying bond. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Strategic Transactions and Other Management Techniques </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may use a variety of other investment management techniques and instruments.&#160;The Fund may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">over-the-counter</div></div> put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques, including derivative instruments that combine features of these instruments (collectively, &#8220;Strategic Transactions&#8221;).&#160;These Strategic Transactions may be used for duration management and other investment and risk management purposes, including to attempt to protect against possible changes in the market value of the Fund&#8217;s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Fund&#8217;s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain. There is no particular strategy that requires use of one technique rather than another as the decision to use any particular strategy or instrument is a function of market conditions and the composition of the portfolio. The use of Strategic Transactions to enhance current income may be speculative. The ability of the Fund to use Strategic Transactions successfully will depend on the Advisors&#8217; ability to predict pertinent market movements as well as sufficient correlation among the instruments, which cannot be assured. The use of Strategic Transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise sell. Certain provisions of the Code may restrict or affect the ability of the Fund to engage in Strategic Transactions.&#160;In addition, the use of certain Strategic Transactions may give rise to taxable income and have certain other consequences.</div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Swaps. </div>The Fund may enter into swap agreements, including interest rate and index swap agreements. Swap agreements are two party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or &#8220;swapped&#8221; between the parties are calculated with respect to a &#8220;notional amount,&#8221; i.e., the dollar amount invested at a particular interest rate, in a particular foreign currency, or in a &#8220;basket&#8221; of securities representing a particular index. The &#8220;notional amount&#8221; of the swap agreement is only a fictive basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The Fund&#8217;s obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the &#8220;net amount&#8221;). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Whether the Fund&#8217;s use of swap agreements will be successful in furthering its investment objectives will depend on the Advisors&#8217; ability to correctly predict whether certain types of investments are likely to produce greater returns than other investments. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Swap </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">agreements also bear the risk that the Fund will not be able to meet its payment obligations to the counterparty. Restrictions imposed by the tax rules applicable to regulated investment companies may limit the Fund&#8217;s ability to use swap agreements. It is possible that developments in the swap market, including government regulation, could adversely affect the Fund&#8217;s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Swaptions</div>. A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, the Fund may incur a greater degree of risk when it writes a swaption than it would incur when it purchases a swaption with the same terms. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement, and the Fund could be exposed to losses in excess of the amount of premium it received from the purchaser of the swaption. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Credit Default Swaps</div>. The Fund may enter into credit default swap agreements. The credit default swap agreement may have as reference obligations one or more securities that are not currently held by the Fund. The protection &#8220;buyer&#8221; in a credit default contract may be obligated to pay the protection &#8220;seller&#8221; an upfront or a periodic stream of payments over the term of the contract, provided that no credit event on the reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the &#8220;par value&#8221; (full notional amount) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or if the swap is cash settled the seller may be required to deliver the related net cash amount (the difference between the market value of the reference obligation and its par value). The Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund will generally receive no payments from its counterparty under the swap if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional amount of the swap in exchange for an equal face amount of deliverable obligations of the reference entity, the value of which may have significantly decreased. As a seller, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full notional amount of the swap in exchange for an equal face amount of deliverable obligations of the reference entity, the value of which may have significantly decreased. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its Managed Assets, the Fund would be subject to investment exposure on the notional amount of the swap in excess of any premium and margin required to establish and maintain the position. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Credit default swap agreements involve greater risks than if the Fund had taken a position in the reference obligation directly (either by purchasing or selling) since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risks. A buyer generally will also lose its upfront payment or any periodic payments it makes to the seller counterparty and receive no payments from its counterparty should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional amount it pays to the buyer, resulting in a loss of value to the seller. A seller of a credit default swap or similar instrument is exposed to many of the same risks of leverage since, if a credit event occurs, the seller generally will be required to pay the buyer the full notional amount of the contract net of any amounts owed by the buyer related to its delivery of deliverable obligations. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the credit derivatives market is subject to a changing regulatory environment. It is possible that regulatory or other developments in the credit derivatives market could adversely affect the Fund&#8217;s ability to successfully use credit derivatives. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Total Return Swaps.</div> Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to the Fund&#8217;s portfolio because, in addition to its Managed Assets (as defined in the prospectus), the Fund would be subject to investment exposure on the notional amount of the swap in excess of any premium and margin required to establish and maintain the position. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Total return swap agreements are subject to market risk as well as the risk that a counterparty will default on its payment obligations to the Fund thereunder. Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Generally, the Fund will enter into total return swaps on a net basis (i.e., the two payment streams are netted against one another with the Fund receiving or paying, as the case may be, only the net amount of the two payments). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Interest Rate Transactions</div>. The Fund may enter into interest rate swaps and purchase or sell interest rate caps and floors. The Fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date and/or to hedge against increases in the Fund&#8217;s costs associated with any leverage strategy. The Fund will ordinarily use these transactions as a hedge or for duration and risk management although it is permitted to enter into them to enhance income or gain. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal). The purchase of an interest rate cap entitles the purchaser, to the extent that the level of a specified interest rate exceeds a predetermined interest rate (i.e., the strike price), to receive payments of interest on a notional principal amount from the party selling such interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that the level of a specified interest rate falls below a predetermined interest rate (i.e., the strike price), to receive payments of interest on a notional principal amount from the party selling such interest rate floor. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For example, if the Fund holds a debt instrument with an interest rate that is reset only once each year, it may swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week. This would enable the Fund to offset a decline in the value of the debt instrument due to rising interest rates but would also limit its ability to benefit from falling interest rates. Conversely, if the Fund holds a debt instrument with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest rates and may permit the Fund to enhance its income through the positive differential between one week and one year interest rates, but would preclude it from taking full advantage of rising interest rates. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may hedge both its assets and liabilities through interest rate swaps, caps and floors. Usually, payments with respect to interest rate swaps will be made on a net basis (i.e., the two payment streams are netted out) with the Fund receiving or paying, as the case may be, only the net amount of the two payments on the payment dates. If there is a default by the other party to an uncleared interest rate swap transaction, generally the Fund will have contractual remedies pursuant to the agreements related to the transaction. With respect to interest rate swap transactions cleared through a central clearing counterparty, a clearing organization will be substituted for the counterparty and will guaranty the parties&#8217; performance under the swap agreement. However, there can be no assurance that the clearing organization will satisfy its obligation to the Fund or that the Fund would be able to recover the full amount of assets deposited on its behalf with the clearing organization in the event of the default by the clearing organization or the Fund&#8217;s clearing broker. Certain U.S. federal income tax requirements may limit the Fund&#8217;s ability to engage in interest rate swaps. Distributions attributable to transactions in interest rate swaps generally will be taxable as ordinary income to shareholders. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Foreign Currency Transactions</div>. The Fund&#8217;s common shares are priced in U.S. dollars and the distributions paid by the Fund to common shareholders are paid in U.S. dollars. However, a portion of the Fund&#8217;s assets may be denominated in <div style="white-space:nowrap;display:inline;">non-U.S.</div> currencies and the income received by the Fund from such securities will be paid in <div style="white-space:nowrap;display:inline;">non-U.S.</div> currencies. The Fund also may invest in or gain exposure to <div style="white-space:nowrap;display:inline;">non-U.S.</div> currencies for investment or hedging purposes. The Fund&#8217;s investments in securities that trade in, or receive revenues in, <div style="white-space:nowrap;display:inline;">non-U.S.</div> currencies will be subject to currency risk, which is the risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. The Fund may (but is not required to) hedge some or all of </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">its exposure to <div style="white-space:nowrap;display:inline;">non-U.S.</div> currencies through the use of derivative strategies, including forward foreign currency exchange contracts, foreign currency futures contracts and options on foreign currencies and foreign currency futures. Suitable hedging transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in such transactions at any given time or from time to time when they would be beneficial. Although the Fund has the flexibility to engage in such transactions, the Advisors may determine not to do so or to do so only in unusual circumstances or market conditions. These transactions may not be successful and may eliminate any chance for the Fund to benefit from favorable fluctuations in relevant foreign currencies. The Fund may also, to the extent applicable, use derivatives contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Foreign Exchange Transactions</div>. The Fund may engage in spot and forward foreign exchange transactions and currency swaps, purchase and sell options on currencies and purchase and sell currency futures and related options thereon (collectively, &#8220;Currency Instruments&#8221;). Such transactions could be effected with respect to hedges on foreign dollar denominated securities owned by the Fund, sold by the Fund but not yet delivered, or committed or anticipated to be purchased by the Fund. As an illustration, the Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a <div style="white-space:nowrap;display:inline;">yen-denominated</div> security. In such circumstances, for example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to sell a specified amount of yen for dollars at a specified price by a future date (a technique called a &#8220;straddle&#8221;). By selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in the relative value of the yen to the dollar. &#8220;Straddles&#8221; of the type that may be used by the Fund are considered to constitute hedging transactions. The Fund may not attempt to hedge any or all of its foreign portfolio positions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Forward Foreign Currency Contracts</div>. The Fund may enter into forward currency contracts to purchase or sell foreign currencies for a fixed amount of U.S. dollars or another foreign currency. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (term) from the date of the forward currency contract agreed upon by the parties, at a price set at the time the forward currency contract is entered into. Forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers. The Fund may purchase a forward currency contract to lock in the U.S. dollar price of a security denominated in a foreign currency that the Fund intends to acquire. The Fund may sell a forward currency contract to lock in the U.S. dollar equivalent of the proceeds from the anticipated sale of a security or a dividend or interest payment denominated in a foreign currency. The Fund may also, to the extent applicable, use forward currency contracts to shift the Fund&#8217;s exposure to foreign currency exchange rate changes from one currency to another. For example, if the Fund owns securities denominated in a foreign currency and the Advisors believe that currency will decline relative to another currency, the Fund might enter into a forward currency contract to sell the appropriate amount of the first foreign currency with payment to be made in the second currency. The Fund may also, to the extent applicable, purchase forward currency contracts to enhance income when the Advisors anticipate that the foreign currency will appreciate in value but securities denominated in that currency do not present attractive investment opportunities. The Fund may also use forward currency contracts to hedge against a decline in the value of existing investments denominated in a foreign currency. Such a hedge would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. The Fund could also hedge the position by entering into a forward currency contract to sell another currency expected to perform similarly to the currency in which the Fund&#8217;s existing investments are denominated. This type of transaction could offer advantages in terms of cost, yield or efficiency, but may not hedge currency exposure as effectively as a simple forward currency transaction to sell U.S. dollars. This type of transaction may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated. The Fund may also use forward currency contracts in one currency or a basket of currencies to attempt to hedge against fluctuations in the value of securities denominated in a different currency if the Advisors anticipate that there will be a correlation between the two currencies. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The cost to the Fund of engaging in forward currency contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because forward currency contracts are usually entered into on a principal basis, no fees or commissions are usually involved. When the Fund enters into a forward currency contract, it relies on the counterparty to make or take delivery of the underlying </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">currency at the maturity of the contract. Failure by the counterparty to do so would result in the loss of some or all of any expected benefit of the transaction. Secondary markets generally do not exist for forward currency contracts, with the result that closing transactions generally can be made for forward currency contracts only by negotiating directly with the counterparty. Thus, there can be no assurance that the Fund will in fact be able to close out a forward currency contract at a favorable price prior to maturity. In addition, in the event of insolvency of the counterparty, the Fund might be unable to close out a forward currency contract. In either event, the Fund would continue to be subject to market risk with respect to the position. The precise matching of forward currency contract amounts and the value of the securities involved generally will not be possible because the value of such securities, measured in the foreign currency, will change after the forward currency contract has been established. Thus, the Fund might need to purchase or sell foreign currencies in the spot (cash) market to the extent such foreign currencies are not covered by forward currency contracts. The projection of short-term currency market movements is extremely difficult and the successful execution of a short-term hedging strategy is highly uncertain. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Call Options</div>. The Fund may purchase call options on any of the types of securities or instruments in which it may invest. A purchased call option gives the Fund the right to buy, and obligates the seller to sell, the underlying security at the exercise price at any time during the option period. The Fund also may purchase and sell call options on indices. Index options are similar to options on securities except that, rather than taking or making delivery of securities underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price of the option. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may write (i.e., sell) covered call options on the securities or instruments it holds and enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in which the Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a specified future date and price set at the time of the contract. The principal reason for writing covered call options is the attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Writing covered call options also serves as a partial hedge against declines in the price of the underlying security, to the extent of the premium received. By writing covered call options, the Fund gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying security above the option exercise price. In addition, the Fund&#8217;s ability to sell the underlying security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A closing purchase transaction cancels out the Fund&#8217;s position as the writer of an option by means of an offsetting purchase of an identical option prior to the expiration of the option it has written. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may write (i.e., sell) uncovered call options on securities or instruments in which it may invest but that are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options, the Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised. During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to increase the Fund&#8217;s income with minimal capital risk. Uncovered calls are riskier than covered calls because there is no underlying security held by the Fund that can act as a partial hedge. Uncovered calls have speculative characteristics and the potential for loss is unlimited. When an uncovered call is exercised, the Fund must purchase the underlying security to meet its call obligation. There is also a risk, especially with less liquid preferred and debt securities, that the securities may not be available for purchase. If the purchase price exceeds the exercise price, the Fund will lose the difference. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Put Options</div>. The Fund may purchase put options. By buying a put option, the Fund acquires a right to sell such underlying securities or instruments at the exercise price, thus limiting the Fund&#8217;s risk of loss through a decline in the market value of the securities or instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or instruments will be partially offset by the amount of the premium paid for the put option and any related transaction costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale will depend on whether the amount received is more or less than the premium paid for the put option plus the related transaction costs. A closing sale transaction cancels out the Fund&#8217;s position as the purchaser of an option by means of an offsetting sale of an identical option prior to the expiration of the option it has purchased. </div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund also may write (i.e., sell) put options on securities or instruments in which it may invest but that the Fund does not currently have a corresponding short position or has not deposited cash equal to the exercise value of the put option with the broker-dealer through which it made the uncovered put option as collateral. The principal reason for writing such put options is to receive premium income and to acquire such securities or instruments at a net cost below the current market value. The Fund has the obligation to buy the securities or instruments at an agreed upon price if the securities or instruments decrease below the exercise price. If the securities or instruments price increases during the option period, the option will expire worthless and the Fund will retain the premium and will not have to purchase the securities or instruments at the exercise price. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In selling puts, there is&#160;a risk that the Fund may be required to buy the underlying security at a price higher than the current market price. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Financial Futures Transactions and Options</div>. The Fund is authorized to purchase and sell certain exchange traded financial futures contracts (&#8220;financial futures contracts&#8221;) in order to hedge its investments against declines in value, and to hedge against increases in the cost of securities it intends to purchase or to seek to enhance the Fund&#8217;s return. However, any transactions involving financial futures or options (including puts and calls associated therewith) will be in accordance with the Fund&#8217;s investment policies and limitations. A financial futures contract obligates the seller of a contract to deliver and the purchaser of a contract to take delivery of the type of financial instrument covered by the contract, or in the case of index-based futures contracts to make and accept a cash settlement, at a specific future time for a specified price. To hedge its portfolio, the Fund may take an investment position in a futures contract which will move in the opposite direction from the portfolio position being hedged. A sale of financial futures contracts may provide a hedge against a decline in the value of portfolio securities because such depreciation may be offset, in whole or in part, by an increase in the value of the position in the financial futures contracts. A purchase of financial futures contracts may provide a hedge against an increase in the cost of securities intended to be purchased because such appreciation may be offset, in whole or in part, by an increase in the value of the position in the futures contracts. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Distributions, if any, of net long term capital gains from certain transactions in futures or options are taxable at long term capital gains rates for U.S. federal income tax purposes. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Futures Contracts</div>. A futures contract is an agreement between two parties to buy and sell a security or, in the case of an index-based futures contract, to make and accept a cash settlement for a set price on a future date. A majority of transactions in futures contracts, however, do not result in the actual delivery of the underlying instrument or cash settlement, but are settled through liquidation, i.e., by entering into an offsetting transaction. Futures contracts have been designed by boards of trade which have been designated &#8220;contracts markets&#8221; by the Commodity Futures Trading Commission (the &#8220;CFTC&#8221;). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The purchase or sale of a futures contract differs from the purchase or sale of a security in that no price or premium is paid or received. Instead, an amount of cash or securities acceptable to the broker and the relevant contract market&#160;must be deposited with the broker. This amount is known as &#8220;initial margin&#8221; and represents a &#8220;good faith&#8221; deposit assuring the performance of both the purchaser and seller under the futures contract. Subsequent payments to and from the broker, called &#8220;variation margin,&#8221; are required to be made on a daily basis as the price of the futures contract fluctuates making the long and short positions in the futures contract more or less valuable, a process known as &#8220;marking to&#160;market.&#8221; At any time prior to the settlement date of the futures contract, the position may be closed out by taking an opposite position that will operate to terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid to or released by the broker and the purchaser realizes a loss or gain. In addition, a&#160;commission is paid on each completed sale transaction. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also purchase and sell financial futures contracts on U.S. Government securities as a hedge against adverse changes in interest rates as described below. The Fund may purchase and write call and put options on futures contracts on U.S. Government securities in connection with its hedging strategies. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund also may engage in other futures contracts transactions such as futures contracts on municipal bond indices that may become available if the Advisors should determine that there is normally a sufficient correlation between the prices of such futures contracts and securities in which the Fund invests to make such hedging appropriate. </div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Futures Strategies</div>. The Fund may sell a financial futures contract (i.e., assume a short position) in anticipation of a decline in the value of its investments resulting from an increase in interest rates or otherwise. The risk of decline could be reduced without employing futures as a hedge by selling investments and either reinvesting the proceeds in securities with shorter maturities or by holding assets in cash. This strategy, however, entails increased transaction costs in the form of dealer spreads and typically would reduce the average yield of the Fund&#8217;s portfolio securities as a result of the shortening of maturities. The sale of futures contracts provides an alternative means of hedging against declines in the value of its investments. As such values decline, the value of the Fund&#8217;s positions in the futures contracts will tend to increase, thus offsetting all or a portion of the depreciation in the market value of the Fund&#8217;s investments that are being hedged. While the Fund will incur commission expenses in selling and closing out futures positions, commissions on futures transactions are typically lower than transaction costs incurred in the purchase and sale of the Fund&#8217;s investments being hedged. In addition, the ability of the Fund to trade in the standardized contracts available in the futures markets may offer a more effective defensive position than a program to reduce the average maturity of the portfolio securities due to the unique and varied credit and technical characteristics of the instruments available to the Fund. Employing futures as a hedge also may permit the Fund to assume a defensive posture without reducing the yield on its investments beyond any amounts required to engage in futures trading. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When the Fund intends to purchase a security, the Fund may purchase futures contracts as a hedge against any increase in the cost of such security resulting from a decrease in interest rates or otherwise, that may occur before such purchase can be effected. Subject to the degree of correlation between such securities and futures contracts, subsequent increases in the cost of such securities should be reflected in the value of the futures held by the Fund. As such purchases are made, an equivalent amount of futures contracts will be closed out. Due to changing market conditions and interest rate forecasts, however, a futures position may be terminated without a corresponding purchase of portfolio securities. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Call Options on Futures Contracts</div>. The Fund may also purchase and sell exchange traded call and put options on financial futures contracts. The purchase of a call option on a futures contract is analogous to the purchase of a call option on an individual security. Depending on the pricing of the option compared to either the futures contract upon which it is based or the price of the underlying securities, it may or may not be less risky than ownership of the futures contract or underlying securities. Like the purchase of a futures contract, the Fund may purchase a call option on a futures contract to hedge against a market advance when the Fund is not fully invested. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The writing of a call option on a futures contract constitutes a partial hedge against declining prices of the securities which are deliverable upon exercise of the futures contract. If the futures price at expiration is below the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any decline that may have occurred in the Fund&#8217;s portfolio holdings. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Put Options on Futures Contracts</div>. The purchase of a put option on a futures contract is analogous to the purchase of a protective put option on portfolio securities. The Fund may purchase a put option on a futures contract to hedge the Fund&#8217;s portfolio against the risk of rising interest rates. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The writing of a put option on a futures contract constitutes a partial hedge against increasing prices of the securities which are deliverable upon exercise of the futures contract. If the futures price at expiration is higher than the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any increase in the price of securities which the Fund intends to purchase. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The writer of an option on a futures contract is required to deposit initial and variation margin pursuant to requirements similar to those applicable to futures contracts. Premiums received from the writing of an option will be included in initial margin. The writing of an option on a futures contract involves risks similar to those relating to futures contracts.</div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Additional Information About Options.</div>&#160;In the case of either put or call options that it has purchased, if the option expires without being sold or exercised, the Fund will experience a loss in the amount of the option </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">premium plus any commissions paid by the Fund. When the Fund sells put and call options, it receives a premium as the seller of the option. The premium that the Fund receives for selling the option will serve as a partial and limited (to the dollar amount of the premium) hedge, in the amount of the option premium, against changes in the value of the securities in its portfolio. During the term of the option, however, a covered call seller has, in return for the premium on the option, given up the opportunity for capital appreciation above the exercise price of the option if the value of the underlying security increases, but has retained the risk of loss should the price of the underlying security decline. Conversely, a put seller retains the risk of loss should the market value of the underlying security decline below the exercise price of the option, less the premium received on the sale of the option. The Fund may purchase and sell exchange-listed options and <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">over-the-counter</div></div> options (&#8220;OTC options&#8221;) which are privately negotiated with the counterparty.&#160;Listed options are issued by the Options Clearing Corporation (&#8220;OCC&#8221;), which acts as the central counterparty to the parties to such options. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s ability to close out its position as a purchaser or seller of an exchange-listed put or call option is dependent upon the existence of a liquid secondary market on option exchanges. Among the possible reasons for the absence of a liquid secondary market on an exchange are: (i)&#160;insufficient trading interest in certain options; (ii)&#160;restrictions on transactions imposed by an exchange; (iii)&#160;trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities; (iv)&#160;interruption of the normal operations on an exchange; (v)&#160;inadequacy of the facilities of an exchange or OCC to handle current trading volume; or (vi)&#160;a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options on that exchange that had been listed by the OCC as a result of trades on that exchange would generally continue to be exercisable in accordance with their terms. OTC options are purchased from or sold to dealers, financial institutions or other counterparties which have entered into direct agreements with the Fund. With uncleared OTC options, such variables as expiration date, exercise price and premium will be agreed upon between the Fund and the counterparty, without the intermediation of a third party such as the OCC. If the counterparty fails to make or take delivery of the securities underlying an option it has written, or otherwise settle the transaction in accordance with the terms of that option as written, the Fund would lose the premium paid for the option as well as any anticipated benefit of the transaction.&#160;OTC options and assets used to cover OTC options written by the Fund may be illiquid. The illiquidity of such options or assets may prevent a successful sale of such options or assets, result in a delay of sale, or reduce the amount of proceeds that might otherwise be realized. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The hours of trading for options may not conform to the hours during which the underlying securities are traded or the hours of trading relevant to the determination of an index or other reference level. To the extent that the option markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot immediately be reflected in the option markets. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Hybrid Instruments</div>. A hybrid instrument is a type of potentially high-risk derivative that combines a traditional bond, stock or commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a hybrid is tied (positively or negatively) to the price of some commodity, currency or securities index or another interest rate or some other economic factor (each a &#8220;benchmark&#8221;). The interest rate or (unlike most fixed-income securities) the principal amount payable at maturity of a hybrid security may be increased or decreased, depending on changes in the value of the benchmark. An example of a hybrid could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined level. Such a hybrid instrument would be a combination of a bond and a call option on oil. Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management and increased total return. Hybrids may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid could be zero. Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes the Fund to the credit risk of the issuer of the hybrids. These risks may cause significant fluctuations in the NAV of the Fund&#8217;s common shares if the Fund invests in hybrid instruments. </div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">New Products</div>. The financial markets continue to evolve and financial products continue to be developed. The Fund reserves the right to invest in new financial products as they are developed or become more widely accepted. As with any new financial product, these products will entail risks, including risks to which the Fund currently is not subject. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The principal risks relating to the use of futures contracts and other Strategic Transactions are: (i)&#160;less than perfect correlation between the prices of the instrument and the market value of the securities in the Fund&#8217;s portfolio; (ii)&#160;possible lack of a liquid secondary market for closing out a position in such instruments; (iii)&#160;losses resulting from interest rate or other market movements not anticipated by the Advisors; and (iv)&#160;the obligation to meet additional variation margin or other payment requirements, all of which could result in the Fund being in a worse position than if such transactions had not been used. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain provisions of the Code may restrict or affect the ability of the Fund to engage in Strategic Transactions. See &#8220;Tax Matters.&#8221; </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Structured Instruments </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may use structured instruments for investment purposes, for risk management purposes, such as to reduce the duration and interest rate sensitivity of the Fund&#8217;s portfolio, for leveraging purposes and, with respect to certain structured instruments, as an alternative or complement to its options writing strategy. While structured instruments may offer the potential for a favorable rate of return from time to time, they also entail certain risks. Structured instruments may be less liquid than other securities and the price of structured instruments may be more volatile. In some cases, depending on the terms of the embedded index, a structured instrument may provide that the principal and/or interest payments may be adjusted below zero. Structured instruments also may involve significant credit risk and risk of default by the counterparty. Structured instruments may also be illiquid. Like other sophisticated strategies, the Fund&#8217;s use of structured instruments may not work as intended. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Structured Notes</div>. The Fund may invest in &#8220;structured&#8221; notes and other related instruments, which are privately negotiated debt obligations in which the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an &#8220;embedded index&#8221;), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets. Structured instruments may be issued by corporations, including banks, as well as by governmental agencies. Structured instruments frequently are assembled in the form of medium-term notes, but a variety of forms are available and may be used in particular circumstances. The terms of such structured instruments normally provide that their principal and/or interest payments are to be adjusted upwards or downwards (but ordinarily not below zero) to reflect changes in the embedded index while the structured instruments are outstanding. As a result, the interest and/or principal payments that may be made on a structured product may vary widely, depending on a variety of factors, including the volatility of the embedded index and the effect of changes in the embedded index on principal and/or interest payments. The rate of return on structured notes may be determined by applying a multiplier to the performance or differential performance of the referenced index(es) or other asset(s). Application of a multiplier involves leverage that will serve to magnify the potential for gain and the risk of loss. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Event-Linked Securities</div>. The Fund may obtain event-linked exposure by investing in &#8220;event-linked bonds&#8221; or &#8220;event-linked swaps&#8221; or by implementing &#8220;event-linked strategies.&#8221; Event-linked exposure results in gains or losses that typically are contingent upon, or formulaically related to, defined trigger events. Examples of trigger events include hurricanes, earthquakes, weather-related phenomena or statistics relating to such events. Some event-linked bonds are commonly referred to as &#8220;catastrophe bonds.&#8221; If a trigger event occurs, the Fund may lose a portion of or its entire principal invested in the bond or the entire notional amount of a swap. Event-linked exposure often provides for an extension of maturity to process and audit loss claims when a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. Event-linked exposure may also expose the Fund to certain other risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations and adverse tax consequences. Event-linked exposures may also be subject to illiquidity risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Equity-Linked Notes</div>. Equity-linked notes are hybrid securities with characteristics of both fixed-income and equity securities. An equity-linked note is a debt instrument, usually a bond, that pays interest based upon the </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">performance of an underlying equity, which can be a single stock, basket of stocks or an equity index. Instead of paying a predetermined coupon, equity-linked notes link the interest payment to the performance of a particular equity market index or basket of stocks or commodities. The interest payment is typically based on the percentage increase in an index from a predetermined level, but alternatively may be based on a decrease in the index. The interest payment may in some cases be leveraged so that, in percentage terms, it exceeds the relative performance of the market. Equity-linked notes generally are subject to the risks associated with the securities of equity issuers, default risk and counterparty risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style:italic;display:inline;">Credit Linked Notes</div>. A credit-linked note (&#8220;CLN&#8221;) is a derivative instrument. It is a synthetic obligation between two or more parties where the payment of principal and/or interest is based on the performance of some obligation (a reference obligation). In addition to the credit risk of the reference obligations and interest rate risk, the buyer/seller of the CLN is subject to counterparty risk. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Repurchase Agreements and Purchase and Sale Contracts </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may enter into repurchase agreements. A repurchase agreement is a contractual agreement whereby the seller of securities agrees to repurchase the same security at a specified price on a future date agreed upon by the parties. The agreed upon repurchase price determines the yield during the Fund&#8217;s holding period. Repurchase agreements are considered to be loans collateralized by the underlying security that is the subject of the repurchase contract. Income generated from transactions in repurchase agreements will be taxable. The risk to the Fund is limited to the ability of the issuer to pay the agreed upon repurchase price on the delivery date; however, although the value of the underlying collateral at the time the transaction is entered into always equals or exceeds the agreed upon repurchase price, if the value of the collateral declines there is a risk of loss of both principal and interest. In the event of default, the collateral may be sold but the Fund might incur a loss if the value of the collateral declines, and might incur disposition costs or experience delays in connection with liquidating the collateral. In addition, if bankruptcy proceedings are commenced with respect to the seller of the security, realization upon the collateral by the Fund may be delayed or limited. The Advisors will monitor the value of the collateral at the time the transaction is entered into and at all times subsequent during the term of the repurchase agreement in an effort to determine that such value always equals or exceeds the agreed upon repurchase price. In the event the value of the collateral declines below the repurchase price, the Advisors will demand additional collateral from the issuer to increase the value of the collateral to at least that of the repurchase price, including interest. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A purchase and sale contract is similar to a repurchase agreement, but differs from a repurchase agreement in that the contract arrangements stipulate that the securities are owned by the Fund. In the event of a default under such a repurchase agreement or a purchase and sale contract, instead of the contractual fixed rate of return, the rate of return to the Fund shall be dependent upon intervening fluctuations of the market value of such security and the accrued interest on the security. In such event, the Fund would have rights against the seller for breach of contract with respect to any losses arising from market fluctuations following the failure of the seller to perform. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Reverse Repurchase Agreements </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Borrowings may be made by the Fund through reverse repurchase agreements under which the Fund sells portfolio securities to financial institutions, such as banks and broker-dealers, and agrees to repurchase them at an agreed upon date and price. Such agreements are considered to be borrowings under the Investment Company Act. The Fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In accordance with Rule <div style="white-space:nowrap;display:inline;">18f-4</div> under the Investment Company Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i)&#160;maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii)&#160;treat such transactions as &#8220;derivatives transactions&#8221; and comply with Rule <div style="white-space:nowrap;display:inline;">18f-4</div> with respect to such transactions. See &#8220;Risk Factors in Strategic Transactions and Derivatives&#8212;Rule <div style="white-space:nowrap;display:inline;">18f-4</div> Under the Investment Company Act&#8221; in the SAI. </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Short Sales </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may make short sales of securities. A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will decline. The Fund may make short sales to hedge positions, for duration and risk management, in order to maintain portfolio flexibility or, to the extent applicable, to enhance income or gain. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When the Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over to the securities lender any income, distributions or dividends received on such borrowed securities until it returns the security to the securities lender. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s obligation to replace the borrowed security will be secured by collateral deposited with the securities lender, usually cash, U.S. government securities or other liquid assets. Depending on arrangements made with the securities lender regarding payment over of any income, distributions or dividends received by the Fund on such security, the Fund may not receive any payments (including interest) on its collateral deposited with such securities lender. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. Although the Fund&#8217;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also make short sales &#8220;against the box.&#8221; Short sales, even if covered, may represent a form of leverage and will create risks. In this type of short sale, at the time of the sale, the Fund owns or has the immediate and unconditional right to acquire at no additional cost the identical security. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund must comply with Rule <div style="white-space:nowrap;display:inline;">18f-4</div> under the Investment Company Act with respect to its short sale borrowings, which are considered derivatives transactions under the Rule. See &#8220;Additional Risk Factors&#8212;Risk Factors in Strategic Transactions and Derivatives&#8212;Rule <div style="white-space:nowrap;display:inline;">18f-4</div> Under the Investment Company Act&#8221; in the SAI. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Bank Obligations </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Bank obligations may include certificates of deposit, bankers&#8217; acceptances and fixed time deposits. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers&#8217; acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are &#8220;accepted&#8221; by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties, which vary depending upon market conditions and the remaining maturity of the obligation. There are no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party, although there is no market for such deposits. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Obligations of foreign banks involve somewhat different investment risks than those affecting obligations of U.S. banks, including the possibilities that their liquidity could be impaired because of future political and economic developments, that their obligations may be less marketable than comparable obligations of U.S. banks, that a foreign jurisdiction might impose withholding taxes on interest income payable on those obligations, that foreign deposits may be seized or nationalized, that foreign governmental restrictions such as exchange controls may be adopted which might adversely affect the payment of principal and interest on those obligations and that the selection of those obligations may be more difficult because there may be less publicly available information concerning foreign banks or the accounting, auditing and financial reporting standards, practices and requirements applicable to foreign banks may differ from those applicable to U.S. banks. Foreign banks are not generally subject to examination by any U.S. Government agency or instrumentality. </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Participation Notes </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may buy participation notes from a bank or broker-dealer (&#8220;issuer&#8221;) that entitle the Fund to a return measured by the change in value of an identified underlying security or basket of securities (collectively, the &#8220;underlying security&#8221;). Participation notes are typically used when a direct investment in the underlying security is restricted due to country-specific regulations. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not the same as investment in the constituent shares of the company. A participation note represents only an obligation of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying security. In other words, shares of the underlying security are not in any way owned by the Fund. However each participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security, the Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its obligations. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its obligation. The Fund may, but is not required to, purchase credit protection against the default of the issuer. When the participation note expires or the Fund exercises the participation note and closes its position, the Fund receives a payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less transaction costs). The price, performance and liquidity of the participation note are all linked directly to the underlying security. The Fund&#8217;s ability to redeem or exercise a participation note generally is dependent on the liquidity in the local trading market for the security underlying the participation note. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="text-decoration:underline;display:inline;">When-Issued, Delayed Delivery Securities and Forward Commitment Securities </div> </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may purchase securities on a &#8220;when-issued&#8221; basis and may purchase or sell securities on a &#8220;forward commitment&#8221; basis (including on a &#8220;TBA&#8221; (to be announced) basis) or on a &#8220;delayed delivery&#8221; basis. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. The value of these assets will be monitored daily to ensure that their marked to market value will at all times equal or exceed the corresponding obligations of the Fund. Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal Reserve Board of New York, the Fund or its counterparty generally is required to post collateral when entering into certain forward-settling transactions, including without limitation TBA transactions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There is always a risk that the securities may not be delivered and that the Fund may incur a loss. A default by a counterparty may result in the Fund missing the opportunity of obtaining a price considered to be advantageous. The value of securities in these transactions on the delivery date may be more or less than the Fund&#8217;s purchase price. The Fund may bear the risk of a decline in the value of the security in these transactions and may not benefit from an appreciation in the value of the security during the commitment period. Settlements in the ordinary course are not treated by the Fund as when-issued or forward commitment transactions and accordingly are not subject to the foregoing restrictions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The market value of the securities underlying a commitment to purchase securities, and any subsequent fluctuations in their market value, is taken into account when determining the NAV of the Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Rule <div style="white-space:nowrap;display:inline;">18f-4</div> under the Investment Company Act permits the Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">to-be-announced</div></div> (&#8220;TBA&#8221;) commitments, and dollar rolls) and <div style="white-space:nowrap;display:inline;">non-standard</div> settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section&#160;18 of the Investment Company Act, provided that the Fund intends to physically settle the transaction and </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">the transaction will settle within 35 days of its trade date (the &#8220;Delayed-Settlement Securities Provision&#8221;). If a when-issued, forward-settling or <div style="white-space:nowrap;display:inline;">non-standard</div> settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule <div style="white-space:nowrap;display:inline;">18f-4.</div> See &#8220;Additional Risk Factors&#8212;Risk Factors in Strategic Transactions and Derivatives&#8212;Rule <div style="white-space:nowrap;display:inline;">18f-4</div> Under the Investment Company Act&#8221; in the SAI. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Standby Commitment Agreements </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund from time to time may enter into standby commitment agreements. Such agreements commit the Fund, for a stated period of time, to purchase a stated amount of a fixed-income security that may be issued and sold to the Fund at the option of the issuer. The price and coupon of the security is fixed at the time of the commitment. At the time of entering into the agreement the Fund may be paid a commitment fee, regardless of whether or not the security ultimately is issued. The Fund will enter into such agreements only for the purpose of investing in the security underlying the commitment at a yield and price which is considered advantageous to the Fund. The Fund at all times will designate on its books and records cash or other liquid assets with a value equal to the purchase price of the securities underlying the commitment. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There can be no assurance that the securities subject to a standby commitment will be issued and the value of the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the security underlying the commitment is at the option of the issuer, the Fund may bear the risk of decline in the value of such security and may not benefit from an appreciation in the value of the security during the commitment period. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The purchase of a security subject to a standby commitment agreement and the related commitment fee will be recorded on the date on which the security reasonably can be expected to be issued and the value of the security thereafter will be reflected in the calculation of the Fund&#8217;s NAV. The cost basis of the security will be adjusted by the amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as income on the expiration date of the standby commitment. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Temporary Defensive Positions </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">During temporary defensive periods, if the Advisors determine that market conditions warrant, and also during the period in which the net proceeds of this offering of common shares (or preferred shares, should the Fund determine to issue preferred shares in the future) are being invested, the Fund may invest any percentage of its assets without limitation in cash, cash equivalents, money market securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term, unsecured, negotiable promissory notes of a domestic or foreign issuer), repurchase agreements, obligations of supranational organizations, bank obligations, including U.S. subsidiaries and branches of foreign banks, or other high quality fixed-income securities. Temporary defensive positions may affect the Fund&#8217;s ability to achieve its investment objectives. Generally, such obligations will mature within one year from the date of settlement, but may mature within two years from the date of settlement. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Cash Equivalents and Short-Term Debt Securities </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For temporary defensive purposes or to keep cash on hand fully invested, the Fund may invest up to 100% of its total assets in cash equivalents and short-term debt securities. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Taxable short-term debt securities are defined to include, without limitation: </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(1) U.S. Government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. Government agencies or instrumentalities. U.S. Government securities include securities issued by (a)&#160;the FHA, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration and GNMA, whose securities are supported by the full faith and credit of the United States; (b)&#160;the FHLBs, Federal Intermediate Credit Banks, and Tennessee Valley Authority, whose securities are supported by the right of the agency to borrow from the U.S. Treasury; (c)&#160;FNMA, whose securities are supported by the discretionary authority of the U.S. Government </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">to purchase certain obligations of the agency or instrumentality; and (d)&#160;the Student Loan Marketing Association, whose securities are supported only by its credit. While the U.S. Government provides financial support to such U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law; </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(2) Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return, and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Certificates of deposit purchased by the Fund may not be fully insured by the Federal Deposit Insurance Corporation. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(3) Repurchase agreements, which involve purchases of debt securities; </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(4) Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by the Fund at any time. The Advisors will consider the financial condition of the corporation (e.g., earning power, cash flow and other liquidity ratios) and will continuously monitor the corporation&#8217;s ability to meet all of its financial obligations, because the Fund&#8217;s liquidity might be impaired if the corporation were unable to pay principal and interest on demand. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="white-space:nowrap;display:inline;">Tax-exempt</div> short-term debt securities are defined to include, without limitation: </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(1) Bond anticipation notes (&#8220;BANs&#8221;) are usually general obligations of state and local governmental issuers which are sold to obtain interim financing for projects that will eventually be funded through the sale of long-term debt obligations or bonds. The ability of an issuer to meet its obligations on its BANs is primarily dependent on the issuer&#8217;s access to the long-term municipal bond market and the likelihood that the proceeds of such bond sales will be used to pay the principal and interest on the BANs. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(2) Tax anticipation notes (&#8220;TANs&#8221;) are issued by state and local governments to finance the current operations of such governments. Repayment is generally to be derived from specific future tax revenues. TANs are usually general obligations of the issuer. A weakness in an issuer&#8217;s capacity to raise taxes due to, among other things, a decline in its tax base or a rise in delinquencies could adversely affect the issuer&#8217;s ability to meet its obligations on outstanding TANs. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(3) Revenue anticipation notes (&#8220;RANs&#8221;) are issued by governments or governmental bodies with the expectation that future revenues from a designated source will be used to repay the notes. In general, they also constitute general obligations of the issuer. A decline in the receipt of projected revenues, such as anticipated revenues from another level of government, could adversely affect an issuer&#8217;s ability to meet its obligations on outstanding RANs. In addition, the possibility that the revenues would, when received, be used to meet other obligations could affect the ability of the issuer to pay the principal and interest on RANs. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(4) Construction loan notes are issued to provide construction financing for specific projects. Frequently, these notes are redeemed with funds obtained from the Federal Housing Administration. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(5) Bank notes are notes issued by local government bodies and agencies as those described above to commercial banks as evidence of borrowings. The purposes for which the notes are issued are varied but they are frequently issued to meet short-term working capital or capital-project needs. These notes may have risks similar to the risks associated with TANs and RANs. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(6) <div style="white-space:nowrap;display:inline;">Tax-exempt</div> commercial paper (&#8220;municipal paper&#8221;) represents very short-term unsecured, negotiable promissory notes, issued by states, municipalities and their agencies. Payment of principal and interest on issues of municipal paper may be made from various sources, to the extent the funds are available therefrom. Maturities on municipal paper generally will be shorter than the maturities of TANs, BANs or RANs. There is a limited secondary market for issues of municipal paper. </div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain municipal securities may carry variable or floating rates of interest whereby the rate of interest is not fixed but varies with changes in specified market rates or indices, such as a bank prime rate or tax-exempt money market indices. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">While the various types of notes described above as a group represent the major portion of the tax-exempt note market, other types of notes are available in the marketplace and the Fund may invest in such other types of notes to the extent permitted under its investment objectives, policies and limitations. Such notes may be issued for different purposes and may be secured differently from those mentioned above. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Counterparty Credit Standards </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent that the Fund engages in principal transactions, including, but not limited to, OTC options, forward currency transactions, swap transactions, repurchase and reverse repurchase agreements and the purchase and sale of bonds and other fixed-income securities, it must rely on the creditworthiness of its counterparties under such transactions. In certain instances, the credit risk of a counterparty is increased by the lack of a central clearing house for certain transactions, including certain swap contracts. In the event of the insolvency of a counterparty, the Fund may not be able to recover its assets, in full or at all, during the insolvency process. Counterparties to investments may have no obligation to make markets in such investments and may have the ability to apply essentially discretionary margin and credit requirements. Similarly, the Fund will be subject to the risk of bankruptcy of, or the inability or refusal to perform with respect to such investments by, the counterparties with which it deals. The Advisors will seek to minimize the Fund&#8217;s exposure to counterparty risk by entering into such transactions with counterparties the Advisors believe to be creditworthy at the time it enters into the transaction. Certain transactions, including option transactions and Strategic Transactions may require the Fund to provide collateral to secure its performance obligations under a contract, which would also entail counterparty credit risk. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Securities Lending </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may lend portfolio securities to certain borrowers determined to be creditworthy by the Advisors, including to borrowers affiliated with the Advisors. The borrowers provide collateral that is maintained in an amount at least equal to the current market value of the securities loaned. As a result of limitations under the Investment Company Act and SEC staff guidance, no securities loan shall be made on behalf of the Fund if, as a result, the aggregate value of all securities loans of the Fund exceeds one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). The Fund may terminate a loan at any time and obtain the return of the securities loaned. The Fund receives the value of any interest or cash or non-cash distributions paid on the loaned securities. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the amount of cash collateral. The Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Fund is compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any cash collateral received by the Fund for such loans, and uninvested cash, may be invested, among other things, in a private investment company managed by an affiliate of the Advisors or in registered money market funds advised by the Advisors or their affiliates; such investments are subject to investment risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund conducts its securities lending pursuant to an exemptive order from the SEC permitting it to lend portfolio securities to borrowers affiliated with the Fund and to retain an affiliate of the Fund as lending agent. To the extent that the Fund engages in securities lending, BlackRock Investment Management, LLC (&#8220;BIM&#8221;), an affiliate of the Advisors, acts as securities lending agent for the Fund, subject to the overall supervision of the Advisors. BIM administers the lending program in accordance with guidelines approved by the Board. Pursuant to the current securities lending agreement, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level. </div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent that the Fund engages in securities lending, the Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment expenses as defined below), and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for expenses in connection with the investment of cash collateral received for securities on loan in a private investment company managed by an affiliate of the Advisors (the &#8220;collateral investment expenses&#8221;); however, BIM has agreed to cap the collateral investment expenses the Fund bears to an annual rate of 0.04% of the daily net assets of such private investment company. In addition, in accordance with the exemptive order, the investment adviser to the private investment company will not charge any advisory fees with respect to shares purchased by the Fund. Such shares also will not be subject to a sales load, redemption fee, distribution fee or service fee. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment expenses). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex (as defined in the SAI) in a calendar year exceeds the breakpoint dollar threshold applicable in the given year, the Fund, pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses). </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskFactorsTableTextBlock', window );">Risk Factors [Table Text Block]</a></td>
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<td class="text"><div id="toc320889_59" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">RISKS </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; 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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">General Risks </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Please refer to the section of the Fund&#8217;s most recent annual report on Form N-CSR entitled &#8220;Investment Objectives, Policies and Risks&#8212;Risk Factors&#8221;, which is incorporated by reference herein, for a discussion of the general risks of investing in the Fund. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">Other Risks </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Offering Risk</div>. The provisions of the Investment Company Act generally require that the public offering price of an investment company&#8217;s common&#160;stock (less any underwriting commissions and discounts) must equal or exceed the NAV per share of an investment company&#8217;s common stock (calculated within 48 hours of pricing).&#160;In the offering described in this Prospectus, the Fund may, subject to market conditions, raise additional equity capital by issuing new common stock from time to time in varying amounts at a net price at or above the Fund&#8217;s NAV per common share (calculated within 48 hours of pricing). To the extent that Fund shares do not trade at a premium, the Fund may be unable to issue additional shares, and may incur costs associated with setting up and maintaining an &#8220;at the market&#8221; program without the potential benefits. The offering described in this Prospectus may allow the Fund to pursue additional investment opportunities without the need to sell existing portfolio investments and will increase the asset size of the Fund and thus cause the Fund&#8217;s fixed expenses to be spread over a larger asset base. However, the issuance may not necessarily result in an increase to net income for shareholders, which depends on leverage levels, the comparison between book yields on existing assets, available investment opportunities and other factors. The Fund cannot predict whether its common stock will trade in the future at a premium or discount to their NAV per share.&#160;Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#8217; risk of loss.&#160;In no event will shares be issued at a price below the Fund&#8217;s NAV per common share (calculated within 48 hours of pricing)&#160;plus any sales commission charged in connection with the offering. </div>  <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The offering described in this Prospectus entails potential risks to existing common shareholders.&#160;Although the issuance of additional common stock may facilitate a more active market in the Fund&#8217;s common&#160;stock by increasing the amount of common&#160;stock outstanding, the issuance of additional common&#160;stock may also have an adverse effect on prices for the Fund&#8217;s common stock in the secondary market by increasing the supply of common&#160;stock available for sale.&#160;The issuance of additional common stock will dilute the voting power of already outstanding common stock.&#160;If the Fund is unable to invest the proceeds of any such offering in a timely <div style="display:inline;">manner</div> in assets with a yield at least equal to that of the current portfolio, the Fund&#8217;s earnings per share may decrease. </div>  <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>  <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Second Lien Loans Risk</div>. Second lien loans generally are subject to similar risks as those associated with investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Second lien loans share the same risks as other below investment grade securities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Mezzanine Investment Risk</div>. Mezzanine securities generally are rated below investment grade and frequently are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. However, unlike senior loans and second lien loans, mezzanine securities are not a senior or secondary secured obligation of the related borrower. They typically are the most subordinated debt obligation in an issuer&#8217;s capital structure. Mezzanine securities also may often be unsecured. Mezzanine securities therefore are subject to the additional risk that the cash flow of the related borrower and the property securing the loan may be insufficient to repay the scheduled principal after giving effect to any senior obligations of the related borrower. Mezzanine securities are also expected to be a highly illiquid investment. Mezzanine securities will be subject to certain additional risks to the extent that such loans may not be protected by financial covenants or limitations upon additional indebtedness. Investment in mezzanine securities is a highly specialized investment practice that depends more heavily on independent credit analysis than investments in other types of debt obligations. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Risks of Loan Assignments and Participations</div>. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations </div>  <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan. A participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. </div>  <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Bank Loans Risk</div>. The market for bank loans may not be highly liquid and the Fund may have difficulty selling them. These investments are subject to both interest rate risk and credit risk. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Corporate Bonds Risk</div>. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates. The market value of intermediate and longer-term corporate bonds is generally more sensitive to changes in interest rates than is the market value of shorter-term corporate bonds. The market value of a corporate bond also may be affected by factors directly related to the issuer, such as investors&#8217; perceptions of the creditworthiness of the issuer, the issuer&#8217;s financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&#8217;s capital structure and use of financial leverage and demand for the issuer&#8217;s goods and services. Certain risks associated with investments in corporate bonds are described elsewhere in this Prospectus in further detail. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Yield and Ratings Risk</div>.&#160;The yields on certain debt obligations are dependent on a variety of factors, including general market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody&#8217;s, S&amp;P and Fitch, which are described in Appendix A to the SAI, represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may cease to be rated. The Advisors will consider such an event in determining whether the Fund should continue to hold the security. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Unrated Securities Risk</div>. Because the Fund may purchase securities that are not rated by any rating organization, the Advisors may, after assessing their credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations.&#160;Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund&#8217;s ability to achieve its investment objectives will be more dependent on the Advisors&#8217; credit analysis than would be the case when the Fund invests in rated securities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Debtor-In-Possession (DIP) Financing Risk</div>. The Fund&#8217;s participation in DIP financings is subject to risks. DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code and must be approved by the bankruptcy court. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. DIP financings are typically fully secured by a lien on the debtor&#8217;s otherwise unencumbered assets or secured by a junior lien on the debtor&#8217;s encumbered assets (so long as the loan is fully secured based on the most recent current valuation or appraisal report of the debtor). DIP financings are often required to close with certainty and in a rapid manner in order to satisfy existing creditors and to enable the issuer to emerge from bankruptcy or to avoid a bankruptcy proceeding. There is a risk that the borrower will not emerge from Chapter 11 bankruptcy proceedings and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Fund&#8217;s only recourse will be against the property securing the DIP financing. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>  <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Mortgage Related Securities Risks</div>. Investing in MBS entails various risks. MBS represent an interest in a pool of mortgages. The risks associated with MBS include: credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning these properties; risks associated with their structure and execution (including the collateral, the process by which principal and interest payments are allocated and distributed to investors and how credit losses affect issuing vehicles and the return to investors in such MBS); whether the collateral represents a fixed set of specific assets or accounts, whether the underlying collateral assets are revolving or&#160;closed-end,&#160;under what terms (including maturity of the MBS) any remaining balance in the accounts may revert to the issuing entity and the extent to which the entity that is the actual source of the collateral assets is obligated to provide support to the issuing vehicle or to the investors in such MBS; risks associated with the servicer of the underlying mortgages; adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on MBS secured by loans on certain types of commercial properties than on those secured by loans on residential properties; prepayment risk, which can lead to significant fluctuations in the value of the MBS; loss of all or part of the premium, if any, paid; and decline in the market value of the security, whether resulting from changes in interest rates, prepayments on the underlying mortgage collateral or perceptions of the credit risk associated with the underlying mortgage collateral. In addition, the Fund&#8217;s level of investment in MBS of a particular type or in MBS issued or guaranteed by affiliated obligors, serviced by the same servicer or backed by underlying collateral located in a specific geographic region, may subject the Fund to additional risk. To the extent the Fund invests in junior tranches of MBS, it will be subject to additional risks, such as the risk that the proceeds that would otherwise be distributed to the Fund will be used to pay down more senior tranches. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When market interest rates decline, more mortgages are refinanced and the securities are paid off earlier than expected. Prepayments may also occur on a scheduled basis or due to foreclosure. During such periods, the reinvestment of prepayment proceeds by the Fund will generally be at lower rates than the rates that were carried by the obligations that have been prepaid. When market interest rates increase, the market values of MBS decline. At the same time, however, mortgage refinancings and prepayments slow, lengthening the effective maturities of these securities. As a result, the negative effect of the rate increase on the market value of MBS is usually more pronounced than it is for other types of fixed-income securities. Moreover, the relationship between borrower prepayments and changes in interest rates may mean some high-yielding mortgage-related and other asset-backed securities have less potential for increases in value if market interest rates were to fall than conventional bonds with comparable maturities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, losses on a mortgaged property securing a mortgage loan included in a securitization will be borne first by the equity holder of the property, then by a cash reserve fund or letter of credit, if any, then by the holder of a mezzanine loan or&#160;B-Note,&#160;if any, then by the &#8220;first loss&#8221; subordinated security holder (generally, the&#160;&#8220;B-Piece&#8221;&#160;buyer) and then by the holder of a higher rated security. The Fund could invest in any class of security included in a securitization. In the event of default and the exhaustion of any equity support, reserve fund, letter of credit, mezzanine loans or&#160;B-Notes,&#160;and any classes of securities junior to those in which the Fund invests, the Fund will not be able to recover all of its investment in the MBS it purchases. MBS in which the Fund invests may not contain reserve funds, letters of credit, mezzanine loans and/or junior classes of securities. The prices of lower credit quality securities are generally less sensitive to interest rate changes than more highly rated investments, but more sensitive to adverse economic downturns or individual issuer developments. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">MBS generally are classified as either RMBS or CMBS, each of which are subject to certain specific risks as further described below.</div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">RMBS Risks</div>.&#160;RMBS are securities the payments on which depend primarily on the cash flow from residential mortgage loans made to borrowers that are secured by residential real estate.&#160;Non-agency&#160;residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan secured by residential property is dependent upon the income or assets of the borrower. A number of factors, including general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower&#8217;s ability to repay its loans. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>  <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Agency RMBS Risks</div></div>. MBS issued by FNMA or FHLMC are guaranteed as to timely payment of principal and interest by FNMA or FHLMC, but are not backed by the full faith and credit of the U.S. Government. In 2008, FHFA placed FNMA and FHLMC into conservatorship. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its MBS. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. In connection with the conservatorship, the U.S. Treasury entered into an agreement with each of FNMA and FHLMC that contains various covenants that severely limit each enterprise&#8217;s operations. There is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under the Reform Act, FHFA, as conservator or receiver, has the power to repudiate any contract entered into by FNMA or FHLMC prior to FHFA&#8217;s appointment as conservator or receiver, as applicable, if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the contract promotes the orderly administration of FNMA&#8217;s or FHLMC&#8217;s affairs. In the event that FHFA, as conservator of, or if it is later appointed as receiver for, FNMA or FHLMC, were to repudiate any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only to the extent of FNMA&#8217;s or FHLMC&#8217;s assets available therefor. In the event of repudiation, the payments of interest to holders of FNMA or FHLMC MBS would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such MBS are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such MBS holders. Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. If FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC MBS would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. In addition, certain rights provided to holders of MBS issued by FNMA and FHLMC under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and FHLMC MBS may provide (or with respect to securities issued prior to the date of the appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such MBS have the right to replace FNMA or FHLMC as trustee if the requisite percentage of MBS holders consent. The Reform Act prevents MBS holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Non-Agency RMBS Risks</div></div>. Non-agency&#160;RMBS are securities issued by&#160;non-governmental&#160;issuers.&#160;Non-agency&#160;RMBS have no direct or indirect government guarantees of payment and are subject to various risks as described herein. </div> <div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Borrower Credit Risk</div></div><div style="font-style:italic;display:inline;">.</div> Credit-related risk on RMBS arises from losses due to delinquencies and defaults by the borrowers in payments on the underlying mortgage loans and breaches by originators and servicers of their obligations under the underlying documentation pursuant to which the RMBS are issued.&#160;Non-agency&#160;residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The rate of delinquencies and defaults on residential mortgage loans and the aggregate amount of the resulting losses will be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged property is located, the level of the borrower&#8217;s equity in the mortgaged property and the individual financial circumstances of the borrower. If a residential mortgage loan is in default, foreclosure on the related residential property may be a lengthy and difficult process involving significant legal and other expenses. The net proceeds obtained by the holder on a residential mortgage loan following the foreclosure on the related property may be less than the total amount that remains due on the loan. The prospect of incurring a loss upon the foreclosure of the related property may lead the holder of the residential mortgage loan to restructure the residential mortgage loan or otherwise delay the foreclosure process </div> </div>  <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">RMBS Legal Risks</div></div>. Legal risks associated with RMBS can arise as a result of the procedures followed in connection with the origination of the mortgage loans or the servicing thereof, which may be subject to various federal and state laws (including, without limitation, predatory lending laws), public policies and principles of equity that regulate interest rates and other charges, require certain disclosures, require licensing of originators, prohibit discriminatory lending practices, regulate the use of consumer credit information and debt collection practices and may limit the servicer&#8217;s ability to collect all or part of the principal of or interest on a residential mortgage loan, entitle the borrower to a refund of amounts previously paid by it or subject the servicer to damages and sanctions. Specifically, provisions of federal predatory lending laws, such as the federal&#160;Truth-in-Lending&#160;Act (as supplemented by the Home Ownership and Equity Protection Act of 1994) and Regulation Z, and various recently enacted state predatory lending laws provide that a purchaser or assignee of specified types of residential mortgage loans (including an issuer of RMBS) may be held liable for violations by the originator of such mortgage loans. Under such assignee liability provisions, a borrower is generally given the right to assert against a purchaser of its mortgage loan any affirmative claims and defenses to payment that such borrower could assert against the originator of the loan or, where applicable, the home improvement contractor that arranged the loan. Liability under such assignee liability provisions could, therefore, result in a disruption of cash flows allocated to the holders of RMBS where either the issuer of such RMBS is liable for damages or is unable to enforce payment by the borrower. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In most but not all cases, the amount recoverable against a purchaser or assignee under such assignee liability provisions is limited to amounts previously paid and still owed by the borrower. Moreover, sellers of residential mortgage loans to an issuer of RMBS typically represent that the loans have been originated in accordance with all applicable laws and in the event such representation is breached, the seller typically must repurchase the offending loan. Notwithstanding these protections, an issuer of RMBS may be exposed to an unquantifiable amount of potential assignee liability because, first, the amount of potential assignee liability under certain predatory lending laws is unclear and has yet to be litigated, and, second, in the event a predatory lending law does not prohibit class action lawsuits, it is possible that an issuer of RMBS could be liable for damages for more than the original principal amount of the offending loans held by it. In such circumstances the issuer of RMBS may be forced to seek contribution from other parties, who may no longer exist or have adequate funds available to fund such contribution. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, structural and legal risks of RMBS include the possibility that, in a bankruptcy or similar proceeding involving the originator or the servicer (often the same entity or affiliates), the assets of the issuer could be treated as never having been truly sold by the originator to the issuer and could be substantively consolidated with those of the originator, or the transfer of such assets to the issuer could be voided as a fraudulent transfer. Challenges based on such doctrines could result also in cash flow delays and losses on the related issue of RMBS. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Mortgage Loan Market Risk</div></div>. In the recent past, the residential mortgage market in the United States experienced difficulties that adversely affected the performance and market value of certain mortgages and mortgage related securities. Delinquencies and losses on residential mortgage loans (especially sub-prime and second lien mortgage loans) generally increased during this period and declines in or flattening of housing values in many housing markets were generally viewed as exacerbating such delinquencies and losses. Borrowers with adjustable rate mortgages (&#8220;ARMs&#8221;) 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. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">At any one time, a portfolio of RMBS may be backed by residential mortgage loans that are highly concentrated in only a few states or regions. As a result, the performance of such residential mortgage loans may be more susceptible to a downturn in the economy, including in particular industries that are highly represented in such states or regions, natural calamities and other adverse conditions affecting such areas. The economic downturn experienced in the recent past at the national level, and the more serious economic downturn experienced in the recent past in certain geographic areas of the United States, including in particular areas of the United States where rates of delinquencies and defaults on residential mortgage loans were particularly high, is generally viewed as having contributed to the higher rates of delinquencies and defaults on the residential mortgage loans underlying RMBS during this period. There also can be no assurance that areas of the United States that mostly avoided higher rates of delinquencies and defaults on residential mortgage loans during this period would continue to do so if an economic downturn were to reoccur at the national level. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>  <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Another factor that may contribute to, and may in the future result in, higher delinquency and default rates is the increase in monthly payments on ARMs. Any increase in prevailing market interest rates, which are currently at historical lows, may result in increased payments for borrowers who have ARMs. Moreover, with respect to hybrid mortgage loans (which are mortgage loans combining fixed and adjustable rate features) after their initial fixed rate period or other adjustable-rate mortgage loans, interest-only products or products having a lower rate, and with respect to mortgage loans with a negative amortization feature which reach their negative amortization cap, borrowers may experience a substantial increase in their monthly payment even without an increase in prevailing market interest rates. Increases in payments for borrowers may result in increased rates of delinquencies and defaults on residential mortgage loans underlying the non-agency RMBS. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As a result of rising concerns about increases in delinquencies and defaults on residential mortgage loans (particularly on sub-prime and adjustable-rate mortgage loans) and as a result of increasing concerns about the financial strength of originators and servicers and their ability to perform their obligations with respect to non-agency RMBS, there may be an adverse change in the market sentiments of investors about the market values and volatility and the degree of risk of non-agency RMBS generally. Some or all of the underlying residential mortgage loans in an issue of non-agency RMBS may have balloon payments due on their respective maturity dates. Balloon residential mortgage loans involve a greater risk to a lender than fully amortizing loans, because the ability of a borrower to pay such amount will normally depend on its ability to obtain refinancing of the related mortgage loan or sell the related mortgaged property at a price sufficient to permit the borrower to make the balloon payment, which will depend on a number of factors prevailing at the time such refinancing or sale is required, including, without limitation, the strength of the local or national residential real estate markets, interest rates and general economic conditions and the financial condition of the borrower. If borrowers are unable to make such balloon payments, the related issue of non-agency RMBS may experience losses. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may acquire RMBS backed by collateral pools of mortgage loans that have been originated using underwriting standards that are less restrictive than those used in underwriting &#8220;prime mortgage loans&#8221; and&#160;&#8220;Alt-A&#160;mortgage loans.&#8221; These lower standards include mortgage loans made to borrowers having imperfect or impaired credit histories, mortgage loans where the amount of the loan at origination is 80% or more of the value of the mortgage property, mortgage loans made to borrowers with low credit scores, mortgage loans made to borrowers who have other debt that represents a large portion of their income and mortgage loans made to borrowers whose income is not required to be disclosed or verified and are commonly referred to as&#160;&#8220;sub-prime&#8221;&#160;mortgage loans.&#160;Sub-prime&#160;mortgage loans have in recent periods experienced increased rates of delinquency, foreclosure, bankruptcy and loss, and they are likely to continue to experience delinquency, foreclosure, bankruptcy and loss rates that are higher, and that may be substantially higher, than those experienced by mortgage loans underwritten in a more traditional manner. Certain categories of RMBS, such as option ARM RMBS and&#160;sub-prime&#160;RMBS, have been referred to by the financial media as &#8220;toxic assets.&#8221; </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Although the United States economy has been slowly improving in recent years, the impact of the coronavirus pandemic on the United States has caused the economy to deteriorate again and led to a high incidence of missed mortgage payments, which could result in the incidence of mortgage foreclosures, especially&#160;sub-prime&#160;mortgages, beginning to increase again, which could adversely affect the value of any RMBS owned by the Fund. </div>  <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Legislation and Regulation Risk</div></div>. The significance of the mortgage crisis and loan defaults in residential mortgage loan sectors led to the enactment in July 2008 of the Housing and Economic Recovery Act of 2008, a wide-ranging housing rescue bill that offers up to $300 billion in assistance to troubled homeowners and emergency assistance to FNMA and FHLMC. This bill could potentially have a material adverse effect on the Fund&#8217;s investment program as the bill, among other things, provides approximately $180 million for &#8220;pre-foreclosure&#8221; housing counseling and legal services for distressed borrowers. In 2007, U.S. Treasury then-Secretary Henry Paulson and HUD then-Secretary Alphonso Jackson and the mortgage industry worked to develop HOPE NOW, an alliance of participants in the mortgage industry intended to work with borrowers with sub-prime mortgages facing interest rate increases and increasing payments. The Congressional Research Service reports that HOPE NOW has undertaken an initiative to provide homeowners with free telephone consultations with HUD-approved credit counselors, who can help homeowners contact their lenders and credit&#160;counselors&#160;to work out a plan to avoid foreclosure. Certain borrowers may also seek relief through the &#8220;FHA Secure&#8221; refinancing option that gives homeowners with non-FHA ARMs, current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. The Helping Families Save Their Homes Act of 2009, which was enacted on May&#160;20, 2009, provides a safe harbor for servicers entering into &#8220;qualified loss mitigation plans&#8221; with respect to residential mortgages originated before the act was enacted. By protecting servicers from certain liabilities, this safe harbor may encourage loan modifications and reduce the likelihood that investors in securitizations will be paid on a timely basis or will be paid in full. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>  <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the mortgage crisis has led public advocacy groups to demand, and governmental officials and federal and state regulatory agencies to propose and consider, a variety of other &#8220;bailout&#8221; and &#8220;rescue&#8221; plans that could potentially have a material adverse effect on the Fund&#8217;s investment program. Some members of the U.S. Congress have expressed concern that the downturn in the housing market played a role in the rise of late mortgage payments and foreclosures and&#160;expressed an expectation that these conditions&#160;would lead to increased filings for bankruptcy. The terms of other proposed legislation or other plans may include, by way of example and not limitation, the following: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">moratoriums on interest rate increases for certain mortgage loans and on foreclosure proceedings; </div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">conversions of ARMs to fixed-rate mortgages (including in connection with government-backed refinancings of individual mortgage loans), with potential workouts to provide borrowers with equity stakes in their homes; </div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">increased scrutiny of mortgage originations (including mortgage loans in which the Fund may own an interest through non-agency RMBS) and foreclosure proceedings; </div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">additional registration and licensing requirements for mortgage brokers, lenders and others involved in the mortgage industry; and </div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">greater relief to homeowners under the U.S. Bankruptcy Code or other federal or state laws, including relief to stay or delay the foreclosure of residential mortgage loans or to modify payment terms, including interest rates and repayment periods, of residential mortgage loans, over a lender&#8217;s objections, as the result of a &#8220;cramdown,&#8221; which decreases the debt&#8217;s value to as low as the collateral&#8217;s fair market value. </div></td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A significant number of loan modifications could result in a significant reduction in cash flows to the holders of the mortgage securities on an ongoing basis. These loan modification programs, as well as future legislative or regulatory actions, including amendments to the bankruptcy laws, that result in the modification of outstanding mortgage loans may adversely affect the value of, and the returns on, the assets in which the Fund may invest. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">New laws, legislation or other government regulations, including those promulgated in furtherance of a &#8220;bailout&#8221; or &#8220;rescue&#8221; plan to address any potential crisis and distress in the residential mortgage loan sector, may result in a reduction of available transactional opportunities for the Fund, or an increase in the cost associated with such transactions. Any such law, legislation or regulation may adversely affect the market value of RMBS. </div>  <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">CMBS Risks</div>.&#160;CMBS are, generally, securities backed by obligations (including certificates of participation in obligations) that are principally secured by mortgages on real property or interests therein having a multifamily or commercial use, such as regional malls, other retail space, office buildings, industrial or warehouse properties, hotels, nursing homes and senior living centers. The market for CMBS developed more recently and, in terms of total outstanding principal amount of issues, is relatively small compared to the market for single-family RMBS. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">CMBS are subject to particular risks, including lack of standardized terms, shorter maturities than residential mortgage loans and payment of all or substantially all of the principal only at maturity rather than regular amortization of principal. Additional risks may be presented by the type and use of a particular commercial property. Special risks are presented by hospitals, nursing homes, hospitality properties and certain other property types. Commercial property values and net operating income are subject to volatility, which may result in net operating income becoming insufficient to cover debt service on the related mortgage loan. The repayment of loans secured by income-producing properties is typically dependent upon the successful operation of the related real estate project rather than upon the liquidation value of the underlying real estate. Furthermore, the net operating </div>  <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">income from and value of any commercial property is subject to various risks, including changes in general or local economic conditions and/or specific industry segments; the solvency of the related tenants; declines in real estate values; declines in rental or occupancy rates; increases in interest rates, real estate tax rates and other operating expenses; changes in governmental rules, regulations and fiscal policies; acts of God; new and ongoing epidemics and pandemics of infectious diseases and other global health events; natural/environmental disasters; terrorist threats and attacks and social unrest and civil disturbances. Consequently, adverse changes in economic conditions and circumstances are more likely to have an adverse impact on MBS secured by loans on commercial properties than on those secured by loans on residential properties. In addition, commercial lending generally is viewed as exposing the lender to a greater risk of loss than&#160;one-&#160;to four- family residential lending. Commercial lending, for example, typically involves larger loans to single borrowers or groups of related borrowers than residential&#160;one-&#160;to four- family mortgage loans. In addition, the repayment of loans secured by income producing properties typically is dependent upon the successful operation of the related real estate project and the cash flow generated therefrom. The coronavirus pandemic in the United States has had a severe adverse effect on many commercial businesses, resulting in them not paying rent, which in turn will likely result in the owners of the underlying properties being impaired in their ability to make mortgage payments. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The exercise of remedies and successful realization of liquidation proceeds relating to CMBS is also highly dependent on the performance of the servicer or special servicer. In many cases, overall control over the special servicing of related underlying mortgage loans will be held by a &#8220;directing certificateholder&#8221; or a &#8220;controlling class representative,&#8221; which is appointed by the holders of the most subordinate class of CMBS in such series. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may not have the right to appoint the directing certificateholder. In connection with the servicing of the specially serviced mortgage loans, the related special servicer may, at the direction of the directing certificateholder, take actions with respect to the specially serviced mortgage loans that could adversely affect the Fund&#8217;s interests. There may be a limited number of special servicers available, particularly those that do not have conflicts of interest. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in Subordinated CMBS issued or sponsored by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other&#160;non-governmental&#160;issuers. Subordinated CMBS have no governmental guarantee and are subordinated in some manner as to the payment of principal and/or interest to the holders of more senior CMBS arising out of the same pool of mortgages. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Subordinated CMBS are often referred to as&#160;&#8220;B-Pieces.&#8221;&#160;The holders of Subordinated CMBS typically are compensated with a higher stated yield than are the holders of more senior CMBS. On the other hand, Subordinated CMBS typically subject the holder to greater risk than senior CMBS and tend to be rated in a lower rating category (frequently a substantially lower rating category) than the senior CMBS issued in respect of the same mortgage pool. Subordinated CMBS generally are likely to be more sensitive to changes in prepayment and interest rates and the market for such securities may be less liquid than is the case for traditional income securities and senior CMBS. </div>  <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Credit Risk Associated With Originators and Servicers of Mortgage Loans</div><div style="font-style:italic;display:inline;">.</div>&#160;A number of originators and servicers of residential and commercial mortgage loans, including some of the largest originators and servicers in the residential and commercial mortgage loan market, have experienced serious financial difficulties, including some that are now or were subject to federal insolvency proceedings. These difficulties have resulted from many factors, including increased competition among originators for borrowers, decreased originations by such originators of mortgage loans and increased delinquencies and defaults on such mortgage loans, as well as from increases in claims for repurchases of mortgage loans previously sold by them under agreements that require repurchase in the event of breaches of representations regarding loan quality and characteristics. Such difficulties may affect the performance of MBS backed by mortgage loans. Furthermore, the inability of the originator to repurchase such mortgage loans in the event of loan representation breaches or the servicer to repurchase such mortgage loans upon a breach of its servicing obligations also may affect the performance of related MBS. Delinquencies and losses on, and, in some cases, claims for repurchase by the originator of, mortgage loans originated by some mortgage lenders have recently increased as a result of inadequate underwriting procedures and policies, including inadequate due diligence, failure to comply with predatory and other lending laws and, particularly in the case of any &#8220;no documentation&#8221; or &#8220;limited documentation&#8221; mortgage loans that may support&#160;non-agency&#160;RMBS, inadequate verification of income and employment history. Delinquencies and losses </div>  <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">on, and claims for repurchase of, mortgage loans originated by some mortgage lenders have also resulted from fraudulent activities of borrowers, lenders, appraisers, and other residential mortgage industry participants such as mortgage brokers, including misstatements of income and employment history, identity theft and overstatements of the appraised value of mortgaged properties. Many of these originators and servicers are very highly leveraged. These difficulties may also increase the chances that these entities may default on their warehousing or other credit lines or become insolvent or bankrupt and thereby increase the likelihood that repurchase obligations will not be fulfilled and the potential for loss to holders of&#160;non-agency&#160;MBS and subordinated security holders. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The servicers of&#160;non-agency&#160;MBS are often the same entities as, or affiliates of, the originators of these mortgage loans. Accordingly, the financial risks relating to originators of MBS described immediately above also may affect the servicing of MBS. In the case of such servicers, and other servicers, financial difficulties may have a negative effect on the ability of servicers to pursue collection on mortgage loans that are experiencing increased delinquencies and defaults and to maximize recoveries on sale of underlying properties following foreclosure. In recent years, a number of lenders specializing in residential mortgages have sought bankruptcy protection, shut down or been refused further financings from their lenders. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">MBS typically provide that the servicer is required to make advances in respect of delinquent mortgage loans. However, servicers experiencing financial difficulties may not be able to perform these obligations or obligations that they may have to other parties of transactions involving these securities. Like originators, these entities are typically very highly leveraged. Such difficulties may cause servicers to default under their financing arrangements. In certain cases, such entities may be forced to seek bankruptcy protection. Due to the application of the provisions of bankruptcy law, servicers who have sought bankruptcy protection may not be required to advance such amounts. Even if a servicer were able to advance amounts in respect of delinquent mortgage loans, its obligation to make such advances may be limited to the extent that it does not expect to recover such advances due to the deteriorating credit of the delinquent mortgage loans or declining value of the related mortgaged properties. Moreover, servicers may overadvance against a particular mortgage loan or charge too many costs of resolution or foreclosure of a mortgage loan to a securitization, which could increase the potential losses to holders of MBS. In such transactions, a servicer&#8217;s obligation to make such advances may also be limited to the amount of its servicing fee. In addition, if an issue of MBS provides for interest on advances made by the servicer, in the event that foreclosure proceeds or payments by borrowers are not sufficient to cover such interest, such interest will be paid to the servicer from available collections or other mortgage income, thereby reducing distributions made on the MBS and, in the case of senior-subordinated MBS described below, first from distributions that would otherwise be made on the most subordinated MBS of such issue. Any such financial difficulties may increase the possibility of a servicer termination and the need for a transfer of servicing and any such liabilities or inability to assess such liabilities may increase the difficulties and costs in affecting such transfer and the potential loss, through the allocation of such increased cost of such transfer, to subordinated security holders. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There can be no assurance that originators and servicers of mortgage loans will not continue to experience serious financial difficulties or experience such difficulties in the future, including becoming subject to bankruptcy or insolvency proceedings, or that underwriting procedures and policies and protections against fraud will be sufficient in the future to prevent such financial difficulties or significant levels of default or delinquency on mortgage loans. Because the recent financial difficulties experienced by such originators and servicers is unprecedented and unpredictable, the past performance of the residential and commercial mortgage loans originated and serviced by them (and the corresponding performance of the related MBS) is not a reliable indicator of the future performance of such residential mortgage loans (or the related MBS). </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In some cases, servicers of MBS have been the subject of legal proceedings involving the origination and/or servicing practices of such servicers. Large groups of private litigants and states&#8217; attorneys general have brought such proceedings. Because of the large volume of mortgage loans originated and serviced by such servicers, such litigation can cause heightened financial strain on servicers. In other cases, origination and servicing practices may cause or contribute to such strain, because of representation and warranty repurchase liability arising in MBS and mortgage loan sale transactions. Any such financial strain could cause servicers to service below required standards, causing delinquencies and losses in any related MBS transaction to rise, and in extreme cases could cause the servicer to seek the protection of any applicable bankruptcy or insolvency law. In any such proceeding, it is unclear whether the fees that the servicer charges in such transactions would be sufficient to permit that servicer or a successor servicer to service the mortgage loans in such transaction adequately. If such fees had to be increased, it is likely that the most subordinated security holders in such transactions would be effectively required to pay such increased fees. Finally, these entities may be the subject of future laws designed to protect consumers from defaulting on their mortgage loans. Such laws may have an adverse effect on the cash flows paid under such MBS. </div>  <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>  <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Adjustable Rate Mortgage Risk</div>. 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. Alternatively, certain ARMs contain limitations on changes in the required monthly payment. 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. If the monthly payment for such an instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the excess is used to reduce the then-outstanding principal balance of the ARM. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, certain ARMs may provide for an initial fixed, below-market or &#8220;teaser&#8221; 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 &#8220;teaser&#8221; 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 MBS into which that loan has been bundled. This risk may be increased as increases in prevailing market interest rates, which are currently near historical lows, may result in increased payments for borrowers with ARMs. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Stripped MBS Risk</div>.&#160;Stripped MBS may be subject to additional risks. One type of stripped MBS pays to one class all of the interest form the mortgage assets (the &#8220;IO class&#8221;), while the other class will receive all of the principal (the &#8220;PO class&#8221;). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets and a rapid rate of principal payments may have a material adverse effect on the Fund&#8217;s yield to maturity from these securities. 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 style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">CMO Risk</div>.&#160;There are certain risks associated specifically with CMOs. CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities. The average life of a CMO is determined using mathematical models that incorporate prepayment assumptions and other factors that involve estimates of future economic and market conditions. Actual future results may vary from these estimates, particularly during periods of extreme market volatility. Further, under certain market conditions, such as those that occurred during the recent downturn in the mortgage markets, the weighted average life of certain CMOs may not accurately reflect the price volatility of such securities. For example, in periods of supply and demand imbalances in the market for such securities and/or in periods of sharp interest rate movements, the prices of CMOs may fluctuate to a greater extent than would be expected from interest rate movements alone. CMOs issued by private entities are not obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and are not guaranteed by any government agency, although the securities underlying a CMO may be subject to a guarantee. Therefore, if the collateral securing the CMO, as well as any third party credit support or guarantees, is insufficient to make payments when due, the holder could sustain a loss. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Inverse floating rate CMOs are typically more volatile than fixed or floating rate tranches of CMOs. Many inverse floating rate CMOs have coupons that move inversely to a multiple of an index. The effect of the coupon varying inversely to a multiple of an applicable index creates a leverage factor. Inverse floaters based on multiples of a stated index are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and loss of principal. The market for inverse floating rate CMOs with highly leveraged characteristics at times may be very thin. The Fund&#8217;s ability to dispose of its positions in such securities will depend on the degree of liquidity in the markets for such securities. It is impossible to predict the amount of trading interest that may exist in such securities, and therefore the future degree of liquidity. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>  <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also invest in REMICs, which are CMOs that qualify for special tax treatment under the Code and invest in certain mortgages principally secured by interests in real property and other permitted investments. </div>  <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Additional Risks of Mortgage Related Securities</div>.&#160;Additional risks associated with investments in MBS <div style="display:inline;">include</div>: </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Interest Rate Risk</div></div>.&#160;In addition to the interest rate risks described above, certain MBS may be subject to additional risks as the rate of interest payable on certain MBS may be set or effectively capped at the weighted average net coupon of the underlying mortgage loans themselves, often referred to as an &#8220;available funds cap.&#8221; As a result of this cap, the return to the holder of such MBS is dependent on the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. In general, early prepayments will have a greater negative impact on the yield to the holder of such MBS. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Structural Risk</div></div>. Because MBS generally are ownership or participation interests in pools of mortgage loans secured by a pool of properties underlying the mortgage loan pool, the MBS are entitled to payments provided for in the underlying agreement only when and if funds are generated by the underlying mortgage loan pool. This likelihood of the return of interest and principal may be assessed as a credit matter. However, the holders of MBS do not have the legal status of secured creditors, and cannot accelerate a claim for payment on their securities, or force a sale of the mortgage loan pool in the event that insufficient funds exist to pay such amounts on any date designated for such payment. The holders of MBS do not typically have any right to remove a servicer solely as a result of a failure of the mortgage pool to perform as expected. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Subordination Risk</div></div>. MBS may be subordinated to one or more other senior classes of securities of the same series for purposes of, among other things, offsetting losses and other shortfalls with respect to the related underlying mortgage loans. For example, in the case of certain MBS, no distributions of principal will generally be made with respect to any class until the aggregate principal balances of the corresponding senior classes of securities have been reduced to zero. As a result, MBS may be more sensitive to risk of loss, writedowns, the&#160;non-fulfillment&#160;of repurchase obligations, overadvancing on a pool of loans and the costs of transferring servicing than senior classes of securities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Prepayment, Extension and Redemption Risks</div></div><div style="font-style:italic;display:inline;">.</div>&#160;MBS may reflect an interest in monthly payments made by the borrowers who receive the underlying mortgage loans. Although the underlying mortgage loans are for specified periods of time, such as 20 or 30 years, the borrowers can, and historically have paid them off sooner. When a prepayment happens, a portion of the MBS which represents an interest in the underlying mortgage loan will be prepaid. A borrower is more likely to prepay a mortgage which bears a relatively high rate of interest. This means that in times of declining interest rates, a portion of the Fund&#8217;s higher yielding securities are likely to be redeemed and the Fund will probably be unable to replace them with securities having as great a yield. In addition to reductions in the level of market interest rates and the prepayment provisions of the mortgage loans, repayments on the residential mortgage loans underlying an issue of RMBS may also be affected by a variety of economic, geographic and other factors, including the size difference between the interest rates on the underlying residential mortgage loans (giving consideration to the cost of refinancing) and prevailing mortgage rates and the availability of refinancing. Prepayments can result in lower yields to shareholders. The increased likelihood of prepayment when interest rates decline also limits market price appreciation of MBS. This is known as prepayment risk. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Except in the case of certain types of RMBS, the mortgage loans underlying RMBS generally do not contain prepayment penalties and a reduction in market interest rates will increase the likelihood of prepayments on the related RMBS. In the case of certain home equity loan securities and certain types of RMBS, even though the underlying mortgage loans often contain prepayment premiums, such prepayment premiums may not be sufficient to discourage borrowers from prepaying their mortgage loans in the event of a reduction in market interest rates, resulting in a reduction in the yield to maturity for holders of the related RMBS. RMBS typically contain provisions that require repurchase of mortgage loans by the originator or other seller in the event of a breach of a representation or warranty regarding loan quality and characteristics of such loan. Any repurchase of a mortgage loan as a result of a breach has the same effect on the yield received on the related issue of RMBS as a prepayment of such mortgage loan. Any increase in breaches of representations and the consequent repurchases of mortgage loans that result from inadequate underwriting procedures and policies and protections against fraud will have the same effect on the yield on the related RMBS as an increase in prepayment rates. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>  <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Risk of prepayment may be reduced for commercial real estate property loans containing significant prepayment penalties or prohibitions on principal payments for a period of time following origination. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">MBS also are subject to extension risk. 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. The values of long-term securities generally fluctuate more widely in response to changes in interest rates than short or intermediate-term securities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, MBS may be subject to redemption at the option of the issuer. If a MBS held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem or&#160;&#8220;pay-off&#8221;&#160;the security, which could have an adverse effect on the Fund&#8217;s ability to achieve its investment objectives. </div>  <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Spread Widening Risk</div></div>. The prices of MBS may decline substantially, for reasons that may not be attributable to any of the other risks described in this Prospectus. In particular, purchasing assets at what may appear to be &#8220;undervalued&#8221; levels is no guarantee that these assets will not be trading at even more &#8220;undervalued&#8221; levels at a time of valuation or at the time of sale. It may not be possible to predict, or to protect against, such &#8220;spread widening&#8221; risk. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Illiquidity Risk</div></div>. The liquidity of MBS varies by type of security; at certain times the Fund may encounter difficulty in disposing of such investments. Because MBS have the potential to be less liquid than other securities, the Fund may be more susceptible to illiquidity risk than funds that invest in other securities. In the past, in stressed markets, certain types of MBS suffered periods of illiquidity when disfavored by the market. Due to increased instability in the credit markets, the market for some MBS has experienced reduced liquidity and greater volatility with respect to the value of such securities, making it more difficult to value such securities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Asset-Backed Securities Risk</div>. ABS involve certain risks in addition to those presented by MBS. There is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. Relative to MBS, ABS may provide the Fund with a less effective security interest in the underlying collateral and are more dependent on the borrower&#8217;s ability to pay. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in an ABS transaction. Finally, ABS have structure risk due to a unique characteristic known as early amortization, or early payout, risk. Built into the structure of most ABS are triggers for early payout, designed to protect investors from losses. These triggers are unique to each transaction and can include a significant rise in defaults on the underlying loans, a sharp drop in the credit enhancement level or the bankruptcy of the originator. Once early amortization begins, all incoming loan payments (after expenses are paid) are used to pay investors as quickly as possible based upon a predetermined priority of payment. As a result, proceeds that would otherwise be distributed to holders of a junior tranche may be diverted to pay down more senior tranches. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The collateral underlying ABS may constitute assets related to a wide range of industries and sectors, such as credit card and automobile receivables. 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 debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Most 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. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have an effective security interest in all of the obligations backing such receivables. If the economy of the United States deteriorates, defaults on securities backed by credit card, automobile and other receivables may increase, which may adversely affect the value of any ABS owned by the Fund. There is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. In recent years, certain automobile manufacturers have been granted access to emergency loans from the U.S. Government and have experienced bankruptcy. As a result of these events, the value of securities backed by receivables from the sale or lease of automobiles may be adversely affected. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>  <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Some ABS, particularly home equity loan transactions, are subject to interest rate risk and prepayment risk. A change in interest rates can affect the pace of payments on the underlying loans, which in turn, affects total return on the securities. </div>  <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Collateralized Debt Obligation Risks</div>. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and ABS generally discussed in this Prospectus, CDOs carry additional risks including, but not limited to: (i)&#160;the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii)&#160;the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii)&#160;the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv)&#160;the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v)&#160;the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi)&#160;the lack of a readily available secondary market for CDOs; (vii)&#160;the risk of forced &#8220;fire sale&#8221; liquidation due to technical defaults such as coverage test failures; and (viii)&#160;the CDO&#8217;s manager may perform poorly. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">REITs Risk</div>.&#160;To the extent that the Fund invests in real estate related investments, including REITs, it will be subject to the risks associated with owning real estate and with the real estate industry generally. These include difficulties in valuing and disposing of real estate, the possibility of declines in the value of real estate, risks related to general and local economic conditions, the possibility of adverse changes in the climate for real estate, environmental liability risks, the risk of increases in property taxes and operating expenses, possible adverse changes in zoning laws, the risk of casualty or condemnation losses, limitations on rents, the possibility of adverse changes in interest rates and in the credit markets and the possibility of borrowers paying off mortgages sooner than expected, which may lead to reinvestment of assets at lower prevailing interest rates. To the extent that the Fund invests in REITs, it will also be subject to the risk that a REIT may default on its obligations or go bankrupt. REITs are generally not taxed on income timely distributed to shareholders, provided they comply with the applicable requirements of the Code. By investing in REITs indirectly through the Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. Mortgage REITs are pooled investment vehicles that invest the majority of their assets in real property mortgages and which generally derive income primarily from interest payments thereon. Investing in mortgage REITs involves certain risks related to investing in real property mortgages. In addition, mortgage REITs must satisfy highly technical and complex requirements in order to qualify for the favorable tax treatment accorded to REITs under the Code. No assurances can be given that a mortgage REIT in which the Fund invests will be able to continue to qualify as a REIT or that complying with the REIT requirements under the Code will not adversely affect such REIT&#8217;s ability to execute its business plan. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Many REITs focus on particular types of properties or properties which are especially suited for certain uses, and those REITs are affected by the risks which impact the users of their properties. For REITs that own healthcare facilities, for example, the physical characteristics of these properties and their operations are highly regulated, and those regulations often require capital expenditures or restrict the profits realizable from these properties. Some of these properties are also highly dependent upon Medicare and Medicaid payments, which are subject to changes in governmental budgets and policies. These properties may experience losses if their tenants receive lower Medicare or Medicaid rates. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">U.S. Government Securities Risk</div>. U.S. Government debt securities generally involve lower levels of credit risk than other types of fixed-income securities of similar maturities, although, as a result, the yields available from U.S. Government debt securities are generally lower than the yields available from such other securities. Like other fixed-income securities, the values of U.S. Government securities change as interest rates fluctuate. </div> <div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Zero-Coupon Securities Risk</div>. Zero coupon securities are securities that are sold at a discount to par value and do not pay interest during the life of the security. The discount approximates the total amount of interest the security will accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the security. </div></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>  <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">While interest payments are not made on zero coupon securities, holders of such securities are deemed to have received income (&#8220;phantom income&#8221;) annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon security, but at the same time eliminates the holder&#8217;s ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero coupon securities are more exposed to interest rate risk than shorter term zero coupon securities. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund accrues income with respect to these securities for Federal income tax and accounting purposes prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular intervals. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Further, to maintain its qualification for pass-through treatment under the Federal tax laws, the Fund is required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to generate the cash to satisfy these distributions. The required distributions may result in an increase in the Fund&#8217;s exposure to zero coupon securities. </div> <div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition to the above-described risks, there are certain other risks related to investing in zero coupon securities. During a period of severe market conditions, the market for such securities may become even less liquid. In addition, as these securities do not pay cash interest, the Fund&#8217;s investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Fund&#8217;s portfolio. </div></div>  <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Pay-In-Kind Bonds Risks</div>. The Fund may invest in PIK bonds. PIK bonds are bonds that pay interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, PIK bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date unless a portion of such securities is sold and, if the issuer defaults, the Fund may obtain no return at all on its investment. The market price of PIK bonds is affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that of securities that pay interest in cash. Additionally, current federal tax law requires the holder of certain PIK bonds to accrue income with respect to these securities prior to the receipt of cash payments. To maintain its qualification as a RIC and avoid liability for federal income and excise taxes, the Fund may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Insolvency of Issuers of Indebtedness Risk</div>. Various laws enacted for the protection of creditors may apply to indebtedness in which the Fund invests. The information in this and the following paragraph is applicable with respect to U.S. issuers subject to U.S. federal bankruptcy law. Insolvency considerations may differ with respect to other issuers. If, in a lawsuit brought by an unpaid creditor or representative of creditors of an issuer of indebtedness, a court were to find that the issuer did not receive fair consideration or reasonably equivalent value for incurring the indebtedness and that, after giving effect to such indebtedness, the issuer (i)&#160;was insolvent, (ii)&#160;was engaged in a business for which the remaining assets of such issuer constituted unreasonably small capital or (iii)&#160;intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could determine to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of such issuer, or to recover amounts previously paid by such issuer in satisfaction of such indebtedness. The measure of insolvency for purposes of the foregoing will vary. Generally, an issuer would be considered insolvent at a particular time if the sum of its debts was then greater than all of its property at a fair valuation, or if the present fair saleable value of its assets was then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and </div>  <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">matured. There can be no assurance as to what standard a court would apply in order to determine whether the issuer was &#8220;insolvent&#8221; after giving effect to the incurrence of the indebtedness in which the Fund invested or that, regardless of the method of valuation, a court would not determine that the issuer was &#8220;insolvent&#8221; upon giving effect to such incurrence. In addition, in the event of the insolvency of an issuer of indebtedness in which the Fund invests, payments made on such indebtedness could be subject to avoidance as a &#8220;preference&#8221; if made within a certain period of time (which may be as long as one year) before insolvency. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund does not anticipate that it will engage in conduct that would form the basis for a successful cause of action based upon fraudulent conveyance, preference or subordination. There can be no assurance, however, as to whether any lending institution or other party from which the Fund may acquire such indebtedness engaged in any such conduct (or any other conduct that would subject such indebtedness and the Fund to insolvency laws) and, if it did, as to whether such creditor claims could be asserted in a U.S. court (or in the courts of any other country) against the Fund. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Indebtedness consisting of obligations of&#160;non-U.S.&#160;issuers may be subject to various laws enacted in the countries of their issuance for the protection of creditors. These insolvency considerations will differ depending on the country in which each issuer is located or domiciled and may differ depending on whether the issuer is a&#160;non-sovereign&#160;or a sovereign entity. </div>  <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Rights Risk</div>. The failure to exercise subscription rights to purchase common stock would result in the dilution of the Fund&#8217;s interest in the issuing company. The market for such rights is not well developed, and, accordingly, the Fund may not always realize full value on the sale of rights. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Municipal Securities Risks</div>. Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. These risks include: </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">General Obligation Bonds Risks</div></div>. The full faith, credit and taxing power of the municipality that issues a general obligation bond secures payment of interest and repayment of principal. Timely payments depend on the issuer&#8217;s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Revenue Bonds Risks</div></div>. Revenue bonds issued by state or local agencies to finance the development of&#160;low-income,&#160;multi-family housing involve special risks in addition to those associated with municipal bonds generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. Payments of interest and principal on revenue bonds are made only from the revenues generated by a particular facility, class of facilities or the proceeds of a special tax or other revenue source. These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. Such bonds are generally nonrecourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for issuers to meet payment obligations on subordinated bonds. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Private Activity Bonds Risks</div></div>. Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. If the private enterprise defaults on its payments, the Fund may not receive any income or get its money back from the investment. These bonds may subject certain investors in the Fund to the federal alternative minimum tax. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Moral Obligation Bonds Risks</div></div>. Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Municipal Notes Risks</div></div>. Municipal notes are shorter term municipal debt obligations. They may provide interim financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>  <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Municipal Lease Obligations Risks</div></div>. In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not obligated to do so. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. However, if the issuer does not fulfill its payment obligation it may be difficult to sell the property and the proceeds of a sale may not cover the Fund&#8217;s loss. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of &#8220;nonappropriation&#8221; clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the lease premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of nonappropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover ownership of the assets. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certificates of participation, which represent interests in unmanaged pools of municipal leases or installment contracts, involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificate of participation to exercise remedies with respect to the underlying securities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of <div style="display:inline;">participation</div>. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Liquidity of Investments</div></div>. Certain municipal bonds in which the Fund invests may lack an established secondary trading market or are otherwise considered illiquid. Liquidity of a security relates to the ability to easily dispose of the security and the price to be obtained and does not generally relate to the credit risk or likelihood of receipt of cash at maturity. Illiquid securities may trade at a discount from comparable, more liquid investments. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The financial markets in general, and certain segments of the municipal securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods some securities could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may&#160;occur again at any time. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Because the Fund does not expect that it will invest more 50% of its assets in&#160;tax-exempt&#160;municipal securities, the Fund will not be eligible to pass&#160;tax-exempt&#160;interest through to its shareholders in the form of &#8220;exempt-interest dividends.&#8221;&#160;The amount of&#160;tax-exempt&#160;interest earned by the Fund will, however, generally increase the Fund&#8217;s earnings and profits for U.S. federal income tax purposes.&#160;Accordingly, distributions of the Fund attributable to&#160;tax-exempt&#160;interest will generally be taxable to shareholders as ordinary dividend income that is not eligible for the preferential tax rates applicable to &#8220;qualified dividend income,&#8221; even though the&#160;tax-exempt&#160;income, if earned directly by the shareholder, would not have been subject to U.S. federal income tax. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Emerging Markets Risk</div>. The Fund may invest in&#160;Non-U.S.&#160;Securities of issuers in&#160;so-called&#160;&#8220;emerging markets&#8221; (or lesser developed countries). Such investments are particularly speculative and entail all of the risks of investing in&#160;Non-U.S.&#160;Securities but to a heightened degree. &#8220;Emerging market&#8221; countries generally include every nation in the world except developed countries, that is, the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i)&#160;low or&#160;non-existent&#160;trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">more developed capital markets; (ii)&#160;uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii)&#160;possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments; (iv)&#160;national policies that may limit the Fund&#8217;s investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests; and (v)&#160;the lack or relatively early development of legal structures governing private and foreign investments and private property. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Foreign investment in certain emerging market countries may be restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in certain emerging market issuers and increase the costs and expenses of the Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons in a particular issuer, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries and/or impose additional taxes on foreign investors. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Many emerging markets have histories of political instability and abrupt changes in policies and these countries may lack the social, political and economic stability characteristic of more developed countries. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments in the affected market. Some countries have pervasiveness of corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that may limit the Fund&#8217;s investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests. In such a dynamic environment, there can be no assurance that any or all of these capital markets will continue to present viable investment opportunities for the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Foreign Currency Risk</div>. Because the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund&#8217;s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Advisors may, but are not required to, elect for the Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. In addition, certain countries, particularly emerging market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation or convertibility of currency. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Sovereign Governmental and Supranational Debt Risk</div>. Investments in sovereign debt involve special risks. Foreign governmental issuers of debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or pay interest when due. In the event of default, there may be limited or no legal recourse in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Political conditions, especially a sovereign entity&#8217;s willingness to meet the terms of its debt obligations, are of considerable significance. The ability of a foreign sovereign issuer, especially an emerging market country, to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer&#8217;s balance of payments, including export performance, its access to international credit facilities and investments, fluctuations of interest rates and the extent of its foreign reserves. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Also, there can be no assurances that the holders of commercial bank loans to the same sovereign entity may not contest payments to the holders of sovereign debt in the event of default under commercial bank loan agreements. In addition, there is no bankruptcy proceeding with respect to sovereign debt on which a sovereign has defaulted and the Fund may be unable to collect all or any part of its investment in a particular issue. Foreign investment in certain sovereign debt is restricted or controlled to varying degrees, including requiring governmental approval for the repatriation of income, capital or proceeds of sales by foreign investors. These restrictions or controls may at times limit or preclude foreign investment in certain sovereign debt and increase the costs and expenses of the Fund. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">LIBOR Risk</div>. The Fund may be exposed to financial instruments that are tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The Fund&#8217;s investments may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing at floating rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The United Kingdom&#8217;s Financial Conduct Authority announced a phase out of LIBOR such that after June&#160;30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average (&#8220;EONIA&#8221;), ceased to be published or representative after December&#160;31, 2021. The Fund may have investments linked to other interbank offered rates that may also cease to be published in the future. Various financial industry groups have been planning for the transition away from LIBOR, but there remain challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (&#8220;SOFR&#8221;), which is intended to replace the U.S. dollar LIBOR). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. In addition, a liquid market for newly issued instruments that use a reference rate other than LIBOR still may be developing. There may also be challenges for the Fund to enter into hedging transactions against such newly issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund&#8217;s performance or NAV. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Event Risk</div>. Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company&#8217;s securities may decline significantly. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Inverse Floater and Related Securities Risk</div>. Investments in inverse floaters, residual interest tender option bonds and similar instruments expose the Fund to the same risks as investments in fixed-income securities and derivatives, as well as other risks, including those associated with leverage and increased volatility. An investment in these securities typically will involve greater risk than an investment in a fixed rate security. Distributions on inverse floaters, residual interest tender option bonds and similar instruments will typically bear an inverse relationship to short term interest rates and typically will be reduced or, potentially, eliminated as interest rates rise. Inverse floaters, residual interest tender option bonds and similar instruments will underperform the market for fixed rate securities in a rising interest rate environment. Inverse floaters may be considered to be leveraged to the extent that their interest rates vary by a magnitude that exceeds the magnitude of the change in a reference rate of interest (typically a short term interest rate). The leverage inherent in inverse floaters is associated with greater volatility in their market values. Investments in inverse floaters, residual interest tender option bonds and similar instruments that have fixed-income&#160;securities underlying them will expose the Fund to the risks associated with those fixed-income securities and the values of those investments may be especially sensitive to changes in prepayment rates on the underlying fixed-income securities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Inflation-Indexed Bonds Risk</div>. Inflation-indexed securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPs, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Thus generally, during periods of rising inflation, the value of inflation-indexed securities will tend to increase and during periods of deflation, their value will tend to decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used (e.g., the Consumer Price Index for All Urban Consumers) will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity. In order to receive the special treatment accorded to RICs and their shareholders under the Code and to avoid U.S. federal income and/or excise taxes at the Fund level, the Fund may be required to distribute this income to shareholders in the tax year in which the income is recognized (without a corresponding receipt of cash). Therefore, the Fund may be required to pay out as an income distribution in any such tax year an amount greater than the total amount of cash income the Fund actually received and to sell portfolio securities, including at potentially disadvantageous times or prices, to obtain cash needed for these income distributions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issues pay out the Consumer Price Index (&#8220;CPI&#8221;) accruals as part of a semi-annual coupon. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over the first six months was 1%, the&#160;mid-year&#160;par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year&#8217;s inflation equaling 3%, the&#160;end-of-year&#160;par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%). </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds that may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation index may not be correlated to the rate of inflation in the United States. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond&#8217;s inflation measure. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the Consumer Price Index for Urban Consumers&#160;(&#8220;CPI-U&#8221;),&#160;which is calculated monthly by the U.S. Bureau of Labor Statistics. The&#160;CPI-U&#160;is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the&#160;CPI-U&#160;or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Defensive Investing Risk</div>. For defensive purposes, the Fund may allocate assets into cash or short-term fixed-income securities without limitation. In doing so, the Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objectives. Further, the value of short-term fixed-income securities may be affected by changing interest rates and by changes in credit ratings of the investments. If the Fund holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Structured Investments Risk</div>. The Fund may invest in structured products, including structured notes, ELNs and other types of structured products. Holders of structured products bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may have the right to receive payments only from the structured product and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product&#8217;s administrative and other expenses. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining such financing, which may adversely affect the value of the structured products owned by the Fund. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Structured Notes Risk</div></div>. Investments in structured notes involve risks, including credit risk and market risk. Where the Fund&#8217;s investments in structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the note. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Event-Linked Securities Risk</div></div>. Event-linked securities are a form of derivative issued by insurance companies and insurance-related special purpose vehicles that apply securitization techniques to catastrophic property and casualty damages. Unlike other insurable&#160;low-severity,&#160;high-probability events, the insurance risk of which can be diversified by writing large numbers of similar policies, the holders of a typical event-linked securities are exposed to the risks from high-severity,&#160;low-probability&#160;events such as that posed by major earthquakes or hurricanes. If a catastrophe occurs that &#8220;triggers&#8221; the event-linked security, investors in such security may lose some or all of the capital invested. In the case of an event, the funds are paid to the bond sponsor&#8212;an insurer, reinsurer or corporation&#8212;to cover losses. In return, the bond sponsors pay interest to investors for this catastrophe protection. Event-linked securities can be structured to&#160;pay-off&#160;on three types of variables&#8212;insurance-industry catastrophe loss indices, insured-specific catastrophe losses and parametric indices based on the physical characteristics of catastrophic events. Such variables are difficult to predict or model, and the risk and potential return profiles of event-linked securities may be difficult to assess. Catastrophe-related event-linked securities have been in use since the 1990s, and the securitization and risk-transfer aspects of such event-linked securities are beginning to be employed in other insurance and risk-related areas. No active trading market may exist for certain event-linked securities, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Equity-Linked Notes Risk</div></div>.&#160;ELNs are hybrid securities with characteristics of both fixed-income and equity securities. An ELN is a debt instrument, usually a bond, that pays interest based upon the performance of an underlying equity, which can be a single stock, basket of stocks or an equity index. The interest payment on an ELN may in some cases be leveraged so that, in percentage terms, it exceeds the relative performance of the market. ELNs generally are subject to the risks associated with the securities of equity issuers, default risk and counterparty risk. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Credit-Linked Notes Risk</div></div>. A credit-linked note is a derivative instrument. It is a synthetic obligation between two or more parties where the payment of principal and/or interest is based on the performance of some obligation (a reference obligation). In addition to the credit risk of the reference obligations and interest rate risk, the buyer/seller of the credit-linked note is subject to counterparty risk. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Repurchase Agreements Risk</div>. Subject to its investment objectives and policies, the Fund may invest in repurchase agreements for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; possible lack of access to income on the underlying security during this period; and expenses of enforcing its rights. While repurchase agreements involve certain risks not associated with direct investments in debt securities, the Fund follows procedures approved by the Fund&#8217;s Board that are designed to minimize such risks. In addition, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund&#8217;s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Dollar Roll Transactions Risk</div>. Dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the Fund sells securities becomes insolvent, the Fund&#8217;s right to purchase or repurchase securities may be restricted. Successful use of dollar rolls may depend upon the Advisors&#8217; ability to predict correctly interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed. These transactions may involve leverage. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">When-Issued, Forward Commitment and Delayed Delivery Transactions Risk</div>. The Fund may purchase securities on a &#8220;when-issued&#8221; basis and may purchase or sell securities on a &#8220;forward commitment&#8221; basis in order to acquire the security or to offset against anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of these assets will be monitored daily to ensure that their marked to market value will at all times equal or exceed the corresponding obligations of the Fund. There is always a risk that the securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions and, accordingly, are not subject to the foregoing restrictions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Rule 18f-4 under the Investment Company Act permits the Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section&#160;18 of the Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the &#8220;Delayed-Settlement Securities Provision&#8221;). If a when-issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule 18f-4. See &#8220;Additional Risk Factors&#8212;Risk Factors in Strategic Transactions and Derivatives&#8212;Rule 18f-4 Under the Investment Company Act&#8221; below. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Securities Lending Risk</div>. The Fund may lend securities to financial institutions. Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), &#8220;gap&#8221; risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Fund has agreed to pay a borrower), foreign exchange risk (i.e., the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and market risks. If a securities lending counterparty were to default, the Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return the Fund&#8217;s securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for the Fund. The Fund could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute payments for dividends received by the Fund for securities loaned out by the Fund will generally not be considered qualified dividend income. The securities lending agent will take the tax effects on shareholders of this difference into account in connection with the Fund&#8217;s securities lending program. Substitute payments received on&#160;tax-exempt&#160;securities loaned out will not be&#160;tax-exempt&#160;income. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Inflation Risk</div>. Inflation risk is the risk that the value of assets or income from investment will be worth less in the future, as inflation decreases the value of money. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy. As inflation increases, the real value of the common shares and distributions on those shares can decline. In addition, during any periods of rising inflation, interest rates on any borrowings by the Fund would likely increase, which would tend to further reduce returns to the holders of common shares. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Deflation Risk</div>. Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#8217;s portfolio. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Risk Associated with Recent Market Events</div>.&#160;While interest rates have been historically low in recent years in the United States and abroad, inflation rates have recently risen significantly and the Federal Reserve and other central banks have recently begun raising interest rates to address inflation which, among other factors, has led to markets to experiencing high volatility. A significant increase in interest rates may cause a further decline in the market for equity securities and could lead to a recession. Further, regulators have expressed concern that rate increases may contribute to price volatility. The impact of inflation and the recent actions of the Federal Reserve have led to market volatility and may negatively affect the value of debt instruments held by the Fund and result in a negative impact on the Fund&#8217;s performance. See &#8220;Risks&#8212;Inflation Risk.&#8221; </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the current contentious domestic political environment, as well as political and diplomatic events in the United States and abroad, such as presidential elections in the United States or the U.S. government&#8217;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in adverse consequences (including a government shutdown) to the U.S. regulatory landscape, the general market environment and/or investment sentiment, which could negatively impact the Fund&#8217;s investments and operations. Such adverse consequences may affect investor and/or consumer confidence and may adversely impact financial markets and the broader economy, potentially to a significant degree. In recent years, some countries, including the United States, have adopted and/or are considering the adoption of more protectionist trade policies. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health, may add to instability in world economies and markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund&#8217;s investments may be negatively affected by such events. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">EMU and Redenomination Risk</div>.&#160;As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the EMU, or even the collapse of the Euro as a common currency, arose, creating significant volatility at times in currency and financial markets generally. The effects of the collapse of the Euro, or of the exit of one or more countries from the EMU, on the U.S. and global economy and securities markets are impossible to predict and any such events could have a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. Any partial or complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#8217;s portfolio investments. If one or more EMU countries were to stop using the Euro as its primary currency, the Fund&#8217;s investments in such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to foreign currency risk, illiquidity risk and valuation risk to a greater extent than similar investments currently denominated in Euros. To the extent a currency used for redenomination purposes is not specified in respect of certain&#160;EMU-related&#160;investments, or should the Euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required to seek judicial or other clarification of the denomination or value of such securities.</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Market Disruption and Geopolitical Risk</div><div style="font-style:italic;display:inline;">.&#160;</div>The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, new and ongoing epidemics and pandemics of infectious diseases and other global health events, natural/environmental disasters, terrorist attacks in the United States and around the world, social and political discord, debt crises (such as the Greek crisis), sovereign debt downgrades, the Russian invasion of Ukraine, increasingly strained relations between the United States and a number of foreign countries, including historical adversaries, such as North Korea, Iran, China and Russia, and the international community generally, new and continued political unrest in various countries, such as Venezuela and Spain, the exit or potential exit of one or more countries from the European Union (&#8220;EU&#8221;) or the European Monetary Union, continued changes in the balance of political power among and within the branches of the U.S. government, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Russia launched a large-scale invasion of Ukraine on February&#160;24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, in the region are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, could have a severe adverse effect on Russia and the European region, including significant negative impacts on the Russian economy, the European economy and the markets for certain securities and commodities, such as oil and natural gas, and may likely have collateral impacts on such sectors globally as well as other sectors. How long such military action and related events will last cannot be predicted. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">China and the United States have each imposed tariffs on the other country&#8217;s products. These actions may cause a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China&#8217;s export industry, which could have a negative impact on the Fund&#8217;s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">On January&#160;31, 2020, the United Kingdom (&#8220;UK&#8221;) officially withdrew from the EU (commonly known as &#8220;Brexit&#8221;). The UK and EU reached a preliminary trade agreement, which became effective on January&#160;1, 2021, regarding the terms of their future trading relationship relating principally to the trading of goods; however, negotiations are ongoing for matters not covered by the agreement, such as the trade of financial services. Due to uncertainty of the current political environment, it is not possible to foresee the form or nature of the future trading relationship between the UK and the EU. The longer term economic, legal, political and social framework to be put in place between the UK and the EU remains unclear and the ongoing political and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets may continue for some time. In particular, Brexit may lead to a call for similar referendums in other European jurisdictions which may cause increased economic volatility in the European and global markets and may destabilize some or all of the other EU member countries. This uncertainty may have an adverse effect on the economy generally and on the ability of the Fund and its investments to execute their respective strategies, to receive attractive returns and/or to exit certain investments at an advantageous time or price. In particular, currency volatility may mean that the returns of the Fund and its investments are adversely affected by market movements and may make it more difficult, or more expensive, if the Fund elects to execute currency hedges. Potential decline in the value of the British Pound and/or the Euro against other currencies, along with the potential downgrading of the UK&#8217;s sovereign credit rating, may also have an impact on the performance of portfolio companies or investments located in the UK or Europe. In light of the above, no definitive assessment can currently be made regarding the impact that Brexit will have on the Fund, its investments or its organization more generally. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Cybersecurity incidents affecting particular companies or industries may adversely affect the economies of particular countries, regions or parts of the world in which the Fund invests. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The occurrence of any of these above events could have a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. The Fund does not know how long the securities markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. economy and securities markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Regulation and Government Intervention Risk</div><div style="font-style:italic;display:inline;">.&#160;</div>Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take actions that affect the regulation of the issuers in which the Fund invests in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund is regulated. Such legislation or regulation could limit or preclude the Fund&#8217;s ability to achieve its investment objectives. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In light of popular, political and judicial focus on finance related consumer protection, financial institution practices are also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors holding common shares of a closed-end investment company such as the Fund and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Fund and its ability to achieve its investment objectives. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Investment Company Act Regulations</div></div>. The Fund is a registered closed-end management investment company and as such is subject to regulations under the Investment Company Act. Generally speaking, any contract or provision thereof that is made, or where performance involves a violation of the Investment Company Act or any rule or regulation thereunder is unenforceable by either party unless a court finds otherwise. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Regulation as a &#8220;Commodity Pool&#8221;</div>. The CFTC subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i)&#160;invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps (&#8220;CFTC Derivatives&#8221;), or (ii)&#160;markets itself as providing investment exposure to such instruments. To the extent the Fund uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a &#8220;commodity pool&#8221; or a vehicle for trading such instruments. Accordingly, the Advisors have claimed an exclusion from the definition of the term &#8220;commodity pool operator&#8221; under the Commodity Exchange Act (the &#8220;CEA&#8221;) pursuant to Rule 4.5 under the CEA. The Advisors are not, therefore, subject to registration or regulation as a &#8220;commodity pool operator&#8221; under the CEA in respect of the Fund. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Failures of Futures Commission Merchants and Clearing Organizations Risk. </div>The Fund is required to deposit funds to margin open positions in cleared derivative instruments (both futures and swaps) with a clearing broker registered as a &#8220;futures commission merchant&#8221; (&#8220;FCM&#8221;). The CEA requires an FCM to segregate all funds received from customers with respect to any orders for the purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM&#8217;s proprietary assets. Similarly, the CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any orders for the purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures contracts. However, all funds and other property received by an FCM from its customers are held by an FCM on a commingled basis in an omnibus account and amounts in excess of assets posted to the clearing organization may be invested by an FCM in certain instruments permitted under the applicable regulation. There is a risk that assets deposited by the Fund with any FCM as margin for futures contracts or commodity options may, in certain circumstances, be used to satisfy losses of other clients of the Fund&#8217;s FCM. In addition, the assets of the Fund posted as margin against both swaps and futures contracts may not be fully protected in the event of the FCM&#8217;s bankruptcy. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Legal, Tax and Regulatory Risks</div>. Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its &#8220;investment company taxable income&#8221; (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). If for any taxable year the Fund does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&#8217;s current and accumulated earnings and profits. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Biden presidential administration has called for significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and&#160;difficult-to-quantify&#160;macroeconomic and political risks with potentially&#160;far-reaching&#160;implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Fund cannot predict the impact, if any, of these changes to the Fund&#8217;s business, they could adversely affect the Fund&#8217;s business, financial condition, operating results and cash flows. Until the Fund knows what policy changes are made and how those changes impact the Fund&#8217;s business and the business of the Fund&#8217;s competitors over the long term, the Fund will not know if, overall, the Fund will benefit from them or be negatively affected by them. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Potential Conflicts of Interest of the Advisor, Sub-Advisor and Others</div>. The investment activities of BlackRock, Inc. (&#8220;BlackRock&#8221;), the ultimate parent company of the Advisors, and its affiliates (including BlackRock and its subsidiaries (collectively, the &#8220;Affiliates&#8221;), and their respective directors, officers or employees, in the management of, or their interest in, their own accounts and other accounts they manage, may present conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock and its Affiliates provide investment management services to other funds and discretionary managed accounts that may follow investment programs similar to that of the Fund. Subject to the requirements of the Investment Company Act, BlackRock and its Affiliates intend to engage in such activities and may receive compensation from third parties for their services. Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of the Fund&#8217;s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by BlackRock or an Affiliate, and it is possible that the Fund could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. BlackRock has adopted policies and procedures designed to address potential conflicts of&#160;interest. For additional information about potential conflicts of interest and the way in which BlackRock addresses such conflicts, please see &#8220;Conflicts of Interest&#8221; and &#8220;Management of the Fund&#8212;Portfolio Management&#8212;Potential Material Conflicts of Interest&#8221; in the SAI. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Decision-Making Authority Risk</div>. Investors have no authority to make decisions or to exercise business discretion on behalf of the Fund, except as set forth in the Fund&#8217;s governing documents. The authority for all such decisions is generally delegated to the Board, which in turn, has delegated the&#160;day-to-day&#160;management of the Fund&#8217;s investment activities to the Advisors, subject to oversight by the Board. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Management Risk</div>. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisors and the individual portfolio managers will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund may be subject to a relatively high level of management risk because the Fund may invest in derivative instruments, which may be highly specialized instruments that require investment techniques and risk analyses different from those associated with equities and bonds. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Valuation Risk</div>. The Fund is subject to valuation risk, which is the risk that one or more of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability or human error. The Advisors may use an independent pricing service or prices provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. See &#8220;Net Asset Value.&#8221; When market quotations are not available, the Advisors may price such investments pursuant to a number of methodologies, such as computer-based analytical modeling or individual security evaluations. These methodologies generate approximations of market values, and there may be significant professional disagreement about the best methodology for a particular type of financial instrument or different methodologies that might be used under different circumstances. In the absence of an actual market transaction, reliance on such methodologies is essential, but may introduce significant variances in the ultimate valuation of the Fund&#8217;s investments. Technological issues and/or errors by pricing services or other third-party service providers may also impact the Fund&#8217;s ability to value its investments and the calculation of the Fund&#8217;s NAV. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When market quotations are not readily available or are believed by the Advisor to be unreliable, the Advisor will fair value the Fund&#8217;s investments in accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset or the cost to extinguish that liability in an arm&#8217;s-length transaction. Fair value pricing may require determinations that are inherently subjective and inexact about the value of a security or other asset. As a result, there can be no assurance that fair value priced assets will not result in future adjustments to the prices of securities or other assets, or that fair value pricing will reflect a price that the Fund is able to obtain upon sale, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. For example, the Fund&#8217;s NAV could be adversely affected if the Fund&#8217;s determinations regarding the fair value of the Fund&#8217;s investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments. Where market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available. The Advisors anticipate that up to approximately 25% of the Fund&#8217;s net assets (calculated at the time of investment) may be valued using fair value. This percentage may increase over the life of the Fund and may exceed 25% of the Fund&#8217;s net assets due to a number of factors, such as when the Fund nears dissolution; outflows of cash from time to time; and changes in the valuation of these investments. The Fund prices its shares daily and therefore all assets, including assets valued at fair value, are valued daily. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s NAV per common share is a critical component in several operational matters including computation of advisory and services fees. Consequently, variance in the valuation of the Fund&#8217;s investments will impact, positively or negatively, the fees and expenses shareholders will pay. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Reliance&#160;on the Advisor and Sub-Advisor Risk</div>. The Fund is dependent upon services and resources provided by the Advisors, and therefore the Advisors&#8217; parent, BlackRock. The Advisors are not required to devote their full time to the business of the Fund and there is no guarantee or requirement that any investment professional or other employee of the Advisors will allocate a substantial portion of his or her time to the Fund. The loss of one or more individuals involved with the Advisors could have a material adverse effect on the performance or the continued operation of the Fund. For additional information on the Advisor,&#160;the&#160;Sub-Advisor&#160;and&#160;BlackRock, see &#8220;Management of the Fund&#8212;Investment Advisor&#160;and&#160;Sub-Advisor.&#8221; </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Reliance on Service Providers Risk</div>. The Fund must rely upon the performance of service providers to perform certain functions, which may include functions that are integral to the Fund&#8217;s operations and financial performance. Failure by any service provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill or to perform its obligations to the Fund at all as a result of </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">insolvency, bankruptcy or other causes could have a material adverse effect on the Fund&#8217;s performance and returns to shareholders. The termination of the Fund&#8217;s relationship with any service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of the Fund and could have a material adverse effect on the Fund&#8217;s performance and returns to shareholders. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Information Technology Systems Risk</div>. The Fund is dependent on the Advisors for certain management services as well as back-office functions. The Advisors depend on information technology systems in order to assess investment opportunities, strategies and markets and to monitor and control risks for the Fund. It is possible that a failure of some kind which causes disruptions to these information technology systems could materially limit the Advisors&#8217; ability to adequately assess and adjust investments, formulate strategies and provide adequate risk control. Any such information technology-related difficulty could harm the performance of the Fund. Further, failure of the back-office functions of the Advisors to process trades in a timely fashion could prejudice the investment performance of the Fund. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Cyber Security Risk</div>. With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through &#8220;hacking&#8221; or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as&#160;causing&#160;denial-of-service&#160;attacks&#160;on websites (i.e., efforts to make network services unavailable to intended users). Cyber security failures by or breaches of the Advisors and other service providers (including, but not limited to, fund accountants, custodians, transfer agents and administrators), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund&#8217;s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Fund has established business continuity plans in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund and issuers in which the Fund invests. As a result, the Fund or its shareholders could be negatively impacted. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Misconduct of Employees and of Service Providers Risk</div>. Misconduct or misrepresentations by employees of the Advisor,&#160;the&#160;Sub-Advisor&#160;or&#160;the Fund&#8217;s service providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund&#8217;s service providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Fund&#8217;s business prospects or future marketing activities. Despite the Advisors&#8217; due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Advisors&#8217; due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Advisors will identify or prevent any such misconduct. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Special Risks for Holders of Rights.</div> There is a risk that performance of the Fund may result in the common shares purchasable upon exercise of the rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the rights. Investors who receive rights may find that there is no market to sell rights they do not wish to exercise. 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A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. High portfolio turnover may result in an increased realization of net short-term capital gains by the Fund which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio turnover may create realized capital losses. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Anti-Takeover Provisions Risk</div>. The Fund&#8217;s Charter and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to&#160;open-end&#160;status or to change the composition of the Board. 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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_EffectsOfLeverageTextBlock', window );">Effects of Leverage [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Effects of Leverage </div><div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Assuming that leverage will represent approximately 26.45% of the Fund&#8217;s Managed Assets and that the Fund will bear expenses relating to that leverage at an average annual rate of 4.58%, the income generated by the Fund&#8217;s portfolio (net of estimated expenses) must exceed 1.21% in order to cover the expenses specifically related to the Fund&#8217;s use of leverage. Of course, these numbers are merely estimates used for illustration. Actual leverage expenses will vary frequently and may be significantly higher or lower than the rate estimated above. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of income and changes in the value of investments held in the Fund&#8217;s portfolio) of (10)%, (5)%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects the use of leverage representing 26.45% of the Fund&#8217;s Managed Assets and an assumed annual cost of leverage of 4.48%. </div> </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assumed Portfolio Total Return (Net of Expenses)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">(10.00)%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">(5.00)%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">0%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">5.00%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">10.00%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Share Total Return</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">(15.24)%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">(8.45)%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">1.65%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">5.15%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">1.95%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr></table></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Common share total return is composed of two elements: the common share dividends paid by the Fund (the amount of which is largely determined by the net investment income of the Fund after paying for any leverage used by the Fund) and gains or losses on the value of the securities the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0% the Fund must assume that the interest it receives on its investments is entirely offset by losses in the value of those securities. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_EffectsOfLeverageTableTextBlock', window );">Effects of Leverage [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of income and changes in the value of investments held in the Fund&#8217;s portfolio) of (10)%, (5)%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects the use of leverage representing 26.45% of the Fund&#8217;s Managed Assets and an assumed annual cost of leverage of 4.48%. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assumed Portfolio Total Return (Net of Expenses)</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">(10.00)%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">(5.00)%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">0%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">5.00%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">10.00%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Share Total Return</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">(15.24)%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">(8.45)%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">1.65%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">5.15%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;text-align:right;">1.95%</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr></table></div><span></span>
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<td class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtMinusTenPercent', window );">Return at Minus Ten [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(15.24%)<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtMinusFivePercent', window );">Return at Minus Five [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8.45%)<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtZeroPercent', window );">Return at Zero [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.65%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtPlusFivePercent', window );">Return at Plus Five [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5.15%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtPlusTenPercent', window );">Return at Plus Ten [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.95%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_EffectsOfLeveragePurposeTextBlock', window );">Effects of Leverage, Purpose [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of income and changes in the value of investments held in the Fund&#8217;s portfolio) of (10)%, (5)%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects the use of leverage representing 26.45% of the Fund&#8217;s Managed Assets and an assumed annual cost of leverage of 4.48%.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SharePriceTableTextBlock', window );">Share Price [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund&#8217;s outstanding common shares are, and when issued, the common shares offered in connection with this Prospectus (and pursuant to a Prospectus Supplement) will be, publicly held and listed and traded on the NYSE under the symbol &#8220;DSU.&#8221; The Fund determines its NAV on a daily basis. The following table sets forth, for the quarters indicated, the highest and lowest daily closing prices on the NYSE per common share, and the NAV per common share and the premium to or discount from NAV, on the date of each of the high and low market prices. The table also sets forth the number of common shares traded on the NYSE during the respective quarters. </div> </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><br/></div> <div> <div style="text-align: justify; text-indent: 4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-right: 0px; background: none;"/> </div> <div>
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<td style="font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"/> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">NYSE&#160;Market&#160;Price<br/>Per&#160;Common&#160;Share</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">NAV per<br/>Common<br/>Share on Date of<br/>Market Price</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Premium/<br/>(Discount) on<br/>Date of Market<br/>Price</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Trading</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; white-space: nowrap; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;"> <div style="margin-top: 0px; margin-bottom: 0px; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal; margin-right: 0px;"><div style="font-weight:bold;display:inline;">During Quarter Ended</div></div> </td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">High</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Low</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">High</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Low</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">High</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Low</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:center;"><div style="letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-weight:bold;display:inline;">Volume</div></div></td>
<td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">September&#160;30, 2022</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.15</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">8.83</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.84</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.27</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(6.37</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(14.02</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6,897,776</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">June&#160;30, 2022</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.52</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">8.59</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.34</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.40</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(7.23</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(17.42</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11,465,492</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">March&#160;31, 2022</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.75</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.06</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.57</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.20</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">1.56</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(10.18</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11,354,361</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">December&#160;31, 2021</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12.14</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.47</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.61</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.69</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">4.57</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(1.88</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">7,344,194</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">September&#160;30, 2021</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.73</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.93</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.68</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.65</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">0.43</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">%&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(6.18</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">9,105,172</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">June&#160;30, 2021</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.53</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.86</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.71</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.61</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(1.54</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(6.46</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6,975,149</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">March&#160;31, 2021</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.00</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.37</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.64</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.62</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(5.50</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(10.76</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10,570,729</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">December&#160;31, 2020</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.45</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">9.53</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.55</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.15</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(9.52</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(14.53</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10,387,456</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">September&#160;30, 2020</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.20</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">9.38</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.30</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">10.88</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(9.73</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(13.79</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">9,759,051</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">June&#160;30, 2020</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">9.92</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">8.21</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.18</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">9.76</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(11.27</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(15.88</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12,886,260</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: top; width: 48%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">March&#160;31, 2020</div> </td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">11.49</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">6.20</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">12.31</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">$</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">9.26</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(6.66</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">(33.05</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">)%</td>
<td style="vertical-align: bottom; width: 2%; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td>
<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">18,832,469</td>
<td style="white-space: nowrap; vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;">&#160;</td> </tr> </table> </div> <div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">As of December 20, 2022, the NAV per common share of the Fund was $10.43 and the market price per common share was $9.38, representing a discount to NAV of (10.07)%. Common shares of the Fund have historically traded at both a premium and discount to NAV. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">As of December 20, 2022, the Fund has outstanding 46,610,312 common shares. </div> </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockTableTextBlock', window );">Capital Stock [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div style="margin-bottom: 0px; margin-top: 0px; font-size: 24pt; background: none;"><div style="font-size: 24pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div id="toc320889_56" style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">DESCRIPTION OF CAPITAL STOCK </div></div> <div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund is authorized to issue 400,000,000 shares, par value $0.10 per share, all of which were initially classified as common shares. The Board of Directors is authorized, however, to classify and reclassify any unissued shares of capital stock into one or more additional or other classes or series as may be established from time to time by setting or changing in any one or more respects the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or terms or conditions of redemption of such shares of stock and pursuant to such classification or reclassification to increase or decrease the number of authorized shares of any existing class or series. The Fund may reclassify an amount of unissued common shares as preferred shares and at that time offer preferred shares. See &#8220;Leverage&#8212;Preferred Shares.&#8221; </div> </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Common Shares </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Shareholders are entitled to share <div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">pro rata</div></div> in the net assets of the Fund available for distribution to shareholders upon liquidation of the Fund. Shareholders are entitled to one vote for each share held. Shareholders do not have preemptive, conversion or subscription rights and the Fund&#8217;s shares of common stock are not redeemable. Shares of common stock, when issued and outstanding, will be fully paid and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">non-assessable.</div> </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The Fund intends to hold annual meetings of shareholders so long as the shares of common stock are listed on a national securities exchange and such meetings are required as a condition to such listing. The Fund will send unaudited reports at least semi-annually and audited annual financial statements to all of its shareholders. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Unlike <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">open-end</div> funds, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">closed-end</div> funds like the Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder determines to buy additional common shares or sell shares already held, the shareholder may do so by trading through a broker on the NYSE or otherwise. Shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">closed-end</div> investment companies frequently trade on an exchange at prices lower than NAV. Shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;">closed-end</div> investment companies like the Fund have during some periods traded at prices higher than NAV and during other periods have traded at prices lower than NAV. Because the market value of the common shares may be influenced by such factors as dividend levels (which are in turn affected by expenses), call protection on its portfolio securities, dividend stability, portfolio credit quality, the Fund&#8217;s NAV, relative demand for and supply of such shares in the market, general market and economic conditions, market sentiment and other factors beyond the control of the Fund, the Fund cannot assure you that its common shares will trade at a price equal to or higher than NAV in the future. The common shares are designed primarily for long-term investors and you should not purchase the common shares if you intend to sell them soon after purchase. See &#8220;Repurchase of Common Shares&#8221; below and &#8220;Repurchase of Common Shares&#8221; in the SAI. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"><div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Preferred Shares </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">In the event the Fund issues preferred shares, it is anticipated that such preferred shares will be issued in one or more series, with rights as determined by the Board of Directors, by action of the Board of Directors without the approval of the holders of common shares. Under the Investment Company Act, the Fund is permitted to have outstanding more than one series of preferred shares so long as no single series has a priority over another series as to the distribution of assets of the Fund or the payment of dividends. Holders of common shares will have no preemptive right to purchase any shares of preferred shares that might be issued. It is anticipated that the NAV per share of any preferred shares to be issued by the Fund will equal its original purchase price per share plus accumulated dividends per share. The Fund does not currently intend to issue preferred shares. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"><div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">Under the Investment Company Act, the Fund is not permitted to issue preferred shares unless immediately after such issuance the value of the Fund&#8217;s total assets is at least 200% of the liquidation value of the outstanding preferred shares (<div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"><div style="font-style:italic;display:inline;">i.e.</div></div>, the liquidation value may not exceed 50% of the Fund&#8217;s total assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its common shares unless, at the time of such declaration, the value of the Fund&#8217;s total assets is at least 200% of such liquidation value. If the Fund issues preferred shares, it may be subject to restrictions imposed by the guidelines of one or more rating agencies that may issue ratings for preferred shares issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the Investment Company Act. It is not anticipated that these covenants or guidelines would impede the Advisors from managing the Fund&#8217;s portfolio in accordance with the Fund&#8217;s investment objectives and policies. Please see &#8220;Description of Capital Stock&#8221; in the SAI for more information. </div> <span></span>
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<td class="text"><div id="toc320889_65" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">RIGHTS OFFERINGS </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase common shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, we would distribute certificates or other documentation (<div style="font-style:italic;display:inline;">i.e.</div>, rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to our shareholders as of the record date that we set for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the Investment Company Act. Under the laws of Maryland, the Board is authorized to approve rights offerings without obtaining shareholder approval. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The staff of the SEC has interpreted the Investment Company Act as not requiring shareholder approval of a transferable rights offering to purchase common shares at a price below the then current NAV so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#8217;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#8217; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&#160;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered: </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; and </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">termination rights we may have in connection with such rights offering. </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A certain number of rights would entitle the holder of the right(s) to purchase for cash such number of common shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such rights set forth in the Prospectus Supplement. After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the rights agent, or any other office indicated in the Prospectus Supplement, the common shares purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable Prospectus Supplement. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecuritiesTableTextBlock', window );">Outstanding Securities [Table Text Block]</a></td>
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<td class="text"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;"><div style="font-weight:bold;display:inline;">Authorized Shares </div></div> <div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"><div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;">The following table provides the Fund&#8217;s authorized shares and common shares outstanding as of December 20, 2022. </div> </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; margin-right: 0px; background: none;">&#160;</div> <div>
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;"> <div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: normal;">Common Shares</div> </td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">400,000,000</td>
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<td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; padding: 0pt;;text-align:right;">46,610,312</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration:underline;display:inline;">General Risks </div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Please refer to the section of the Fund&#8217;s most recent annual report on Form N-CSR entitled &#8220;Investment Objectives, Policies and Risks&#8212;Risk Factors&#8221;, which is incorporated by reference herein, for a discussion of the general risks of investing in the Fund. </div><span></span>
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<td class="text"><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Offering Risk</div>. The provisions of the Investment Company Act generally require that the public offering price of an investment company&#8217;s common&#160;stock (less any underwriting commissions and discounts) must equal or exceed the NAV per share of an investment company&#8217;s common stock (calculated within 48 hours of pricing).&#160;In the offering described in this Prospectus, the Fund may, subject to market conditions, raise additional equity capital by issuing new common stock from time to time in varying amounts at a net price at or above the Fund&#8217;s NAV per common share (calculated within 48 hours of pricing). To the extent that Fund shares do not trade at a premium, the Fund may be unable to issue additional shares, and may incur costs associated with setting up and maintaining an &#8220;at the market&#8221; program without the potential benefits. The offering described in this Prospectus may allow the Fund to pursue additional investment opportunities without the need to sell existing portfolio investments and will increase the asset size of the Fund and thus cause the Fund&#8217;s fixed expenses to be spread over a larger asset base. However, the issuance may not necessarily result in an increase to net income for shareholders, which depends on leverage levels, the comparison between book yields on existing assets, available investment opportunities and other factors. The Fund cannot predict whether its common stock will trade in the future at a premium or discount to their NAV per share.&#160;Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#8217; risk of loss.&#160;In no event will shares be issued at a price below the Fund&#8217;s NAV per common share (calculated within 48 hours of pricing)&#160;plus any sales commission charged in connection with the offering. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The offering described in this Prospectus entails potential risks to existing common shareholders.&#160;Although the issuance of additional common stock may facilitate a more active market in the Fund&#8217;s common&#160;stock by increasing the amount of common&#160;stock outstanding, the issuance of additional common&#160;stock may also have an adverse effect on prices for the Fund&#8217;s common stock in the secondary market by increasing the supply of common&#160;stock available for sale.&#160;The issuance of additional common stock will dilute the voting power of already outstanding common stock.&#160;If the Fund is unable to invest the proceeds of any such offering in a timely <div style="display:inline;">manner</div> in assets with a yield at least equal to that of the current portfolio, the Fund&#8217;s earnings per share may decrease. </div> <span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Second Lien Loans Risk</div>. Second lien loans generally are subject to similar risks as those associated with investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Second lien loans share the same risks as other below investment grade securities. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Mezzanine Investment Risk</div>. Mezzanine securities generally are rated below investment grade and frequently are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. However, unlike senior loans and second lien loans, mezzanine securities are not a senior or secondary secured obligation of the related borrower. They typically are the most subordinated debt obligation in an issuer&#8217;s capital structure. Mezzanine securities also may often be unsecured. Mezzanine securities therefore are subject to the additional risk that the cash flow of the related borrower and the property securing the loan may be insufficient to repay the scheduled principal after giving effect to any senior obligations of the related borrower. Mezzanine securities are also expected to be a highly illiquid investment. Mezzanine securities will be subject to certain additional risks to the extent that such loans may not be protected by financial covenants or limitations upon additional indebtedness. Investment in mezzanine securities is a highly specialized investment practice that depends more heavily on independent credit analysis than investments in other types of debt obligations. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Risks of Loan Assignments and Participations</div>. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan. A participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. </div> <span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Bank Loans Risk</div>. The market for bank loans may not be highly liquid and the Fund may have difficulty selling them. These investments are subject to both interest rate risk and credit risk. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Corporate Bonds Risk</div>. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates. The market value of intermediate and longer-term corporate bonds is generally more sensitive to changes in interest rates than is the market value of shorter-term corporate bonds. The market value of a corporate bond also may be affected by factors directly related to the issuer, such as investors&#8217; perceptions of the creditworthiness of the issuer, the issuer&#8217;s financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&#8217;s capital structure and use of financial leverage and demand for the issuer&#8217;s goods and services. Certain risks associated with investments in corporate bonds are described elsewhere in this Prospectus in further detail. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Yield and Ratings Risk</div>.&#160;The yields on certain debt obligations are dependent on a variety of factors, including general market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody&#8217;s, S&amp;P and Fitch, which are described in Appendix A to the SAI, represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may cease to be rated. The Advisors will consider such an event in determining whether the Fund should continue to hold the security. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Unrated Securities Risk</div>. Because the Fund may purchase securities that are not rated by any rating organization, the Advisors may, after assessing their credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations.&#160;Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund&#8217;s ability to achieve its investment objectives will be more dependent on the Advisors&#8217; credit analysis than would be the case when the Fund invests in rated securities. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Debtor-In-Possession (DIP) Financing Risk</div>. The Fund&#8217;s participation in DIP financings is subject to risks. DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code and must be approved by the bankruptcy court. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. DIP financings are typically fully secured by a lien on the debtor&#8217;s otherwise unencumbered assets or secured by a junior lien on the debtor&#8217;s encumbered assets (so long as the loan is fully secured based on the most recent current valuation or appraisal report of the debtor). DIP financings are often required to close with certainty and in a rapid manner in order to satisfy existing creditors and to enable the issuer to emerge from bankruptcy or to avoid a bankruptcy proceeding. There is a risk that the borrower will not emerge from Chapter 11 bankruptcy proceedings and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Fund&#8217;s only recourse will be against the property securing the DIP financing. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Mortgage Related Securities Risks</div>. Investing in MBS entails various risks. MBS represent an interest in a pool of mortgages. The risks associated with MBS include: credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning these properties; risks associated with their structure and execution (including the collateral, the process by which principal and interest payments are allocated and distributed to investors and how credit losses affect issuing vehicles and the return to investors in such MBS); whether the collateral represents a fixed set of specific assets or accounts, whether the underlying collateral assets are revolving or&#160;closed-end,&#160;under what terms (including maturity of the MBS) any remaining balance in the accounts may revert to the issuing entity and the extent to which the entity that is the actual source of the collateral assets is obligated to provide support to the issuing vehicle or to the investors in such MBS; risks associated with the servicer of the underlying mortgages; adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on MBS secured by loans on certain types of commercial properties than on those secured by loans on residential properties; prepayment risk, which can lead to significant fluctuations in the value of the MBS; loss of all or part of the premium, if any, paid; and decline in the market value of the security, whether resulting from changes in interest rates, prepayments on the underlying mortgage collateral or perceptions of the credit risk associated with the underlying mortgage collateral. In addition, the Fund&#8217;s level of investment in MBS of a particular type or in MBS issued or guaranteed by affiliated obligors, serviced by the same servicer or backed by underlying collateral located in a specific geographic region, may subject the Fund to additional risk. To the extent the Fund invests in junior tranches of MBS, it will be subject to additional risks, such as the risk that the proceeds that would otherwise be distributed to the Fund will be used to pay down more senior tranches. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When market interest rates decline, more mortgages are refinanced and the securities are paid off earlier than expected. Prepayments may also occur on a scheduled basis or due to foreclosure. During such periods, the reinvestment of prepayment proceeds by the Fund will generally be at lower rates than the rates that were carried by the obligations that have been prepaid. When market interest rates increase, the market values of MBS decline. At the same time, however, mortgage refinancings and prepayments slow, lengthening the effective maturities of these securities. As a result, the negative effect of the rate increase on the market value of MBS is usually more pronounced than it is for other types of fixed-income securities. Moreover, the relationship between borrower prepayments and changes in interest rates may mean some high-yielding mortgage-related and other asset-backed securities have less potential for increases in value if market interest rates were to fall than conventional bonds with comparable maturities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, losses on a mortgaged property securing a mortgage loan included in a securitization will be borne first by the equity holder of the property, then by a cash reserve fund or letter of credit, if any, then by the holder of a mezzanine loan or&#160;B-Note,&#160;if any, then by the &#8220;first loss&#8221; subordinated security holder (generally, the&#160;&#8220;B-Piece&#8221;&#160;buyer) and then by the holder of a higher rated security. The Fund could invest in any class of security included in a securitization. In the event of default and the exhaustion of any equity support, reserve fund, letter of credit, mezzanine loans or&#160;B-Notes,&#160;and any classes of securities junior to those in which the Fund invests, the Fund will not be able to recover all of its investment in the MBS it purchases. MBS in which the Fund invests may not contain reserve funds, letters of credit, mezzanine loans and/or junior classes of securities. The prices of lower credit quality securities are generally less sensitive to interest rate changes than more highly rated investments, but more sensitive to adverse economic downturns or individual issuer developments. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">MBS generally are classified as either RMBS or CMBS, each of which are subject to certain specific risks as further described below.</div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">RMBS Risks</div>.&#160;RMBS are securities the payments on which depend primarily on the cash flow from residential mortgage loans made to borrowers that are secured by residential real estate.&#160;Non-agency&#160;residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan secured by residential property is dependent upon the income or assets of the borrower. A number of factors, including general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower&#8217;s ability to repay its loans. </div><span></span>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Agency RMBS Risks</div></div>. MBS issued by FNMA or FHLMC are guaranteed as to timely payment of principal and interest by FNMA or FHLMC, but are not backed by the full faith and credit of the U.S. Government. In 2008, FHFA placed FNMA and FHLMC into conservatorship. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its MBS. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. In connection with the conservatorship, the U.S. Treasury entered into an agreement with each of FNMA and FHLMC that contains various covenants that severely limit each enterprise&#8217;s operations. There is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under the Reform Act, FHFA, as conservator or receiver, has the power to repudiate any contract entered into by FNMA or FHLMC prior to FHFA&#8217;s appointment as conservator or receiver, as applicable, if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the contract promotes the orderly administration of FNMA&#8217;s or FHLMC&#8217;s affairs. In the event that FHFA, as conservator of, or if it is later appointed as receiver for, FNMA or FHLMC, were to repudiate any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only to the extent of FNMA&#8217;s or FHLMC&#8217;s assets available therefor. In the event of repudiation, the payments of interest to holders of FNMA or FHLMC MBS would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such MBS are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such MBS holders. Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. If FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC MBS would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. In addition, certain rights provided to holders of MBS issued by FNMA and FHLMC under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and FHLMC MBS may provide (or with respect to securities issued prior to the date of the appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such MBS have the right to replace FNMA or FHLMC as trustee if the requisite percentage of MBS holders consent. The Reform Act prevents MBS holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Non-Agency RMBS Risks</div></div>. Non-agency&#160;RMBS are securities issued by&#160;non-governmental&#160;issuers.&#160;Non-agency&#160;RMBS have no direct or indirect government guarantees of payment and are subject to various risks as described herein. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Borrower Credit Risk</div></div><div style="font-style:italic;display:inline;">.</div> Credit-related risk on RMBS arises from losses due to delinquencies and defaults by the borrowers in payments on the underlying mortgage loans and breaches by originators and servicers of their obligations under the underlying documentation pursuant to which the RMBS are issued.&#160;Non-agency&#160;residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The rate of delinquencies and defaults on residential mortgage loans and the aggregate amount of the resulting losses will be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged property is located, the level of the borrower&#8217;s equity in the mortgaged property and the individual financial circumstances of the borrower. If a residential mortgage loan is in default, foreclosure on the related residential property may be a lengthy and difficult process involving significant legal and other expenses. The net proceeds obtained by the holder on a residential mortgage loan following the foreclosure on the related property may be less than the total amount that remains due on the loan. The prospect of incurring a loss upon the foreclosure of the related property may lead the holder of the residential mortgage loan to restructure the residential mortgage loan or otherwise delay the foreclosure process </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=cik0001051003_RmbsLegalRisksMember', window );">RMBS Legal Risks [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">RMBS Legal Risks</div></div>. Legal risks associated with RMBS can arise as a result of the procedures followed in connection with the origination of the mortgage loans or the servicing thereof, which may be subject to various federal and state laws (including, without limitation, predatory lending laws), public policies and principles of equity that regulate interest rates and other charges, require certain disclosures, require licensing of originators, prohibit discriminatory lending practices, regulate the use of consumer credit information and debt collection practices and may limit the servicer&#8217;s ability to collect all or part of the principal of or interest on a residential mortgage loan, entitle the borrower to a refund of amounts previously paid by it or subject the servicer to damages and sanctions. Specifically, provisions of federal predatory lending laws, such as the federal&#160;Truth-in-Lending&#160;Act (as supplemented by the Home Ownership and Equity Protection Act of 1994) and Regulation Z, and various recently enacted state predatory lending laws provide that a purchaser or assignee of specified types of residential mortgage loans (including an issuer of RMBS) may be held liable for violations by the originator of such mortgage loans. Under such assignee liability provisions, a borrower is generally given the right to assert against a purchaser of its mortgage loan any affirmative claims and defenses to payment that such borrower could assert against the originator of the loan or, where applicable, the home improvement contractor that arranged the loan. Liability under such assignee liability provisions could, therefore, result in a disruption of cash flows allocated to the holders of RMBS where either the issuer of such RMBS is liable for damages or is unable to enforce payment by the borrower. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In most but not all cases, the amount recoverable against a purchaser or assignee under such assignee liability provisions is limited to amounts previously paid and still owed by the borrower. Moreover, sellers of residential mortgage loans to an issuer of RMBS typically represent that the loans have been originated in accordance with all applicable laws and in the event such representation is breached, the seller typically must repurchase the offending loan. Notwithstanding these protections, an issuer of RMBS may be exposed to an unquantifiable amount of potential assignee liability because, first, the amount of potential assignee liability under certain predatory lending laws is unclear and has yet to be litigated, and, second, in the event a predatory lending law does not prohibit class action lawsuits, it is possible that an issuer of RMBS could be liable for damages for more than the original principal amount of the offending loans held by it. In such circumstances the issuer of RMBS may be forced to seek contribution from other parties, who may no longer exist or have adequate funds available to fund such contribution. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, structural and legal risks of RMBS include the possibility that, in a bankruptcy or similar proceeding involving the originator or the servicer (often the same entity or affiliates), the assets of the issuer could be treated as never having been truly sold by the originator to the issuer and could be substantively consolidated with those of the originator, or the transfer of such assets to the issuer could be voided as a fraudulent transfer. Challenges based on such doctrines could result also in cash flow delays and losses on the related issue of RMBS. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Mortgage Loan Market Risk</div></div>. In the recent past, the residential mortgage market in the United States experienced difficulties that adversely affected the performance and market value of certain mortgages and mortgage related securities. Delinquencies and losses on residential mortgage loans (especially sub-prime and second lien mortgage loans) generally increased during this period and declines in or flattening of housing values in many housing markets were generally viewed as exacerbating such delinquencies and losses. Borrowers with adjustable rate mortgages (&#8220;ARMs&#8221;) 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. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">At any one time, a portfolio of RMBS may be backed by residential mortgage loans that are highly concentrated in only a few states or regions. As a result, the performance of such residential mortgage loans may be more susceptible to a downturn in the economy, including in particular industries that are highly represented in such states or regions, natural calamities and other adverse conditions affecting such areas. The economic downturn experienced in the recent past at the national level, and the more serious economic downturn experienced in the recent past in certain geographic areas of the United States, including in particular areas of the United States where rates of delinquencies and defaults on residential mortgage loans were particularly high, is generally viewed as having contributed to the higher rates of delinquencies and defaults on the residential mortgage loans underlying RMBS during this period. There also can be no assurance that areas of the United States that mostly avoided higher rates of delinquencies and defaults on residential mortgage loans during this period would continue to do so if an economic downturn were to reoccur at the national level. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Another factor that may contribute to, and may in the future result in, higher delinquency and default rates is the increase in monthly payments on ARMs. Any increase in prevailing market interest rates, which are currently at historical lows, may result in increased payments for borrowers who have ARMs. Moreover, with respect to hybrid mortgage loans (which are mortgage loans combining fixed and adjustable rate features) after their initial fixed rate period or other adjustable-rate mortgage loans, interest-only products or products having a lower rate, and with respect to mortgage loans with a negative amortization feature which reach their negative amortization cap, borrowers may experience a substantial increase in their monthly payment even without an increase in prevailing market interest rates. Increases in payments for borrowers may result in increased rates of delinquencies and defaults on residential mortgage loans underlying the non-agency RMBS. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As a result of rising concerns about increases in delinquencies and defaults on residential mortgage loans (particularly on sub-prime and adjustable-rate mortgage loans) and as a result of increasing concerns about the financial strength of originators and servicers and their ability to perform their obligations with respect to non-agency RMBS, there may be an adverse change in the market sentiments of investors about the market values and volatility and the degree of risk of non-agency RMBS generally. Some or all of the underlying residential mortgage loans in an issue of non-agency RMBS may have balloon payments due on their respective maturity dates. Balloon residential mortgage loans involve a greater risk to a lender than fully amortizing loans, because the ability of a borrower to pay such amount will normally depend on its ability to obtain refinancing of the related mortgage loan or sell the related mortgaged property at a price sufficient to permit the borrower to make the balloon payment, which will depend on a number of factors prevailing at the time such refinancing or sale is required, including, without limitation, the strength of the local or national residential real estate markets, interest rates and general economic conditions and the financial condition of the borrower. If borrowers are unable to make such balloon payments, the related issue of non-agency RMBS may experience losses. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may acquire RMBS backed by collateral pools of mortgage loans that have been originated using underwriting standards that are less restrictive than those used in underwriting &#8220;prime mortgage loans&#8221; and&#160;&#8220;Alt-A&#160;mortgage loans.&#8221; These lower standards include mortgage loans made to borrowers having imperfect or impaired credit histories, mortgage loans where the amount of the loan at origination is 80% or more of the value of the mortgage property, mortgage loans made to borrowers with low credit scores, mortgage loans made to borrowers who have other debt that represents a large portion of their income and mortgage loans made to borrowers whose income is not required to be disclosed or verified and are commonly referred to as&#160;&#8220;sub-prime&#8221;&#160;mortgage loans.&#160;Sub-prime&#160;mortgage loans have in recent periods experienced increased rates of delinquency, foreclosure, bankruptcy and loss, and they are likely to continue to experience delinquency, foreclosure, bankruptcy and loss rates that are higher, and that may be substantially higher, than those experienced by mortgage loans underwritten in a more traditional manner. Certain categories of RMBS, such as option ARM RMBS and&#160;sub-prime&#160;RMBS, have been referred to by the financial media as &#8220;toxic assets.&#8221; </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Although the United States economy has been slowly improving in recent years, the impact of the coronavirus pandemic on the United States has caused the economy to deteriorate again and led to a high incidence of missed mortgage payments, which could result in the incidence of mortgage foreclosures, especially&#160;sub-prime&#160;mortgages, beginning to increase again, which could adversely affect the value of any RMBS owned by the Fund. </div> <span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Legislation and Regulation Risk</div></div>. The significance of the mortgage crisis and loan defaults in residential mortgage loan sectors led to the enactment in July 2008 of the Housing and Economic Recovery Act of 2008, a wide-ranging housing rescue bill that offers up to $300 billion in assistance to troubled homeowners and emergency assistance to FNMA and FHLMC. This bill could potentially have a material adverse effect on the Fund&#8217;s investment program as the bill, among other things, provides approximately $180 million for &#8220;pre-foreclosure&#8221; housing counseling and legal services for distressed borrowers. In 2007, U.S. Treasury then-Secretary Henry Paulson and HUD then-Secretary Alphonso Jackson and the mortgage industry worked to develop HOPE NOW, an alliance of participants in the mortgage industry intended to work with borrowers with sub-prime mortgages facing interest rate increases and increasing payments. The Congressional Research Service reports that HOPE NOW has undertaken an initiative to provide homeowners with free telephone consultations with HUD-approved credit counselors, who can help homeowners contact their lenders and credit&#160;counselors&#160;to work out a plan to avoid foreclosure. Certain borrowers may also seek relief through the &#8220;FHA Secure&#8221; refinancing option that gives homeowners with non-FHA ARMs, current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. The Helping Families Save Their Homes Act of 2009, which was enacted on May&#160;20, 2009, provides a safe harbor for servicers entering into &#8220;qualified loss mitigation plans&#8221; with respect to residential mortgages originated before the act was enacted. By protecting servicers from certain liabilities, this safe harbor may encourage loan modifications and reduce the likelihood that investors in securitizations will be paid on a timely basis or will be paid in full. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the mortgage crisis has led public advocacy groups to demand, and governmental officials and federal and state regulatory agencies to propose and consider, a variety of other &#8220;bailout&#8221; and &#8220;rescue&#8221; plans that could potentially have a material adverse effect on the Fund&#8217;s investment program. Some members of the U.S. Congress have expressed concern that the downturn in the housing market played a role in the rise of late mortgage payments and foreclosures and&#160;expressed an expectation that these conditions&#160;would lead to increased filings for bankruptcy. The terms of other proposed legislation or other plans may include, by way of example and not limitation, the following: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">increased scrutiny of mortgage originations (including mortgage loans in which the Fund may own an interest through non-agency RMBS) and foreclosure proceedings; </div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">additional registration and licensing requirements for mortgage brokers, lenders and others involved in the mortgage industry; and </div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">greater relief to homeowners under the U.S. Bankruptcy Code or other federal or state laws, including relief to stay or delay the foreclosure of residential mortgage loans or to modify payment terms, including interest rates and repayment periods, of residential mortgage loans, over a lender&#8217;s objections, as the result of a &#8220;cramdown,&#8221; which decreases the debt&#8217;s value to as low as the collateral&#8217;s fair market value. </div></td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A significant number of loan modifications could result in a significant reduction in cash flows to the holders of the mortgage securities on an ongoing basis. These loan modification programs, as well as future legislative or regulatory actions, including amendments to the bankruptcy laws, that result in the modification of outstanding mortgage loans may adversely affect the value of, and the returns on, the assets in which the Fund may invest. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">New laws, legislation or other government regulations, including those promulgated in furtherance of a &#8220;bailout&#8221; or &#8220;rescue&#8221; plan to address any potential crisis and distress in the residential mortgage loan sector, may result in a reduction of available transactional opportunities for the Fund, or an increase in the cost associated with such transactions. Any such law, legislation or regulation may adversely affect the market value of RMBS. </div> <span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">CMBS Risks</div>.&#160;CMBS are, generally, securities backed by obligations (including certificates of participation in obligations) that are principally secured by mortgages on real property or interests therein having a multifamily or commercial use, such as regional malls, other retail space, office buildings, industrial or warehouse properties, hotels, nursing homes and senior living centers. The market for CMBS developed more recently and, in terms of total outstanding principal amount of issues, is relatively small compared to the market for single-family RMBS. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">CMBS are subject to particular risks, including lack of standardized terms, shorter maturities than residential mortgage loans and payment of all or substantially all of the principal only at maturity rather than regular amortization of principal. Additional risks may be presented by the type and use of a particular commercial property. Special risks are presented by hospitals, nursing homes, hospitality properties and certain other property types. Commercial property values and net operating income are subject to volatility, which may result in net operating income becoming insufficient to cover debt service on the related mortgage loan. The repayment of loans secured by income-producing properties is typically dependent upon the successful operation of the related real estate project rather than upon the liquidation value of the underlying real estate. Furthermore, the net operating </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">income from and value of any commercial property is subject to various risks, including changes in general or local economic conditions and/or specific industry segments; the solvency of the related tenants; declines in real estate values; declines in rental or occupancy rates; increases in interest rates, real estate tax rates and other operating expenses; changes in governmental rules, regulations and fiscal policies; acts of God; new and ongoing epidemics and pandemics of infectious diseases and other global health events; natural/environmental disasters; terrorist threats and attacks and social unrest and civil disturbances. Consequently, adverse changes in economic conditions and circumstances are more likely to have an adverse impact on MBS secured by loans on commercial properties than on those secured by loans on residential properties. In addition, commercial lending generally is viewed as exposing the lender to a greater risk of loss than&#160;one-&#160;to four- family residential lending. Commercial lending, for example, typically involves larger loans to single borrowers or groups of related borrowers than residential&#160;one-&#160;to four- family mortgage loans. In addition, the repayment of loans secured by income producing properties typically is dependent upon the successful operation of the related real estate project and the cash flow generated therefrom. The coronavirus pandemic in the United States has had a severe adverse effect on many commercial businesses, resulting in them not paying rent, which in turn will likely result in the owners of the underlying properties being impaired in their ability to make mortgage payments. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The exercise of remedies and successful realization of liquidation proceeds relating to CMBS is also highly dependent on the performance of the servicer or special servicer. In many cases, overall control over the special servicing of related underlying mortgage loans will be held by a &#8220;directing certificateholder&#8221; or a &#8220;controlling class representative,&#8221; which is appointed by the holders of the most subordinate class of CMBS in such series. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may not have the right to appoint the directing certificateholder. In connection with the servicing of the specially serviced mortgage loans, the related special servicer may, at the direction of the directing certificateholder, take actions with respect to the specially serviced mortgage loans that could adversely affect the Fund&#8217;s interests. There may be a limited number of special servicers available, particularly those that do not have conflicts of interest. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in Subordinated CMBS issued or sponsored by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other&#160;non-governmental&#160;issuers. Subordinated CMBS have no governmental guarantee and are subordinated in some manner as to the payment of principal and/or interest to the holders of more senior CMBS arising out of the same pool of mortgages. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Subordinated CMBS are often referred to as&#160;&#8220;B-Pieces.&#8221;&#160;The holders of Subordinated CMBS typically are compensated with a higher stated yield than are the holders of more senior CMBS. On the other hand, Subordinated CMBS typically subject the holder to greater risk than senior CMBS and tend to be rated in a lower rating category (frequently a substantially lower rating category) than the senior CMBS issued in respect of the same mortgage pool. Subordinated CMBS generally are likely to be more sensitive to changes in prepayment and interest rates and the market for such securities may be less liquid than is the case for traditional income securities and senior CMBS. </div> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Credit Risk Associated With Originators and Servicers of Mortgage Loans</div><div style="font-style:italic;display:inline;">.</div>&#160;A number of originators and servicers of residential and commercial mortgage loans, including some of the largest originators and servicers in the residential and commercial mortgage loan market, have experienced serious financial difficulties, including some that are now or were subject to federal insolvency proceedings. These difficulties have resulted from many factors, including increased competition among originators for borrowers, decreased originations by such originators of mortgage loans and increased delinquencies and defaults on such mortgage loans, as well as from increases in claims for repurchases of mortgage loans previously sold by them under agreements that require repurchase in the event of breaches of representations regarding loan quality and characteristics. Such difficulties may affect the performance of MBS backed by mortgage loans. Furthermore, the inability of the originator to repurchase such mortgage loans in the event of loan representation breaches or the servicer to repurchase such mortgage loans upon a breach of its servicing obligations also may affect the performance of related MBS. Delinquencies and losses on, and, in some cases, claims for repurchase by the originator of, mortgage loans originated by some mortgage lenders have recently increased as a result of inadequate underwriting procedures and policies, including inadequate due diligence, failure to comply with predatory and other lending laws and, particularly in the case of any &#8220;no documentation&#8221; or &#8220;limited documentation&#8221; mortgage loans that may support&#160;non-agency&#160;RMBS, inadequate verification of income and employment history. Delinquencies and losses </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">on, and claims for repurchase of, mortgage loans originated by some mortgage lenders have also resulted from fraudulent activities of borrowers, lenders, appraisers, and other residential mortgage industry participants such as mortgage brokers, including misstatements of income and employment history, identity theft and overstatements of the appraised value of mortgaged properties. Many of these originators and servicers are very highly leveraged. These difficulties may also increase the chances that these entities may default on their warehousing or other credit lines or become insolvent or bankrupt and thereby increase the likelihood that repurchase obligations will not be fulfilled and the potential for loss to holders of&#160;non-agency&#160;MBS and subordinated security holders. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The servicers of&#160;non-agency&#160;MBS are often the same entities as, or affiliates of, the originators of these mortgage loans. Accordingly, the financial risks relating to originators of MBS described immediately above also may affect the servicing of MBS. In the case of such servicers, and other servicers, financial difficulties may have a negative effect on the ability of servicers to pursue collection on mortgage loans that are experiencing increased delinquencies and defaults and to maximize recoveries on sale of underlying properties following foreclosure. In recent years, a number of lenders specializing in residential mortgages have sought bankruptcy protection, shut down or been refused further financings from their lenders. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">MBS typically provide that the servicer is required to make advances in respect of delinquent mortgage loans. However, servicers experiencing financial difficulties may not be able to perform these obligations or obligations that they may have to other parties of transactions involving these securities. Like originators, these entities are typically very highly leveraged. Such difficulties may cause servicers to default under their financing arrangements. In certain cases, such entities may be forced to seek bankruptcy protection. Due to the application of the provisions of bankruptcy law, servicers who have sought bankruptcy protection may not be required to advance such amounts. Even if a servicer were able to advance amounts in respect of delinquent mortgage loans, its obligation to make such advances may be limited to the extent that it does not expect to recover such advances due to the deteriorating credit of the delinquent mortgage loans or declining value of the related mortgaged properties. Moreover, servicers may overadvance against a particular mortgage loan or charge too many costs of resolution or foreclosure of a mortgage loan to a securitization, which could increase the potential losses to holders of MBS. In such transactions, a servicer&#8217;s obligation to make such advances may also be limited to the amount of its servicing fee. In addition, if an issue of MBS provides for interest on advances made by the servicer, in the event that foreclosure proceeds or payments by borrowers are not sufficient to cover such interest, such interest will be paid to the servicer from available collections or other mortgage income, thereby reducing distributions made on the MBS and, in the case of senior-subordinated MBS described below, first from distributions that would otherwise be made on the most subordinated MBS of such issue. Any such financial difficulties may increase the possibility of a servicer termination and the need for a transfer of servicing and any such liabilities or inability to assess such liabilities may increase the difficulties and costs in affecting such transfer and the potential loss, through the allocation of such increased cost of such transfer, to subordinated security holders. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There can be no assurance that originators and servicers of mortgage loans will not continue to experience serious financial difficulties or experience such difficulties in the future, including becoming subject to bankruptcy or insolvency proceedings, or that underwriting procedures and policies and protections against fraud will be sufficient in the future to prevent such financial difficulties or significant levels of default or delinquency on mortgage loans. Because the recent financial difficulties experienced by such originators and servicers is unprecedented and unpredictable, the past performance of the residential and commercial mortgage loans originated and serviced by them (and the corresponding performance of the related MBS) is not a reliable indicator of the future performance of such residential mortgage loans (or the related MBS). </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In some cases, servicers of MBS have been the subject of legal proceedings involving the origination and/or servicing practices of such servicers. Large groups of private litigants and states&#8217; attorneys general have brought such proceedings. Because of the large volume of mortgage loans originated and serviced by such servicers, such litigation can cause heightened financial strain on servicers. In other cases, origination and servicing practices may cause or contribute to such strain, because of representation and warranty repurchase liability arising in MBS and mortgage loan sale transactions. Any such financial strain could cause servicers to service below required standards, causing delinquencies and losses in any related MBS transaction to rise, and in extreme cases could cause the servicer to seek the protection of any applicable bankruptcy or insolvency law. In any such proceeding, it is unclear whether the fees that the servicer charges in such transactions would be sufficient to permit that servicer or a successor servicer to service the mortgage loans in such transaction adequately. If such fees had to be increased, it is likely that the most subordinated security holders in such transactions would be effectively required to pay such increased fees. Finally, these entities may be the subject of future laws designed to protect consumers from defaulting on their mortgage loans. Such laws may have an adverse effect on the cash flows paid under such MBS. </div> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=cik0001051003_AdjustableRateMortgageRiskMember', window );">Adjustable Rate Mortgage Risk [Member]</a></td>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Adjustable Rate Mortgage Risk</div>. 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. Alternatively, certain ARMs contain limitations on changes in the required monthly payment. 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. If the monthly payment for such an instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the excess is used to reduce the then-outstanding principal balance of the ARM. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, certain ARMs may provide for an initial fixed, below-market or &#8220;teaser&#8221; 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 &#8220;teaser&#8221; 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 MBS into which that loan has been bundled. This risk may be increased as increases in prevailing market interest rates, which are currently near historical lows, may result in increased payments for borrowers with ARMs. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Stripped MBS Risk</div>.&#160;Stripped MBS may be subject to additional risks. One type of stripped MBS pays to one class all of the interest form the mortgage assets (the &#8220;IO class&#8221;), while the other class will receive all of the principal (the &#8220;PO class&#8221;). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets and a rapid rate of principal payments may have a material adverse effect on the Fund&#8217;s yield to maturity from these securities. 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><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">CMO Risk</div>.&#160;There are certain risks associated specifically with CMOs. CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities. The average life of a CMO is determined using mathematical models that incorporate prepayment assumptions and other factors that involve estimates of future economic and market conditions. Actual future results may vary from these estimates, particularly during periods of extreme market volatility. Further, under certain market conditions, such as those that occurred during the recent downturn in the mortgage markets, the weighted average life of certain CMOs may not accurately reflect the price volatility of such securities. For example, in periods of supply and demand imbalances in the market for such securities and/or in periods of sharp interest rate movements, the prices of CMOs may fluctuate to a greater extent than would be expected from interest rate movements alone. CMOs issued by private entities are not obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and are not guaranteed by any government agency, although the securities underlying a CMO may be subject to a guarantee. Therefore, if the collateral securing the CMO, as well as any third party credit support or guarantees, is insufficient to make payments when due, the holder could sustain a loss. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Inverse floating rate CMOs are typically more volatile than fixed or floating rate tranches of CMOs. Many inverse floating rate CMOs have coupons that move inversely to a multiple of an index. The effect of the coupon varying inversely to a multiple of an applicable index creates a leverage factor. Inverse floaters based on multiples of a stated index are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and loss of principal. The market for inverse floating rate CMOs with highly leveraged characteristics at times may be very thin. The Fund&#8217;s ability to dispose of its positions in such securities will depend on the degree of liquidity in the markets for such securities. It is impossible to predict the amount of trading interest that may exist in such securities, and therefore the future degree of liquidity. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also invest in REMICs, which are CMOs that qualify for special tax treatment under the Code and invest in certain mortgages principally secured by interests in real property and other permitted investments. </div> <span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Additional Risks of Mortgage Related Securities</div>.&#160;Additional risks associated with investments in MBS <div style="display:inline;">include</div>: </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Interest Rate Risk</div></div>.&#160;In addition to the interest rate risks described above, certain MBS may be subject to additional risks as the rate of interest payable on certain MBS may be set or effectively capped at the weighted average net coupon of the underlying mortgage loans themselves, often referred to as an &#8220;available funds cap.&#8221; As a result of this cap, the return to the holder of such MBS is dependent on the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. In general, early prepayments will have a greater negative impact on the yield to the holder of such MBS. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Structural Risk</div></div>. Because MBS generally are ownership or participation interests in pools of mortgage loans secured by a pool of properties underlying the mortgage loan pool, the MBS are entitled to payments provided for in the underlying agreement only when and if funds are generated by the underlying mortgage loan pool. This likelihood of the return of interest and principal may be assessed as a credit matter. However, the holders of MBS do not have the legal status of secured creditors, and cannot accelerate a claim for payment on their securities, or force a sale of the mortgage loan pool in the event that insufficient funds exist to pay such amounts on any date designated for such payment. The holders of MBS do not typically have any right to remove a servicer solely as a result of a failure of the mortgage pool to perform as expected. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Subordination Risk</div></div>. MBS may be subordinated to one or more other senior classes of securities of the same series for purposes of, among other things, offsetting losses and other shortfalls with respect to the related underlying mortgage loans. For example, in the case of certain MBS, no distributions of principal will generally be made with respect to any class until the aggregate principal balances of the corresponding senior classes of securities have been reduced to zero. As a result, MBS may be more sensitive to risk of loss, writedowns, the&#160;non-fulfillment&#160;of repurchase obligations, overadvancing on a pool of loans and the costs of transferring servicing than senior classes of securities. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Prepayment, Extension and Redemption Risks</div></div><div style="font-style:italic;display:inline;">.</div>&#160;MBS may reflect an interest in monthly payments made by the borrowers who receive the underlying mortgage loans. Although the underlying mortgage loans are for specified periods of time, such as 20 or 30 years, the borrowers can, and historically have paid them off sooner. When a prepayment happens, a portion of the MBS which represents an interest in the underlying mortgage loan will be prepaid. A borrower is more likely to prepay a mortgage which bears a relatively high rate of interest. This means that in times of declining interest rates, a portion of the Fund&#8217;s higher yielding securities are likely to be redeemed and the Fund will probably be unable to replace them with securities having as great a yield. In addition to reductions in the level of market interest rates and the prepayment provisions of the mortgage loans, repayments on the residential mortgage loans underlying an issue of RMBS may also be affected by a variety of economic, geographic and other factors, including the size difference between the interest rates on the underlying residential mortgage loans (giving consideration to the cost of refinancing) and prevailing mortgage rates and the availability of refinancing. Prepayments can result in lower yields to shareholders. The increased likelihood of prepayment when interest rates decline also limits market price appreciation of MBS. This is known as prepayment risk. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Except in the case of certain types of RMBS, the mortgage loans underlying RMBS generally do not contain prepayment penalties and a reduction in market interest rates will increase the likelihood of prepayments on the related RMBS. In the case of certain home equity loan securities and certain types of RMBS, even though the underlying mortgage loans often contain prepayment premiums, such prepayment premiums may not be sufficient to discourage borrowers from prepaying their mortgage loans in the event of a reduction in market interest rates, resulting in a reduction in the yield to maturity for holders of the related RMBS. RMBS typically contain provisions that require repurchase of mortgage loans by the originator or other seller in the event of a breach of a representation or warranty regarding loan quality and characteristics of such loan. Any repurchase of a mortgage loan as a result of a breach has the same effect on the yield received on the related issue of RMBS as a prepayment of such mortgage loan. Any increase in breaches of representations and the consequent repurchases of mortgage loans that result from inadequate underwriting procedures and policies and protections against fraud will have the same effect on the yield on the related RMBS as an increase in prepayment rates. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Risk of prepayment may be reduced for commercial real estate property loans containing significant prepayment penalties or prohibitions on principal payments for a period of time following origination. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">MBS also are subject to extension risk. 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. The values of long-term securities generally fluctuate more widely in response to changes in interest rates than short or intermediate-term securities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, MBS may be subject to redemption at the option of the issuer. If a MBS held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem or&#160;&#8220;pay-off&#8221;&#160;the security, which could have an adverse effect on the Fund&#8217;s ability to achieve its investment objectives. </div> <span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Spread Widening Risk</div></div>. The prices of MBS may decline substantially, for reasons that may not be attributable to any of the other risks described in this Prospectus. In particular, purchasing assets at what may appear to be &#8220;undervalued&#8221; levels is no guarantee that these assets will not be trading at even more &#8220;undervalued&#8221; levels at a time of valuation or at the time of sale. It may not be possible to predict, or to protect against, such &#8220;spread widening&#8221; risk. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Illiquidity Risk</div></div>. The liquidity of MBS varies by type of security; at certain times the Fund may encounter difficulty in disposing of such investments. Because MBS have the potential to be less liquid than other securities, the Fund may be more susceptible to illiquidity risk than funds that invest in other securities. In the past, in stressed markets, certain types of MBS suffered periods of illiquidity when disfavored by the market. Due to increased instability in the credit markets, the market for some MBS has experienced reduced liquidity and greater volatility with respect to the value of such securities, making it more difficult to value such securities. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Asset-Backed Securities Risk</div>. ABS involve certain risks in addition to those presented by MBS. There is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. Relative to MBS, ABS may provide the Fund with a less effective security interest in the underlying collateral and are more dependent on the borrower&#8217;s ability to pay. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in an ABS transaction. Finally, ABS have structure risk due to a unique characteristic known as early amortization, or early payout, risk. Built into the structure of most ABS are triggers for early payout, designed to protect investors from losses. These triggers are unique to each transaction and can include a significant rise in defaults on the underlying loans, a sharp drop in the credit enhancement level or the bankruptcy of the originator. Once early amortization begins, all incoming loan payments (after expenses are paid) are used to pay investors as quickly as possible based upon a predetermined priority of payment. As a result, proceeds that would otherwise be distributed to holders of a junior tranche may be diverted to pay down more senior tranches. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The collateral underlying ABS may constitute assets related to a wide range of industries and sectors, such as credit card and automobile receivables. 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 debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Most 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. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have an effective security interest in all of the obligations backing such receivables. If the economy of the United States deteriorates, defaults on securities backed by credit card, automobile and other receivables may increase, which may adversely affect the value of any ABS owned by the Fund. There is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. In recent years, certain automobile manufacturers have been granted access to emergency loans from the U.S. Government and have experienced bankruptcy. As a result of these events, the value of securities backed by receivables from the sale or lease of automobiles may be adversely affected. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Some ABS, particularly home equity loan transactions, are subject to interest rate risk and prepayment risk. A change in interest rates can affect the pace of payments on the underlying loans, which in turn, affects total return on the securities. </div> <span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Collateralized Debt Obligation Risks</div>. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and ABS generally discussed in this Prospectus, CDOs carry additional risks including, but not limited to: (i)&#160;the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii)&#160;the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii)&#160;the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv)&#160;the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v)&#160;the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi)&#160;the lack of a readily available secondary market for CDOs; (vii)&#160;the risk of forced &#8220;fire sale&#8221; liquidation due to technical defaults such as coverage test failures; and (viii)&#160;the CDO&#8217;s manager may perform poorly. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">REITs Risk</div>.&#160;To the extent that the Fund invests in real estate related investments, including REITs, it will be subject to the risks associated with owning real estate and with the real estate industry generally. These include difficulties in valuing and disposing of real estate, the possibility of declines in the value of real estate, risks related to general and local economic conditions, the possibility of adverse changes in the climate for real estate, environmental liability risks, the risk of increases in property taxes and operating expenses, possible adverse changes in zoning laws, the risk of casualty or condemnation losses, limitations on rents, the possibility of adverse changes in interest rates and in the credit markets and the possibility of borrowers paying off mortgages sooner than expected, which may lead to reinvestment of assets at lower prevailing interest rates. To the extent that the Fund invests in REITs, it will also be subject to the risk that a REIT may default on its obligations or go bankrupt. REITs are generally not taxed on income timely distributed to shareholders, provided they comply with the applicable requirements of the Code. By investing in REITs indirectly through the Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. Mortgage REITs are pooled investment vehicles that invest the majority of their assets in real property mortgages and which generally derive income primarily from interest payments thereon. Investing in mortgage REITs involves certain risks related to investing in real property mortgages. In addition, mortgage REITs must satisfy highly technical and complex requirements in order to qualify for the favorable tax treatment accorded to REITs under the Code. No assurances can be given that a mortgage REIT in which the Fund invests will be able to continue to qualify as a REIT or that complying with the REIT requirements under the Code will not adversely affect such REIT&#8217;s ability to execute its business plan. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Many REITs focus on particular types of properties or properties which are especially suited for certain uses, and those REITs are affected by the risks which impact the users of their properties. For REITs that own healthcare facilities, for example, the physical characteristics of these properties and their operations are highly regulated, and those regulations often require capital expenditures or restrict the profits realizable from these properties. Some of these properties are also highly dependent upon Medicare and Medicaid payments, which are subject to changes in governmental budgets and policies. These properties may experience losses if their tenants receive lower Medicare or Medicaid rates. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">U.S. Government Securities Risk</div>. U.S. Government debt securities generally involve lower levels of credit risk than other types of fixed-income securities of similar maturities, although, as a result, the yields available from U.S. Government debt securities are generally lower than the yields available from such other securities. Like other fixed-income securities, the values of U.S. Government securities change as interest rates fluctuate. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=cik0001051003_ZeroCouponSecuritiesRiskMember', window );">Zero-Coupon Securities Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Zero-Coupon Securities Risk</div>. Zero coupon securities are securities that are sold at a discount to par value and do not pay interest during the life of the security. The discount approximates the total amount of interest the security will accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the security. </div></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">While interest payments are not made on zero coupon securities, holders of such securities are deemed to have received income (&#8220;phantom income&#8221;) annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon security, but at the same time eliminates the holder&#8217;s ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero coupon securities are more exposed to interest rate risk than shorter term zero coupon securities. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund accrues income with respect to these securities for Federal income tax and accounting purposes prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular intervals. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Further, to maintain its qualification for pass-through treatment under the Federal tax laws, the Fund is required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to generate the cash to satisfy these distributions. The required distributions may result in an increase in the Fund&#8217;s exposure to zero coupon securities. </div> <div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition to the above-described risks, there are certain other risks related to investing in zero coupon securities. During a period of severe market conditions, the market for such securities may become even less liquid. In addition, as these securities do not pay cash interest, the Fund&#8217;s investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Fund&#8217;s portfolio. </div></div> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Pay-In-Kind Bonds Risks</div>. The Fund may invest in PIK bonds. PIK bonds are bonds that pay interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, PIK bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date unless a portion of such securities is sold and, if the issuer defaults, the Fund may obtain no return at all on its investment. The market price of PIK bonds is affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that of securities that pay interest in cash. Additionally, current federal tax law requires the holder of certain PIK bonds to accrue income with respect to these securities prior to the receipt of cash payments. To maintain its qualification as a RIC and avoid liability for federal income and excise taxes, the Fund may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Insolvency of Issuers of Indebtedness Risk</div>. Various laws enacted for the protection of creditors may apply to indebtedness in which the Fund invests. The information in this and the following paragraph is applicable with respect to U.S. issuers subject to U.S. federal bankruptcy law. Insolvency considerations may differ with respect to other issuers. If, in a lawsuit brought by an unpaid creditor or representative of creditors of an issuer of indebtedness, a court were to find that the issuer did not receive fair consideration or reasonably equivalent value for incurring the indebtedness and that, after giving effect to such indebtedness, the issuer (i)&#160;was insolvent, (ii)&#160;was engaged in a business for which the remaining assets of such issuer constituted unreasonably small capital or (iii)&#160;intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could determine to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of such issuer, or to recover amounts previously paid by such issuer in satisfaction of such indebtedness. The measure of insolvency for purposes of the foregoing will vary. Generally, an issuer would be considered insolvent at a particular time if the sum of its debts was then greater than all of its property at a fair valuation, or if the present fair saleable value of its assets was then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">matured. There can be no assurance as to what standard a court would apply in order to determine whether the issuer was &#8220;insolvent&#8221; after giving effect to the incurrence of the indebtedness in which the Fund invested or that, regardless of the method of valuation, a court would not determine that the issuer was &#8220;insolvent&#8221; upon giving effect to such incurrence. In addition, in the event of the insolvency of an issuer of indebtedness in which the Fund invests, payments made on such indebtedness could be subject to avoidance as a &#8220;preference&#8221; if made within a certain period of time (which may be as long as one year) before insolvency. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund does not anticipate that it will engage in conduct that would form the basis for a successful cause of action based upon fraudulent conveyance, preference or subordination. There can be no assurance, however, as to whether any lending institution or other party from which the Fund may acquire such indebtedness engaged in any such conduct (or any other conduct that would subject such indebtedness and the Fund to insolvency laws) and, if it did, as to whether such creditor claims could be asserted in a U.S. court (or in the courts of any other country) against the Fund. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Indebtedness consisting of obligations of&#160;non-U.S.&#160;issuers may be subject to various laws enacted in the countries of their issuance for the protection of creditors. These insolvency considerations will differ depending on the country in which each issuer is located or domiciled and may differ depending on whether the issuer is a&#160;non-sovereign&#160;or a sovereign entity. </div> <span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Rights Risk</div>. The failure to exercise subscription rights to purchase common stock would result in the dilution of the Fund&#8217;s interest in the issuing company. The market for such rights is not well developed, and, accordingly, the Fund may not always realize full value on the sale of rights. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Municipal Securities Risks</div>. Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. These risks include: </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">General Obligation Bonds Risks</div></div>. The full faith, credit and taxing power of the municipality that issues a general obligation bond secures payment of interest and repayment of principal. Timely payments depend on the issuer&#8217;s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=cik0001051003_RevenueBondsRisksMember', window );">Revenue Bonds Risks [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Revenue Bonds Risks</div></div>. Revenue bonds issued by state or local agencies to finance the development of&#160;low-income,&#160;multi-family housing involve special risks in addition to those associated with municipal bonds generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. Payments of interest and principal on revenue bonds are made only from the revenues generated by a particular facility, class of facilities or the proceeds of a special tax or other revenue source. These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. Such bonds are generally nonrecourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for issuers to meet payment obligations on subordinated bonds. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Private Activity Bonds Risks</div></div>. Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. If the private enterprise defaults on its payments, the Fund may not receive any income or get its money back from the investment. These bonds may subject certain investors in the Fund to the federal alternative minimum tax. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Moral Obligation Bonds Risks</div></div>. Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Municipal Notes Risks</div></div>. Municipal notes are shorter term municipal debt obligations. They may provide interim financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money. </div><span></span>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Municipal Lease Obligations Risks</div></div>. In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not obligated to do so. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. However, if the issuer does not fulfill its payment obligation it may be difficult to sell the property and the proceeds of a sale may not cover the Fund&#8217;s loss. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of &#8220;nonappropriation&#8221; clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the lease premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of nonappropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover ownership of the assets. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certificates of participation, which represent interests in unmanaged pools of municipal leases or installment contracts, involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificate of participation to exercise remedies with respect to the underlying securities. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of <div style="display:inline;">participation</div>. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Liquidity of Investments</div></div>. Certain municipal bonds in which the Fund invests may lack an established secondary trading market or are otherwise considered illiquid. Liquidity of a security relates to the ability to easily dispose of the security and the price to be obtained and does not generally relate to the credit risk or likelihood of receipt of cash at maturity. Illiquid securities may trade at a discount from comparable, more liquid investments. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The financial markets in general, and certain segments of the municipal securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods some securities could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may&#160;occur again at any time. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Because the Fund does not expect that it will invest more 50% of its assets in&#160;tax-exempt&#160;municipal securities, the Fund will not be eligible to pass&#160;tax-exempt&#160;interest through to its shareholders in the form of &#8220;exempt-interest dividends.&#8221;&#160;The amount of&#160;tax-exempt&#160;interest earned by the Fund will, however, generally increase the Fund&#8217;s earnings and profits for U.S. federal income tax purposes.&#160;Accordingly, distributions of the Fund attributable to&#160;tax-exempt&#160;interest will generally be taxable to shareholders as ordinary dividend income that is not eligible for the preferential tax rates applicable to &#8220;qualified dividend income,&#8221; even though the&#160;tax-exempt&#160;income, if earned directly by the shareholder, would not have been subject to U.S. federal income tax. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Emerging Markets Risk</div>. The Fund may invest in&#160;Non-U.S.&#160;Securities of issuers in&#160;so-called&#160;&#8220;emerging markets&#8221; (or lesser developed countries). Such investments are particularly speculative and entail all of the risks of investing in&#160;Non-U.S.&#160;Securities but to a heightened degree. &#8220;Emerging market&#8221; countries generally include every nation in the world except developed countries, that is, the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i)&#160;low or&#160;non-existent&#160;trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">more developed capital markets; (ii)&#160;uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii)&#160;possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments; (iv)&#160;national policies that may limit the Fund&#8217;s investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests; and (v)&#160;the lack or relatively early development of legal structures governing private and foreign investments and private property. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Foreign investment in certain emerging market countries may be restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in certain emerging market issuers and increase the costs and expenses of the Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons in a particular issuer, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries and/or impose additional taxes on foreign investors. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Many emerging markets have histories of political instability and abrupt changes in policies and these countries may lack the social, political and economic stability characteristic of more developed countries. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments in the affected market. Some countries have pervasiveness of corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that may limit the Fund&#8217;s investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests. In such a dynamic environment, there can be no assurance that any or all of these capital markets will continue to present viable investment opportunities for the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. </div><span></span>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Foreign Currency Risk</div>. Because the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund&#8217;s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Advisors may, but are not required to, elect for the Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. In addition, certain countries, particularly emerging market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation or convertibility of currency. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Sovereign Governmental and Supranational Debt Risk</div>. Investments in sovereign debt involve special risks. Foreign governmental issuers of debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or pay interest when due. In the event of default, there may be limited or no legal recourse in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Political conditions, especially a sovereign entity&#8217;s willingness to meet the terms of its debt obligations, are of considerable significance. The ability of a foreign sovereign issuer, especially an emerging market country, to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer&#8217;s balance of payments, including export performance, its access to international credit facilities and investments, fluctuations of interest rates and the extent of its foreign reserves. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Also, there can be no assurances that the holders of commercial bank loans to the same sovereign entity may not contest payments to the holders of sovereign debt in the event of default under commercial bank loan agreements. In addition, there is no bankruptcy proceeding with respect to sovereign debt on which a sovereign has defaulted and the Fund may be unable to collect all or any part of its investment in a particular issue. Foreign investment in certain sovereign debt is restricted or controlled to varying degrees, including requiring governmental approval for the repatriation of income, capital or proceeds of sales by foreign investors. These restrictions or controls may at times limit or preclude foreign investment in certain sovereign debt and increase the costs and expenses of the Fund. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">LIBOR Risk</div>. The Fund may be exposed to financial instruments that are tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The Fund&#8217;s investments may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing at floating rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The United Kingdom&#8217;s Financial Conduct Authority announced a phase out of LIBOR such that after June&#160;30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average (&#8220;EONIA&#8221;), ceased to be published or representative after December&#160;31, 2021. The Fund may have investments linked to other interbank offered rates that may also cease to be published in the future. Various financial industry groups have been planning for the transition away from LIBOR, but there remain challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (&#8220;SOFR&#8221;), which is intended to replace the U.S. dollar LIBOR). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. In addition, a liquid market for newly issued instruments that use a reference rate other than LIBOR still may be developing. There may also be challenges for the Fund to enter into hedging transactions against such newly issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund&#8217;s performance or NAV. </div><span></span>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Event Risk</div>. Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company&#8217;s securities may decline significantly. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Inverse Floater and Related Securities Risk</div>. Investments in inverse floaters, residual interest tender option bonds and similar instruments expose the Fund to the same risks as investments in fixed-income securities and derivatives, as well as other risks, including those associated with leverage and increased volatility. An investment in these securities typically will involve greater risk than an investment in a fixed rate security. Distributions on inverse floaters, residual interest tender option bonds and similar instruments will typically bear an inverse relationship to short term interest rates and typically will be reduced or, potentially, eliminated as interest rates rise. Inverse floaters, residual interest tender option bonds and similar instruments will underperform the market for fixed rate securities in a rising interest rate environment. Inverse floaters may be considered to be leveraged to the extent that their interest rates vary by a magnitude that exceeds the magnitude of the change in a reference rate of interest (typically a short term interest rate). The leverage inherent in inverse floaters is associated with greater volatility in their market values. Investments in inverse floaters, residual interest tender option bonds and similar instruments that have fixed-income&#160;securities underlying them will expose the Fund to the risks associated with those fixed-income securities and the values of those investments may be especially sensitive to changes in prepayment rates on the underlying fixed-income securities. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Inflation-Indexed Bonds Risk</div>. Inflation-indexed securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPs, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Thus generally, during periods of rising inflation, the value of inflation-indexed securities will tend to increase and during periods of deflation, their value will tend to decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used (e.g., the Consumer Price Index for All Urban Consumers) will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity. In order to receive the special treatment accorded to RICs and their shareholders under the Code and to avoid U.S. federal income and/or excise taxes at the Fund level, the Fund may be required to distribute this income to shareholders in the tax year in which the income is recognized (without a corresponding receipt of cash). Therefore, the Fund may be required to pay out as an income distribution in any such tax year an amount greater than the total amount of cash income the Fund actually received and to sell portfolio securities, including at potentially disadvantageous times or prices, to obtain cash needed for these income distributions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issues pay out the Consumer Price Index (&#8220;CPI&#8221;) accruals as part of a semi-annual coupon. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over the first six months was 1%, the&#160;mid-year&#160;par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year&#8217;s inflation equaling 3%, the&#160;end-of-year&#160;par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%). </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds that may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation index may not be correlated to the rate of inflation in the United States. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond&#8217;s inflation measure. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the Consumer Price Index for Urban Consumers&#160;(&#8220;CPI-U&#8221;),&#160;which is calculated monthly by the U.S. Bureau of Labor Statistics. The&#160;CPI-U&#160;is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the&#160;CPI-U&#160;or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Defensive Investing Risk</div>. For defensive purposes, the Fund may allocate assets into cash or short-term fixed-income securities without limitation. In doing so, the Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objectives. Further, the value of short-term fixed-income securities may be affected by changing interest rates and by changes in credit ratings of the investments. If the Fund holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Structured Investments Risk</div>. The Fund may invest in structured products, including structured notes, ELNs and other types of structured products. Holders of structured products bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may have the right to receive payments only from the structured product and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product&#8217;s administrative and other expenses. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining such financing, which may adversely affect the value of the structured products owned by the Fund. </div><span></span>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Structured Notes Risk</div></div>. Investments in structured notes involve risks, including credit risk and market risk. Where the Fund&#8217;s investments in structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the note. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Event-Linked Securities Risk</div></div>. Event-linked securities are a form of derivative issued by insurance companies and insurance-related special purpose vehicles that apply securitization techniques to catastrophic property and casualty damages. Unlike other insurable&#160;low-severity,&#160;high-probability events, the insurance risk of which can be diversified by writing large numbers of similar policies, the holders of a typical event-linked securities are exposed to the risks from high-severity,&#160;low-probability&#160;events such as that posed by major earthquakes or hurricanes. If a catastrophe occurs that &#8220;triggers&#8221; the event-linked security, investors in such security may lose some or all of the capital invested. In the case of an event, the funds are paid to the bond sponsor&#8212;an insurer, reinsurer or corporation&#8212;to cover losses. In return, the bond sponsors pay interest to investors for this catastrophe protection. Event-linked securities can be structured to&#160;pay-off&#160;on three types of variables&#8212;insurance-industry catastrophe loss indices, insured-specific catastrophe losses and parametric indices based on the physical characteristics of catastrophic events. Such variables are difficult to predict or model, and the risk and potential return profiles of event-linked securities may be difficult to assess. Catastrophe-related event-linked securities have been in use since the 1990s, and the securitization and risk-transfer aspects of such event-linked securities are beginning to be employed in other insurance and risk-related areas. No active trading market may exist for certain event-linked securities, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=cik0001051003_EquityLinkedNotesRiskMember', window );">Equity-Linked Notes Risk [Member]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Equity-Linked Notes Risk</div></div>.&#160;ELNs are hybrid securities with characteristics of both fixed-income and equity securities. An ELN is a debt instrument, usually a bond, that pays interest based upon the performance of an underlying equity, which can be a single stock, basket of stocks or an equity index. The interest payment on an ELN may in some cases be leveraged so that, in percentage terms, it exceeds the relative performance of the market. ELNs generally are subject to the risks associated with the securities of equity issuers, default risk and counterparty risk. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Credit-Linked Notes Risk</div></div>. A credit-linked note is a derivative instrument. It is a synthetic obligation between two or more parties where the payment of principal and/or interest is based on the performance of some obligation (a reference obligation). In addition to the credit risk of the reference obligations and interest rate risk, the buyer/seller of the credit-linked note is subject to counterparty risk. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Repurchase Agreements Risk</div>. Subject to its investment objectives and policies, the Fund may invest in repurchase agreements for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; possible lack of access to income on the underlying security during this period; and expenses of enforcing its rights. While repurchase agreements involve certain risks not associated with direct investments in debt securities, the Fund follows procedures approved by the Fund&#8217;s Board that are designed to minimize such risks. In addition, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund&#8217;s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. </div><span></span>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Dollar Roll Transactions Risk</div>. Dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the Fund sells securities becomes insolvent, the Fund&#8217;s right to purchase or repurchase securities may be restricted. Successful use of dollar rolls may depend upon the Advisors&#8217; ability to predict correctly interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed. These transactions may involve leverage. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=cik0001051003_WhenIssuedForwardCommitmentAndDelayedDeliveryTransactionsRiskMember', window );">When-Issued, Forward Commitment and Delayed Delivery Transactions Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">When-Issued, Forward Commitment and Delayed Delivery Transactions Risk</div>. The Fund may purchase securities on a &#8220;when-issued&#8221; basis and may purchase or sell securities on a &#8220;forward commitment&#8221; basis in order to acquire the security or to offset against anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of these assets will be monitored daily to ensure that their marked to market value will at all times equal or exceed the corresponding obligations of the Fund. There is always a risk that the securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions and, accordingly, are not subject to the foregoing restrictions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Rule 18f-4 under the Investment Company Act permits the Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section&#160;18 of the Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the &#8220;Delayed-Settlement Securities Provision&#8221;). If a when-issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule 18f-4. See &#8220;Additional Risk Factors&#8212;Risk Factors in Strategic Transactions and Derivatives&#8212;Rule 18f-4 Under the Investment Company Act&#8221; below. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=cik0001051003_SecuritiesLendingRiskMember', window );">Securities Lending Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Securities Lending Risk</div>. The Fund may lend securities to financial institutions. Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), &#8220;gap&#8221; risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Fund has agreed to pay a borrower), foreign exchange risk (i.e., the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and market risks. If a securities lending counterparty were to default, the Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return the Fund&#8217;s securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for the Fund. The Fund could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute payments for dividends received by the Fund for securities loaned out by the Fund will generally not be considered qualified dividend income. The securities lending agent will take the tax effects on shareholders of this difference into account in connection with the Fund&#8217;s securities lending program. Substitute payments received on&#160;tax-exempt&#160;securities loaned out will not be&#160;tax-exempt&#160;income. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=cik0001051003_InflationRiskMember', window );">Inflation Risk [Member]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Inflation Risk</div>. Inflation risk is the risk that the value of assets or income from investment will be worth less in the future, as inflation decreases the value of money. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy. As inflation increases, the real value of the common shares and distributions on those shares can decline. In addition, during any periods of rising inflation, interest rates on any borrowings by the Fund would likely increase, which would tend to further reduce returns to the holders of common shares. </div><span></span>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Deflation Risk</div>. Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#8217;s portfolio. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Risk Associated with Recent Market Events</div>.&#160;While interest rates have been historically low in recent years in the United States and abroad, inflation rates have recently risen significantly and the Federal Reserve and other central banks have recently begun raising interest rates to address inflation which, among other factors, has led to markets to experiencing high volatility. A significant increase in interest rates may cause a further decline in the market for equity securities and could lead to a recession. Further, regulators have expressed concern that rate increases may contribute to price volatility. The impact of inflation and the recent actions of the Federal Reserve have led to market volatility and may negatively affect the value of debt instruments held by the Fund and result in a negative impact on the Fund&#8217;s performance. See &#8220;Risks&#8212;Inflation Risk.&#8221; </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the current contentious domestic political environment, as well as political and diplomatic events in the United States and abroad, such as presidential elections in the United States or the U.S. government&#8217;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in adverse consequences (including a government shutdown) to the U.S. regulatory landscape, the general market environment and/or investment sentiment, which could negatively impact the Fund&#8217;s investments and operations. Such adverse consequences may affect investor and/or consumer confidence and may adversely impact financial markets and the broader economy, potentially to a significant degree. In recent years, some countries, including the United States, have adopted and/or are considering the adoption of more protectionist trade policies. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health, may add to instability in world economies and markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund&#8217;s investments may be negatively affected by such events. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">EMU and Redenomination Risk</div>.&#160;As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the EMU, or even the collapse of the Euro as a common currency, arose, creating significant volatility at times in currency and financial markets generally. The effects of the collapse of the Euro, or of the exit of one or more countries from the EMU, on the U.S. and global economy and securities markets are impossible to predict and any such events could have a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. Any partial or complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#8217;s portfolio investments. If one or more EMU countries were to stop using the Euro as its primary currency, the Fund&#8217;s investments in such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to foreign currency risk, illiquidity risk and valuation risk to a greater extent than similar investments currently denominated in Euros. To the extent a currency used for redenomination purposes is not specified in respect of certain&#160;EMU-related&#160;investments, or should the Euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required to seek judicial or other clarification of the denomination or value of such securities.</div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Market Disruption and Geopolitical Risk</div><div style="font-style:italic;display:inline;">.&#160;</div>The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, new and ongoing epidemics and pandemics of infectious diseases and other global health events, natural/environmental disasters, terrorist attacks in the United States and around the world, social and political discord, debt crises (such as the Greek crisis), sovereign debt downgrades, the Russian invasion of Ukraine, increasingly strained relations between the United States and a number of foreign countries, including historical adversaries, such as North Korea, Iran, China and Russia, and the international community generally, new and continued political unrest in various countries, such as Venezuela and Spain, the exit or potential exit of one or more countries from the European Union (&#8220;EU&#8221;) or the European Monetary Union, continued changes in the balance of political power among and within the branches of the U.S. government, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Russia launched a large-scale invasion of Ukraine on February&#160;24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, in the region are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, could have a severe adverse effect on Russia and the European region, including significant negative impacts on the Russian economy, the European economy and the markets for certain securities and commodities, such as oil and natural gas, and may likely have collateral impacts on such sectors globally as well as other sectors. How long such military action and related events will last cannot be predicted. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">China and the United States have each imposed tariffs on the other country&#8217;s products. These actions may cause a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China&#8217;s export industry, which could have a negative impact on the Fund&#8217;s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">On January&#160;31, 2020, the United Kingdom (&#8220;UK&#8221;) officially withdrew from the EU (commonly known as &#8220;Brexit&#8221;). The UK and EU reached a preliminary trade agreement, which became effective on January&#160;1, 2021, regarding the terms of their future trading relationship relating principally to the trading of goods; however, negotiations are ongoing for matters not covered by the agreement, such as the trade of financial services. Due to uncertainty of the current political environment, it is not possible to foresee the form or nature of the future trading relationship between the UK and the EU. The longer term economic, legal, political and social framework to be put in place between the UK and the EU remains unclear and the ongoing political and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets may continue for some time. In particular, Brexit may lead to a call for similar referendums in other European jurisdictions which may cause increased economic volatility in the European and global markets and may destabilize some or all of the other EU member countries. This uncertainty may have an adverse effect on the economy generally and on the ability of the Fund and its investments to execute their respective strategies, to receive attractive returns and/or to exit certain investments at an advantageous time or price. In particular, currency volatility may mean that the returns of the Fund and its investments are adversely affected by market movements and may make it more difficult, or more expensive, if the Fund elects to execute currency hedges. Potential decline in the value of the British Pound and/or the Euro against other currencies, along with the potential downgrading of the UK&#8217;s sovereign credit rating, may also have an impact on the performance of portfolio companies or investments located in the UK or Europe. In light of the above, no definitive assessment can currently be made regarding the impact that Brexit will have on the Fund, its investments or its organization more generally. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Cybersecurity incidents affecting particular companies or industries may adversely affect the economies of particular countries, regions or parts of the world in which the Fund invests. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The occurrence of any of these above events could have a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. The Fund does not know how long the securities markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. economy and securities markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Regulation and Government Intervention Risk</div><div style="font-style:italic;display:inline;">.&#160;</div>Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take actions that affect the regulation of the issuers in which the Fund invests in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund is regulated. Such legislation or regulation could limit or preclude the Fund&#8217;s ability to achieve its investment objectives. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In light of popular, political and judicial focus on finance related consumer protection, financial institution practices are also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors holding common shares of a closed-end investment company such as the Fund and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Fund and its ability to achieve its investment objectives. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Investment Company Act Regulations</div></div>. The Fund is a registered closed-end management investment company and as such is subject to regulations under the Investment Company Act. Generally speaking, any contract or provision thereof that is made, or where performance involves a violation of the Investment Company Act or any rule or regulation thereunder is unenforceable by either party unless a court finds otherwise. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Regulation as a &#8220;Commodity Pool&#8221;</div>. The CFTC subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i)&#160;invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps (&#8220;CFTC Derivatives&#8221;), or (ii)&#160;markets itself as providing investment exposure to such instruments. To the extent the Fund uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a &#8220;commodity pool&#8221; or a vehicle for trading such instruments. Accordingly, the Advisors have claimed an exclusion from the definition of the term &#8220;commodity pool operator&#8221; under the Commodity Exchange Act (the &#8220;CEA&#8221;) pursuant to Rule 4.5 under the CEA. The Advisors are not, therefore, subject to registration or regulation as a &#8220;commodity pool operator&#8221; under the CEA in respect of the Fund. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Failures of Futures Commission Merchants and Clearing Organizations Risk. </div>The Fund is required to deposit funds to margin open positions in cleared derivative instruments (both futures and swaps) with a clearing broker registered as a &#8220;futures commission merchant&#8221; (&#8220;FCM&#8221;). The CEA requires an FCM to segregate all funds received from customers with respect to any orders for the purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM&#8217;s proprietary assets. Similarly, the CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any orders for the purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures contracts. However, all funds and other property received by an FCM from its customers are held by an FCM on a commingled basis in an omnibus account and amounts in excess of assets posted to the clearing organization may be invested by an FCM in certain instruments permitted under the applicable regulation. There is a risk that assets deposited by the Fund with any FCM as margin for futures contracts or commodity options may, in certain circumstances, be used to satisfy losses of other clients of the Fund&#8217;s FCM. In addition, the assets of the Fund posted as margin against both swaps and futures contracts may not be fully protected in the event of the FCM&#8217;s bankruptcy. </div><span></span>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Legal, Tax and Regulatory Risks</div>. Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its &#8220;investment company taxable income&#8221; (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). If for any taxable year the Fund does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&#8217;s current and accumulated earnings and profits. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Biden presidential administration has called for significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and&#160;difficult-to-quantify&#160;macroeconomic and political risks with potentially&#160;far-reaching&#160;implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Fund cannot predict the impact, if any, of these changes to the Fund&#8217;s business, they could adversely affect the Fund&#8217;s business, financial condition, operating results and cash flows. Until the Fund knows what policy changes are made and how those changes impact the Fund&#8217;s business and the business of the Fund&#8217;s competitors over the long term, the Fund will not know if, overall, the Fund will benefit from them or be negatively affected by them. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Potential Conflicts of Interest of the Advisor, Sub-Advisor and Others</div>. The investment activities of BlackRock, Inc. (&#8220;BlackRock&#8221;), the ultimate parent company of the Advisors, and its affiliates (including BlackRock and its subsidiaries (collectively, the &#8220;Affiliates&#8221;), and their respective directors, officers or employees, in the management of, or their interest in, their own accounts and other accounts they manage, may present conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock and its Affiliates provide investment management services to other funds and discretionary managed accounts that may follow investment programs similar to that of the Fund. Subject to the requirements of the Investment Company Act, BlackRock and its Affiliates intend to engage in such activities and may receive compensation from third parties for their services. Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of the Fund&#8217;s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by BlackRock or an Affiliate, and it is possible that the Fund could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. BlackRock has adopted policies and procedures designed to address potential conflicts of&#160;interest. For additional information about potential conflicts of interest and the way in which BlackRock addresses such conflicts, please see &#8220;Conflicts of Interest&#8221; and &#8220;Management of the Fund&#8212;Portfolio Management&#8212;Potential Material Conflicts of Interest&#8221; in the SAI. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Decision-Making Authority Risk</div>. Investors have no authority to make decisions or to exercise business discretion on behalf of the Fund, except as set forth in the Fund&#8217;s governing documents. The authority for all such decisions is generally delegated to the Board, which in turn, has delegated the&#160;day-to-day&#160;management of the Fund&#8217;s investment activities to the Advisors, subject to oversight by the Board. </div><span></span>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Management Risk</div>. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisors and the individual portfolio managers will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund may be subject to a relatively high level of management risk because the Fund may invest in derivative instruments, which may be highly specialized instruments that require investment techniques and risk analyses different from those associated with equities and bonds. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Valuation Risk</div>. The Fund is subject to valuation risk, which is the risk that one or more of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability or human error. The Advisors may use an independent pricing service or prices provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. See &#8220;Net Asset Value.&#8221; When market quotations are not available, the Advisors may price such investments pursuant to a number of methodologies, such as computer-based analytical modeling or individual security evaluations. These methodologies generate approximations of market values, and there may be significant professional disagreement about the best methodology for a particular type of financial instrument or different methodologies that might be used under different circumstances. In the absence of an actual market transaction, reliance on such methodologies is essential, but may introduce significant variances in the ultimate valuation of the Fund&#8217;s investments. Technological issues and/or errors by pricing services or other third-party service providers may also impact the Fund&#8217;s ability to value its investments and the calculation of the Fund&#8217;s NAV. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When market quotations are not readily available or are believed by the Advisor to be unreliable, the Advisor will fair value the Fund&#8217;s investments in accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset or the cost to extinguish that liability in an arm&#8217;s-length transaction. Fair value pricing may require determinations that are inherently subjective and inexact about the value of a security or other asset. As a result, there can be no assurance that fair value priced assets will not result in future adjustments to the prices of securities or other assets, or that fair value pricing will reflect a price that the Fund is able to obtain upon sale, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. For example, the Fund&#8217;s NAV could be adversely affected if the Fund&#8217;s determinations regarding the fair value of the Fund&#8217;s investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments. Where market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available. The Advisors anticipate that up to approximately 25% of the Fund&#8217;s net assets (calculated at the time of investment) may be valued using fair value. This percentage may increase over the life of the Fund and may exceed 25% of the Fund&#8217;s net assets due to a number of factors, such as when the Fund nears dissolution; outflows of cash from time to time; and changes in the valuation of these investments. The Fund prices its shares daily and therefore all assets, including assets valued at fair value, are valued daily. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s NAV per common share is a critical component in several operational matters including computation of advisory and services fees. Consequently, variance in the valuation of the Fund&#8217;s investments will impact, positively or negatively, the fees and expenses shareholders will pay. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Reliance&#160;on the Advisor and Sub-Advisor Risk</div>. The Fund is dependent upon services and resources provided by the Advisors, and therefore the Advisors&#8217; parent, BlackRock. The Advisors are not required to devote their full time to the business of the Fund and there is no guarantee or requirement that any investment professional or other employee of the Advisors will allocate a substantial portion of his or her time to the Fund. The loss of one or more individuals involved with the Advisors could have a material adverse effect on the performance or the continued operation of the Fund. For additional information on the Advisor,&#160;the&#160;Sub-Advisor&#160;and&#160;BlackRock, see &#8220;Management of the Fund&#8212;Investment Advisor&#160;and&#160;Sub-Advisor.&#8221; </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Reliance on Service Providers Risk</div>. The Fund must rely upon the performance of service providers to perform certain functions, which may include functions that are integral to the Fund&#8217;s operations and financial performance. Failure by any service provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill or to perform its obligations to the Fund at all as a result of </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">insolvency, bankruptcy or other causes could have a material adverse effect on the Fund&#8217;s performance and returns to shareholders. The termination of the Fund&#8217;s relationship with any service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of the Fund and could have a material adverse effect on the Fund&#8217;s performance and returns to shareholders. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Information Technology Systems Risk</div>. The Fund is dependent on the Advisors for certain management services as well as back-office functions. The Advisors depend on information technology systems in order to assess investment opportunities, strategies and markets and to monitor and control risks for the Fund. It is possible that a failure of some kind which causes disruptions to these information technology systems could materially limit the Advisors&#8217; ability to adequately assess and adjust investments, formulate strategies and provide adequate risk control. Any such information technology-related difficulty could harm the performance of the Fund. Further, failure of the back-office functions of the Advisors to process trades in a timely fashion could prejudice the investment performance of the Fund. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Cyber Security Risk</div>. With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through &#8220;hacking&#8221; or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as&#160;causing&#160;denial-of-service&#160;attacks&#160;on websites (i.e., efforts to make network services unavailable to intended users). Cyber security failures by or breaches of the Advisors and other service providers (including, but not limited to, fund accountants, custodians, transfer agents and administrators), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund&#8217;s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Fund has established business continuity plans in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund and issuers in which the Fund invests. As a result, the Fund or its shareholders could be negatively impacted. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Misconduct of Employees and of Service Providers Risk</div>. Misconduct or misrepresentations by employees of the Advisor,&#160;the&#160;Sub-Advisor&#160;or&#160;the Fund&#8217;s service providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund&#8217;s service providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Fund&#8217;s business prospects or future marketing activities. Despite the Advisors&#8217; due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Advisors&#8217; due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Advisors will identify or prevent any such misconduct. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Special Risks for Holders of Rights.</div> There is a risk that performance of the Fund may result in the common shares purchasable upon exercise of the rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the rights. Investors who receive rights may find that there is no market to sell rights they do not wish to exercise. If investors exercise only a portion of the rights, common shares may trade at less favorable prices than larger offerings for similar securities. </div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Allocation Risk</div>. The Fund&#8217;s ability to achieve its investment objective depends upon the Advisors&#8217; skill in determining the Fund&#8217;s allocation of its assets and in selecting the best mix of investments. There is a risk that the Advisors&#8217; evaluation and assumptions regarding asset classes or investments may be incorrect in view of actual market conditions. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s allocation of its investments across various segments of the securities markets and various countries, regions, asset classes and sectors may vary significantly over time based on the Advisors&#8217; analysis and judgment. As a result, the particular risks most relevant to an investment in the Fund, as well as the overall risk profile of the Fund&#8217;s portfolio, may vary over time. The Advisors employ an active approach to the Fund&#8217;s investment allocations, but there is no guarantee that the Advisors&#8217; allocation strategy will produce the desired results. The percentage of the Fund&#8217;s total assets allocated to any category of investment may at any given time be significantly less than the maximum percentage permitted pursuant to the Fund&#8217;s investment policies. It is possible that the Fund will focus on an investment that performs poorly or underperforms other investments under various market conditions. The flexibility of the Fund&#8217;s investment policies and the discretion granted to the Advisors to invest the Fund&#8217;s assets across various segments, classes and geographic regions of the securities markets and in securities with various characteristics means that the Fund&#8217;s ability to achieve its investment objective may be more dependent on the success of its investment advisers than other investment companies. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Portfolio Turnover Risk</div>. The Fund&#8217;s annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. High portfolio turnover may result in an increased realization of net short-term capital gains by the Fund which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio turnover may create realized capital losses. </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-weight:bold;display:inline;">Anti-Takeover Provisions Risk</div>. The Fund&#8217;s Charter and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to&#160;open-end&#160;status or to change the composition of the Board. Such provisions could limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. See &#8220;Certain Provisions of the Charter and Bylaws.&#8221; </div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
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<td class="text">55 East 52nd Street<span></span>
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<td class="text">10055<span></span>
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<td class="text">John M. Perlowski, President<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_BasisOfTransactionFeesNoteTextBlock', window );">Basis of Transaction Fees, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">as a percentage of net assets attributable to common shares<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBid', window );">Lowest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8.83<span></span>
</td>
<td class="nump">$ 8.59<span></span>
</td>
<td class="nump">$ 10.06<span></span>
</td>
<td class="nump">$ 11.47<span></span>
</td>
<td class="nump">$ 10.93<span></span>
</td>
<td class="nump">$ 10.86<span></span>
</td>
<td class="nump">$ 10.37<span></span>
</td>
<td class="nump">$ 9.53<span></span>
</td>
<td class="nump">$ 9.38<span></span>
</td>
<td class="nump">$ 8.21<span></span>
</td>
<td class="nump">$ 6.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBid', window );">Highest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.15<span></span>
</td>
<td class="nump">10.52<span></span>
</td>
<td class="nump">11.75<span></span>
</td>
<td class="nump">12.14<span></span>
</td>
<td class="nump">11.73<span></span>
</td>
<td class="nump">11.53<span></span>
</td>
<td class="nump">11<span></span>
</td>
<td class="nump">10.45<span></span>
</td>
<td class="nump">10.2<span></span>
</td>
<td class="nump">9.92<span></span>
</td>
<td class="nump">11.49<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidNav', window );">Lowest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.27<span></span>
</td>
<td class="nump">10.4<span></span>
</td>
<td class="nump">11.2<span></span>
</td>
<td class="nump">11.69<span></span>
</td>
<td class="nump">11.65<span></span>
</td>
<td class="nump">11.61<span></span>
</td>
<td class="nump">11.62<span></span>
</td>
<td class="nump">11.15<span></span>
</td>
<td class="nump">10.88<span></span>
</td>
<td class="nump">9.76<span></span>
</td>
<td class="nump">9.26<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidNav', window );">Highest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.84<span></span>
</td>
<td class="nump">$ 11.34<span></span>
</td>
<td class="nump">$ 11.57<span></span>
</td>
<td class="nump">$ 11.61<span></span>
</td>
<td class="nump">$ 11.68<span></span>
</td>
<td class="nump">$ 11.71<span></span>
</td>
<td class="nump">$ 11.64<span></span>
</td>
<td class="nump">$ 11.55<span></span>
</td>
<td class="nump">$ 11.3<span></span>
</td>
<td class="nump">$ 11.18<span></span>
</td>
<td class="nump">$ 12.31<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent', window );">Highest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6.37%)<span></span>
</td>
<td class="num">(7.23%)<span></span>
</td>
<td class="nump">1.56%<span></span>
</td>
<td class="nump">4.57%<span></span>
</td>
<td class="nump">0.43%<span></span>
</td>
<td class="num">(1.54%)<span></span>
</td>
<td class="num">(5.50%)<span></span>
</td>
<td class="num">(9.52%)<span></span>
</td>
<td class="num">(9.73%)<span></span>
</td>
<td class="num">(11.27%)<span></span>
</td>
<td class="num">(6.66%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent', window );">Lowest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(14.02%)<span></span>
</td>
<td class="num">(17.42%)<span></span>
</td>
<td class="num">(10.18%)<span></span>
</td>
<td class="num">(1.88%)<span></span>
</td>
<td class="num">(6.18%)<span></span>
</td>
<td class="num">(6.46%)<span></span>
</td>
<td class="num">(10.76%)<span></span>
</td>
<td class="num">(14.53%)<span></span>
</td>
<td class="num">(13.79%)<span></span>
</td>
<td class="num">(15.88%)<span></span>
</td>
<td class="num">(33.05%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestSharePrice', window );">Latest Share Price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.38<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestPremiumDiscountToNavPercent', window );">Latest Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(10.07%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestNav', window );">Latest NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.43<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityTitleTextBlock', window );">Security Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Common Shares<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Common Shares<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityAuthorizedShares', window );">Outstanding Security, Authorized [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">400,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">46,610,312<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityAxis=cik0001051003_PreferredSharesMember', window );">Preferred Shares [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityTitleTextBlock', window );">Security Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Preferred Shares<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr><td colspan="28"></td></tr>
<tr><td colspan="28"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The Reinvestment Plan Agent&#8217;s (as defined below under &#8220;Dividend Reinvestment Plan&#8221;) fees for the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">The Fund and the Advisor have entered into a fee waiver agreement (the &#8220;Fee Waiver Agreement&#8221;), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#8217;s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (&#8220;ETFs&#8221;) managed by the Advisor or its affiliates that have a contractual management fee, through June 30, 2024. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June 30, 2024. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Directors who are not &#8220;interested persons&#8221; (as defined in the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), of the Fund (the &#8220;Independent Directors&#8221;)) or a majority of the outstanding voting securities of the Fund), upon 90 days&#8217; written notice by the Fund to the Advisor.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.55% based on an aggregate of (i) the Fund&#8217;s average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, &#8220;average daily Managed Assets&#8221;). &#8220;Net Assets&#8221; means the total assets of the Fund minus the sum of the accrued liabilities. The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund&#8217;s net asset value. The Fund uses leverage in the form of a credit facility, which as of December 19, 2022 amounted to approximately 26.45% of the Fund&#8217;s Managed Assets (approximately 35.95% of the Fund&#8217;s net assets). &#8220;Managed Assets&#8221; means the total assets of the Fund minus the sum of the Fund&#8217;s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund&#8217;s net assets attributable to common stock are the Fund&#8217;s Managed Assets minus the value of the Fund&#8217;s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Fund&#8217;s use of leverage in the form of higher fees as a percentage of the Fund&#8217;s net assets attributable to common stock than if the Fund did not use leverage.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Reflects leverage, in the form of a credit facility, in an amount equal to approximately 26.45% of the Fund&#8217;s Managed Assets as of December 19, 2022. The interest expense borne by the Fund will vary over time in accordance with the level of the Fund&#8217;s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Fund for accounting purposes.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">Other Expenses have been restated to reflect current fees.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund&#8217;s most recent annual report, which do not include the restatement of Miscellaneous Other Expenses and Interest Expense to reflect current fees.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[8]</td>
<td style="vertical-align: top;" valign="top">Consolidated Financial Highlights through November 30, 2017.</td>
</tr>
</table></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 10<br> -Subparagraph a<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CapitalStockTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CapitalStockTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_DividendReinvestmentAndCashPurchaseFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_DividendReinvestmentAndCashPurchaseFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_EffectsOfLeveragePurposeTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_EffectsOfLeveragePurposeTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_EffectsOfLeverageTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_EffectsOfLeverageTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_EffectsOfLeverageTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_EffectsOfLeverageTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYear01">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYear01</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to10">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to10</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to5">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to5</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FeeTableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FeeTableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FinancialHighlightsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FinancialHighlightsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_GeneralDescriptionOfRegistrantAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_GeneralDescriptionOfRegistrantAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IntervalFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IntervalFundFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InvestmentObjectivesAndPracticesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 2<br> -Paragraph b, d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InvestmentObjectivesAndPracticesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestSharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestSharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_NetExpenseOverAssetsPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_NetExpenseOverAssetsPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_NewCefOrBdcRegistrantFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_NewCefOrBdcRegistrantFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpense1Percent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpense1Percent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpense2Percent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpense2Percent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherExpensesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherExpensesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherSecurityDescriptionTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherSecurityDescriptionTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherSecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherSecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionFeesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionFeesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecuritiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityAuthorizedShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityAuthorizedShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityNotHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityNotHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PrimaryShelfFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PrimaryShelfFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PrimaryShelfQualifiedFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PrimaryShelfQualifiedFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PurposeOfFeeTableNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PurposeOfFeeTableNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RegisteredClosedEndFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RegisteredClosedEndFundFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtMinusFivePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtMinusFivePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtMinusTenPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtMinusTenPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtPlusFivePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtPlusFivePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtPlusTenPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtPlusTenPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtZeroPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtZeroPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskFactorsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskFactorsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SalesLoadPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SalesLoadPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SeniorSecuritiesAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 3<br> -Paragraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SeniorSecuritiesAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SeniorSecuritiesCoveragePerUnit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 3<br> -Paragraph 3<br> -Subparagraph Instruction 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SeniorSecuritiesCoveragePerUnit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SharePriceTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SharePriceTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ShareholderTransactionExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ShareholderTransactionExpensesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_TotalAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_TotalAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_WaiversAndReimbursementsOfFeesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_WaiversAndReimbursementsOfFeesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AdditionalSecurities462b">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AdditionalSecurities462b</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AdditionalSecuritiesEffective413b">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 413<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AdditionalSecuritiesEffective413b</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ApproximateDateOfCommencementOfProposedSaleToThePublic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The approximate date of a commencement of a proposed sale of securities to the public. This element is disclosed in S-1, S-3, S-4, S-11, F-1, F-3 and F-10 filings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ApproximateDateOfCommencementOfProposedSaleToThePublic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:dateOrAsapItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DelayedOrContinuousOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form S-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form F-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DelayedOrContinuousOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DividendOrInterestReinvestmentPlanOnly">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form S-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form F-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DividendOrInterestReinvestmentPlanOnly</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EffectiveUponFiling462e">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection e<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EffectiveUponFiling462e</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EffectiveWhenDeclaredSection8c">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Section 8<br> -Subsection c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EffectiveWhenDeclaredSection8c</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInvCompanyType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>One of: N-1A (Mutual Fund), N-1 (Open-End Separate Account with No Variable Annuities), N-2 (Closed-End Investment Company), N-3 (Separate Account Registered as Open-End Management Investment Company), N-4 (Variable Annuity UIT Separate Account), N-5 (Small Business Investment Company), N-6 (Variable Life UIT Separate Account), S-1 or S-3 (Face Amount Certificate Company), S-6 (UIT, Non-Insurance Product).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 313<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInvCompanyType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:invCompanyType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ExhibitsOnly462d">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ExhibitsOnly462d</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyActFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-4<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyActFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyActRegistration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyActRegistration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyRegistrationAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyRegistrationAmendment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyRegistrationAmendmentNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyRegistrationAmendmentNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:sequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NewEffectiveDateForPreviousFiling">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-4<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NewEffectiveDateForPreviousFiling</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NoSubstantiveChanges462c">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NoSubstantiveChanges462c</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PostEffectiveAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PostEffectiveAmendment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreEffectiveAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreEffectiveAmendment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreEffectiveAmendmentNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amendment number to registration statement under the Securities Act of 1933 before the registration becomes effective.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreEffectiveAmendmentNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:sequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_GeneralRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_GeneralRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_OfferingRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_OfferingRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_SecondLienLoansRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_SecondLienLoansRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_MezzanineInvestmentRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_MezzanineInvestmentRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_RisksOfLoanAssignmentsAndParticipationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_RisksOfLoanAssignmentsAndParticipationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_BankLoansRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_BankLoansRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_CorporateBondsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_CorporateBondsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_YieldAndRatingsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_YieldAndRatingsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_UnratedSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_UnratedSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_DebtorinpossessionDipFinancingRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_DebtorinpossessionDipFinancingRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_MortgageRelatedSecuritiesRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_MortgageRelatedSecuritiesRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_RmbsRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_RmbsRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_AgencyRmbsRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_AgencyRmbsRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_NonagencyRmbsRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_NonagencyRmbsRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_BorrowerCreditRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_BorrowerCreditRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_RmbsLegalRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_RmbsLegalRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_MortgageLoanMarketRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_MortgageLoanMarketRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_LegislationAndRegulationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_LegislationAndRegulationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_CmbsRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_CmbsRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_CreditRiskAssociatedWithOriginatorsAndServicersOfMortgageLoansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_CreditRiskAssociatedWithOriginatorsAndServicersOfMortgageLoansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_AdjustableRateMortgageRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_AdjustableRateMortgageRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_StrippedMbsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_StrippedMbsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_CmoRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_CmoRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_AdditionalRisksOfMortgageRelatedSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_AdditionalRisksOfMortgageRelatedSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_InterestRateRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_InterestRateRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_StructuralRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_StructuralRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_SubordinationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_SubordinationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_PrepaymentExtensionAndRedemptionRisksMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_PrepaymentExtensionAndRedemptionRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_SpreadWideningRiskMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_SpreadWideningRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_IlliquidityRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_IlliquidityRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_AssetBackedSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_AssetBackedSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_CollateralizedDebtObligationRisksMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_CollateralizedDebtObligationRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_ReitsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_ReitsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_U.s.GovernmentSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_U.s.GovernmentSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_ZeroCouponSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_ZeroCouponSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_PayInKindBondsRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_PayInKindBondsRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_InsolvencyOfIssuersOfIndebtednessRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_InsolvencyOfIssuersOfIndebtednessRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_RightsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_RightsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_MunicipalSecuritiesRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_MunicipalSecuritiesRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_GeneralObligationBondsRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_GeneralObligationBondsRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_RevenueBondsRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_RevenueBondsRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_PrivateActivityBondsRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_PrivateActivityBondsRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_MoralObligationBondsRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_MoralObligationBondsRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_MunicipalNotesRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_MunicipalNotesRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_MunicipalLeaseObligationsRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_MunicipalLeaseObligationsRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_LiquidityOfInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_LiquidityOfInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001051003_EmergingMarketsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_EmergingMarketsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_ForeignCurrencyRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_SovereignGovernmentalAndSupranationalDebtRiskMember</td>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_LIBORRiskMember</td>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_EventRiskMember</td>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_InverseFloaterAndRelatedSecuritiesRiskMember</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_DefensiveInvestingRiskMember</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_StructuredInvestmentsRiskMember</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_StructuredNotesRiskMember</td>
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<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_EventLinkedSecuritiesRiskMember</td>
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<tr>
<td><strong> Name:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_RepurchaseAgreementsRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_WhenIssuedForwardCommitmentAndDelayedDeliveryTransactionsRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_SecuritiesLendingRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_InflationRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_DeflationRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_RiskAssociatedWithRecentMarketEventsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</table></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_EmuAndRedenominationRiskMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001051003_MarketDisruptionAndGeopoliticalRiskMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;2.50&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;(2)&lt;/div&gt;&#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-bottom: 1px solid rgb(0, 0, 0); width: 11%; font-size: 7pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="font-size: 7pt; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 4%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;(1)&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;"&gt;If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses&lt;div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;. &lt;/div&gt;&lt;/div&gt;Fund shareholders will pay all offering expenses involved with an offering. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 4%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;(2)&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;"&gt;The Reinvestment Plan Agent&#x2019;s (as defined below under &#x201c;Dividend Reinvestment Plan&#x201d;) fees for the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cef:ShareholderTransactionExpensesTableTextBlock>
    <cef:BasisOfTransactionFeesNoteTextBlock contextRef="P12_28_2022To12_28_2022" id="Fact_62255254">as a percentage of offering price</cef:BasisOfTransactionFeesNoteTextBlock>
    <cef:SalesLoadPercent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      id="Fact_62255233"
      unitRef="Unit_pure">0.01</cef:SalesLoadPercent>
    <cef:BasisOfTransactionFeesNoteTextBlock contextRef="P12_28_2022To12_28_2022" id="Fact_62255255">as a percentage of offering price</cef:BasisOfTransactionFeesNoteTextBlock>
    <cef:OtherTransactionExpensesPercent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      id="Fact_62255235"
      unitRef="Unit_pure">0.0003</cef:OtherTransactionExpensesPercent>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="P12_28_2022To12_28_2022"
      decimals="2"
      id="Fact_62255234"
      unitRef="Unit_USD">0.02</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:AnnualExpensesTableTextBlock contextRef="P12_28_2022To12_28_2022">
&lt;table style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; width: 92%; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; margin: 0px auto;"&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Estimated Annual Expenses &lt;/div&gt;&lt;/div&gt;(as a percentage of net assets attributable to common shares)&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;Management fees&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;(3)(4)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;0.80%&#160;&#160;&#160;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;Other Expenses&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;(5),(6)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;1.64%&#160;&#160;&#160;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="margin: 0px 0px 0px 4em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;Miscellaneous Other Expenses&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;0.05&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="margin: 0px 0px 0px 4em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;Interest Expense&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;(7)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;1.59&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;Total Annual Fund Operating Expenses&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;(6)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;2.44&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="margin: 0px 0px 0px 3em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;Fee Waivers and/or Expense Reimbursements&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;(4)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;&#160;&#x2014;&#160;&#160;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1px"&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;(4)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;2.44&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1px"&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-bottom: 1px solid rgb(0, 0, 0); width: 11%; font-size: 7pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="font-size: 7pt; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt;&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 4%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;(3)&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;"&gt;The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.55% based on an aggregate of (i) the Fund&#x2019;s average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, &#x201c;average daily Managed Assets&#x201d;). &#x201c;Net Assets&#x201d; means the total assets of the Fund minus the sum of the accrued liabilities. The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund&#x2019;s net asset value. The Fund uses leverage in the form of a credit facility, which as of December 19, 2022 amounted to approximately 26.45% of the Fund&#x2019;s Managed Assets (approximately 35.95% of the Fund&#x2019;s net assets). &#x201c;Managed Assets&#x201d; means the total assets of the Fund minus the sum of the Fund&#x2019;s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund&#x2019;s net assets attributable to common stock are the Fund&#x2019;s Managed Assets minus the value of the Fund&#x2019;s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Fund&#x2019;s use of leverage in the form of higher fees as a percentage of the Fund&#x2019;s net assets attributable to common stock than if the Fund did not use leverage. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 4%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;(4)&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;"&gt;The Fund and the Advisor have entered into a fee waiver agreement (the &#x201c;Fee Waiver Agreement&#x201d;), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#x2019;s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (&#x201c;ETFs&#x201d;) managed by the Advisor or its affiliates that have a contractual management fee, through June&#160;30, 2024. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June&#160;30, 2024. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Directors who are not &#x201c;interested persons&#x201d; (as defined in the Investment Company Act of 1940, as amended (the &#x201c;Investment Company Act&#x201d;), of the Fund (the &#x201c;Independent Directors&#x201d;)) or a majority of the outstanding voting securities of the Fund), upon 90 days&#x2019; written notice by the Fund to the Advisor. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 4%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;(5)&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;"&gt;Other Expenses have been restated to reflect current fees. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 4%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;(6)&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;"&gt;The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund&#x2019;s most recent annual report, which do not include the restatement of Miscellaneous Other Expenses and Interest Expense to reflect current fees. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 8pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 4%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;(7)&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; line-height: normal; margin-right: 0px;"&gt;Reflects leverage, in the form of a credit facility, in an amount equal to approximately 26.45% of the Fund&#x2019;s Managed Assets as of December&#160;19, 2022. The interest expense borne by the Fund will vary over time in accordance with the level of the Fund&#x2019;s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Fund for accounting purposes. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cef:AnnualExpensesTableTextBlock>
    <cef:BasisOfTransactionFeesNoteTextBlock contextRef="P12_28_2022To12_28_2022_CommonSharesMembercefSecurityAxis">as a percentage of net assets attributable to common shares</cef:BasisOfTransactionFeesNoteTextBlock>
    <cef:ManagementFeesPercent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      id="Fact_62255239"
      unitRef="Unit_pure">0.008</cef:ManagementFeesPercent>
    <cef:OtherAnnualExpensesPercent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      id="Fact_62255242"
      unitRef="Unit_pure">0.0164</cef:OtherAnnualExpensesPercent>
    <cef:OtherAnnualExpense1Percent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      unitRef="Unit_pure">0.0005</cef:OtherAnnualExpense1Percent>
    <cef:OtherAnnualExpense2Percent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      id="Fact_62255241"
      unitRef="Unit_pure">0.0159</cef:OtherAnnualExpense2Percent>
    <cef:TotalAnnualExpensesPercent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      id="Fact_62255243"
      unitRef="Unit_pure">0.0244</cef:TotalAnnualExpensesPercent>
    <cef:WaiversAndReimbursementsOfFeesPercent
      contextRef="P12_28_2022To12_28_2022"
      decimals="2"
      id="Fact_62255244"
      unitRef="Unit_pure">0</cef:WaiversAndReimbursementsOfFeesPercent>
    <cef:NetExpenseOverAssetsPercent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      id="Fact_62255245"
      unitRef="Unit_pure">0.0244</cef:NetExpenseOverAssetsPercent>
    <cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock contextRef="P12_28_2022To12_28_2022">The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.55% based on an aggregate of (i) the Fund&#x2019;s average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, &#x201c;average daily Managed Assets&#x201d;). &#x201c;Net Assets&#x201d; means the total assets of the Fund minus the sum of the accrued liabilities. The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund&#x2019;s net asset value. The Fund uses leverage in the form of a credit facility, which as of December 19, 2022 amounted to approximately 26.45% of the Fund&#x2019;s Managed Assets (approximately 35.95% of the Fund&#x2019;s net assets). &#x201c;Managed Assets&#x201d; means the total assets of the Fund minus the sum of the Fund&#x2019;s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund&#x2019;s net assets attributable to common stock are the Fund&#x2019;s Managed Assets minus the value of the Fund&#x2019;s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Fund&#x2019;s use of leverage in the form of higher fees as a percentage of the Fund&#x2019;s net assets attributable to common stock than if the Fund did not use leverage.</cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock>
    <cef:OtherExpensesNoteTextBlock contextRef="P12_28_2022To12_28_2022">Other Expenses have been restated to reflect current fees.</cef:OtherExpensesNoteTextBlock>
    <cef:AcquiredFundFeesAndExpensesNoteTextBlock contextRef="P12_28_2022To12_28_2022">The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund&#x2019;s most recent annual report, which do not include the restatement of Miscellaneous Other Expenses and Interest Expense to reflect current fees.</cef:AcquiredFundFeesAndExpensesNoteTextBlock>
    <cef:ExpenseExampleTableTextBlock contextRef="P12_28_2022To12_28_2022">&lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The following example illustrates the expenses (including the sales load of $10 and offering costs of $0.29) that you would pay on a $1,000 investment in common shares, assuming (i)&#160;total net annual expenses of 2.44% of net assets attributable to common shares, and (ii)&#160;a 5% annual return: &lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&#160;&lt;/div&gt;&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;width:92%;border:0;margin:0 auto"&gt;
&lt;tr&gt;
&lt;td style="width:54%"/&gt;
&lt;td style="vertical-align:bottom;width:9%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:9%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:9%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:9%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;One&#160;Year&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Three&#160;Years&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Five&#160;Years&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Ten&#160;Years&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"&gt;Total expenses incurred&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;$&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;35&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;$&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;85&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;$&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;139&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;$&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;285&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;The example should not be considered a representation of future expenses. The example assumes that the estimated &#x201c;Other expenses&#x201d; set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund&#x2019;s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. &lt;/div&gt;&lt;/div&gt; </cef:ExpenseExampleTableTextBlock>
    <cef:PurposeOfFeeTableNoteTextBlock contextRef="P12_28_2022To12_28_2022">&lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The following example illustrates the expenses (including the sales load of $10 and offering costs of $0.29) that you would pay on a $1,000 investment in common shares, assuming (i)&#160;total net annual expenses of 2.44% of net assets attributable to common shares, and (ii)&#160;a 5% annual return: &lt;/div&gt;</cef:PurposeOfFeeTableNoteTextBlock>
    <cef:ExpenseExampleYear01
      contextRef="P12_28_2022To12_28_2022"
      decimals="0"
      unitRef="Unit_USD">35</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="P12_28_2022To12_28_2022"
      decimals="0"
      unitRef="Unit_USD">85</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="P12_28_2022To12_28_2022"
      decimals="0"
      unitRef="Unit_USD">139</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="P12_28_2022To12_28_2022"
      decimals="0"
      unitRef="Unit_USD">285</cef:ExpenseExampleYears1to10>
    <cef:OtherTransactionFeesNoteTextBlock contextRef="P12_28_2022To12_28_2022">&lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;The example should not be considered a representation of future expenses. The example assumes that the estimated &#x201c;Other expenses&#x201d; set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund&#x2019;s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. &lt;/div&gt;&lt;/div&gt;</cef:OtherTransactionFeesNoteTextBlock>
    <cef:SeniorSecuritiesAmount
      contextRef="P01_01_2022To06_30_2022"
      decimals="-3"
      unitRef="Unit_USD">222000000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="P01_01_2021To12_31_2021"
      decimals="-3"
      unitRef="Unit_USD">248000000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="P01_01_2020To12_31_2020"
      decimals="-3"
      unitRef="Unit_USD">229000000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="P03_01_2019To12_31_2019"
      decimals="-3"
      unitRef="Unit_USD">262000000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="P03_01_2018To02_28_2019"
      decimals="-3"
      unitRef="Unit_USD">278000000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="P03_01_2017To02_28_2018"
      decimals="-3"
      id="Fact_62255207"
      unitRef="Unit_USD">338000000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="P03_01_2016To02_28_2017"
      decimals="-3"
      id="Fact_62255208"
      unitRef="Unit_USD">318000000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P01_01_2022To06_30_2022"
      decimals="INF"
      unitRef="Unit_USD_per_Share">3144</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P01_01_2021To12_31_2021"
      decimals="INF"
      unitRef="Unit_USD_per_Share">3172</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P01_01_2020To12_31_2020"
      decimals="INF"
      unitRef="Unit_USD_per_Share">3349</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P03_01_2019To12_31_2019"
      decimals="INF"
      unitRef="Unit_USD_per_Share">3310</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P03_01_2018To02_28_2019"
      decimals="INF"
      unitRef="Unit_USD_per_Share">3308</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P03_01_2017To02_28_2018"
      decimals="INF"
      id="Fact_62255214"
      unitRef="Unit_USD_per_Share">3196</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P03_01_2016To02_28_2017"
      decimals="INF"
      id="Fact_62255215"
      unitRef="Unit_USD_per_Share">3455</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesAmount
      contextRef="P03_01_2015To02_29_2016"
      decimals="-3"
      unitRef="Unit_USD">190000000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="P03_01_2014To02_28_2015"
      decimals="-3"
      unitRef="Unit_USD">295000000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="P03_01_2013To02_28_2014"
      decimals="-3"
      unitRef="Unit_USD">315000000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="P03_01_2012To02_28_2013"
      decimals="-3"
      unitRef="Unit_USD">190000000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="P03_01_2011To02_29_2012"
      decimals="-3"
      unitRef="Unit_USD">145000000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P03_01_2015To02_29_2016"
      decimals="INF"
      unitRef="Unit_USD_per_Share">4733</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P03_01_2014To02_28_2015"
      decimals="INF"
      unitRef="Unit_USD_per_Share">3719</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P03_01_2013To02_28_2014"
      decimals="INF"
      unitRef="Unit_USD_per_Share">3634</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P03_01_2012To02_28_2013"
      decimals="INF"
      unitRef="Unit_USD_per_Share">3500</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P03_01_2011To02_29_2012"
      decimals="INF"
      unitRef="Unit_USD_per_Share">4075</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:CapitalStockTableTextBlock contextRef="P12_28_2022To12_28_2022">&lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 24pt; background: none;"&gt;&lt;div style="font-size: 24pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div id="toc320889_56" style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: center; margin-right: 0px; background: none;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;DESCRIPTION OF CAPITAL STOCK &lt;/div&gt;&lt;/div&gt; &lt;div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund is authorized to issue 400,000,000 shares, par value $0.10 per share, all of which were initially classified as common shares. The Board of Directors is authorized, however, to classify and reclassify any unissued shares of capital stock into one or more additional or other classes or series as may be established from time to time by setting or changing in any one or more respects the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or terms or conditions of redemption of such shares of stock and pursuant to such classification or reclassification to increase or decrease the number of authorized shares of any existing class or series. The Fund may reclassify an amount of unissued common shares as preferred shares and at that time offer preferred shares. See &#x201c;Leverage&#x2014;Preferred Shares.&#x201d; &lt;/div&gt; &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"&gt;&lt;div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Common Shares &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Shareholders are entitled to share &lt;div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;pro rata&lt;/div&gt;&lt;/div&gt; in the net assets of the Fund available for distribution to shareholders upon liquidation of the Fund. Shareholders are entitled to one vote for each share held. Shareholders do not have preemptive, conversion or subscription rights and the Fund&#x2019;s shares of common stock are not redeemable. Shares of common stock, when issued and outstanding, will be fully paid and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;non-assessable.&lt;/div&gt; &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund intends to hold annual meetings of shareholders so long as the shares of common stock are listed on a national securities exchange and such meetings are required as a condition to such listing. The Fund will send unaudited reports at least semi-annually and audited annual financial statements to all of its shareholders. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Unlike &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;open-end&lt;/div&gt; funds, &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;closed-end&lt;/div&gt; funds like the Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder determines to buy additional common shares or sell shares already held, the shareholder may do so by trading through a broker on the NYSE or otherwise. Shares of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;closed-end&lt;/div&gt; investment companies frequently trade on an exchange at prices lower than NAV. Shares of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;closed-end&lt;/div&gt; investment companies like the Fund have during some periods traded at prices higher than NAV and during other periods have traded at prices lower than NAV. Because the market value of the common shares may be influenced by such factors as dividend levels (which are in turn affected by expenses), call protection on its portfolio securities, dividend stability, portfolio credit quality, the Fund&#x2019;s NAV, relative demand for and supply of such shares in the market, general market and economic conditions, market sentiment and other factors beyond the control of the Fund, the Fund cannot assure you that its common shares will trade at a price equal to or higher than NAV in the future. The common shares are designed primarily for long-term investors and you should not purchase the common shares if you intend to sell them soon after purchase. See &#x201c;Repurchase of Common Shares&#x201d; below and &#x201c;Repurchase of Common Shares&#x201d; in the SAI. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"&gt;&lt;div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Preferred Shares &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;In the event the Fund issues preferred shares, it is anticipated that such preferred shares will be issued in one or more series, with rights as determined by the Board of Directors, by action of the Board of Directors without the approval of the holders of common shares. Under the Investment Company Act, the Fund is permitted to have outstanding more than one series of preferred shares so long as no single series has a priority over another series as to the distribution of assets of the Fund or the payment of dividends. Holders of common shares will have no preemptive right to purchase any shares of preferred shares that might be issued. It is anticipated that the NAV per share of any preferred shares to be issued by the Fund will equal its original purchase price per share plus accumulated dividends per share. The Fund does not currently intend to issue preferred shares. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Under the Investment Company Act, the Fund is not permitted to issue preferred shares unless immediately after such issuance the value of the Fund&#x2019;s total assets is at least 200% of the liquidation value of the outstanding preferred shares (&lt;div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;i.e.&lt;/div&gt;&lt;/div&gt;, the liquidation value may not exceed 50% of the Fund&#x2019;s total assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its common shares unless, at the time of such declaration, the value of the Fund&#x2019;s total assets is at least 200% of such liquidation value. If the Fund issues preferred shares, it may be subject to restrictions imposed by the guidelines of one or more rating agencies that may issue ratings for preferred shares issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the Investment Company Act. It is not anticipated that these covenants or guidelines would impede the Advisors from managing the Fund&#x2019;s portfolio in accordance with the Fund&#x2019;s investment objectives and policies. Please see &#x201c;Description of Capital Stock&#x201d; in the SAI for more information. &lt;/div&gt; </cef:CapitalStockTableTextBlock>
    <cef:SecurityTitleTextBlock contextRef="P12_28_2022To12_28_2022_CommonSharesMembercefSecurityAxis">Common Shares</cef:SecurityTitleTextBlock>
    <cef:SharePriceTableTextBlock contextRef="P12_28_2022To12_28_2022">&lt;div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund&#x2019;s outstanding common shares are, and when issued, the common shares offered in connection with this Prospectus (and pursuant to a Prospectus Supplement) will be, publicly held and listed and traded on the NYSE under the symbol &#x201c;DSU.&#x201d; The Fund determines its NAV on a daily basis. The following table sets forth, for the quarters indicated, the highest and lowest daily closing prices on the NYSE per common share, and the NAV per common share and the premium to or discount from NAV, on the date of each of the high and low market prices. The table also sets forth the number of common shares traded on the NYSE during the respective quarters. &lt;/div&gt; &lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;div&gt; &lt;div style="text-align: justify; text-indent: 4%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-right: 0px; background: none;"/&gt; &lt;/div&gt; &lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; width: 100%; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; margin: 0px auto; border-spacing: 0px;"&gt;
&lt;tr style="font-size: 0px;"&gt;
&lt;td style="width: 48%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
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&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
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&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;NYSE&#160;Market&#160;Price&lt;br/&gt;Per&#160;Common&#160;Share&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;NAV per&lt;br/&gt;Common&lt;br/&gt;Share on Date of&lt;br/&gt;Market Price&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Premium/&lt;br/&gt;(Discount) on&lt;br/&gt;Date of Market&lt;br/&gt;Price&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Trading&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"&gt;
&lt;td style="vertical-align: bottom; white-space: nowrap; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal; margin-right: 0px;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;During Quarter Ended&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;High&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Low&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;High&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Low&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;High&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Low&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Volume&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align: top; width: 48%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt; &lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;September&#160;30, 2022&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10.15&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;8.83&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10.84&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10.27&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(6.37&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(14.02&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;6,897,776&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
&lt;td style="vertical-align: top; width: 48%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt; &lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;June&#160;30, 2022&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10.52&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;8.59&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.34&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10.40&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(7.23&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(17.42&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11,465,492&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align: top; width: 48%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt; &lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;March&#160;31, 2022&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.75&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10.06&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.57&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.20&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;1.56&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;%&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(10.18&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11,354,361&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
&lt;td style="vertical-align: top; width: 48%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt; &lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;December&#160;31, 2021&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;12.14&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.47&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.61&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.69&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;4.57&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;%&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(1.88&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;7,344,194&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align: top; width: 48%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt; &lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;September&#160;30, 2021&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.73&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10.93&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.68&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.65&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;0.43&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;%&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(6.18&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;9,105,172&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
&lt;td style="vertical-align: top; width: 48%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt; &lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;June&#160;30, 2021&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.53&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10.86&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.71&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.61&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(1.54&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(6.46&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;6,975,149&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align: top; width: 48%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt; &lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;March&#160;31, 2021&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.00&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10.37&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.64&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.62&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(5.50&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(10.76&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10,570,729&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
&lt;td style="vertical-align: top; width: 48%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt; &lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;December&#160;31, 2020&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10.45&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;9.53&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.55&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.15&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(9.52&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(14.53&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10,387,456&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align: top; width: 48%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt; &lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;September&#160;30, 2020&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10.20&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;9.38&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.30&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;10.88&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(9.73&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(13.79&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;9,759,051&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
&lt;td style="vertical-align: top; width: 48%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt; &lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;June&#160;30, 2020&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;9.92&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;8.21&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.18&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;9.76&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(11.27&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(15.88&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;12,886,260&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align: top; width: 48%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt; &lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;March&#160;31, 2020&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;11.49&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;6.20&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;12.31&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;$&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;9.26&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(6.66&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;(33.05&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;)%&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 2%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;18,832,469&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;As of December 20, 2022, the NAV per common share of the Fund was $10.43 and the market price per common share was $9.38, representing a discount to NAV of (10.07)%. Common shares of the Fund have historically traded at both a premium and discount to NAV. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;As of December 20, 2022, the Fund has outstanding 46,610,312 common shares. &lt;/div&gt; &lt;/div&gt;</cef:SharePriceTableTextBlock>
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      unitRef="Unit_USD_per_Share">10.15</cef:HighestPriceOrBid>
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      contextRef="P07_01_2022To09_30_2022_CommonSharesMembercefSecurityAxis"
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      contextRef="P07_01_2022To09_30_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.84</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P07_01_2022To09_30_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.27</cef:LowestPriceOrBidNav>
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      contextRef="P07_01_2022To09_30_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.0637</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P07_01_2022To09_30_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.1402</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis"
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      unitRef="Unit_USD_per_Share">10.52</cef:HighestPriceOrBid>
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      contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">8.59</cef:LowestPriceOrBid>
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      contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.34</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.4</cef:LowestPriceOrBidNav>
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      contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.0723</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.1742</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.75</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.06</cef:LowestPriceOrBid>
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      contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.57</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.2</cef:LowestPriceOrBidNav>
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      contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">0.0156</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.1018</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.14</cef:HighestPriceOrBid>
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      contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.47</cef:LowestPriceOrBid>
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      contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.61</cef:HighestPriceOrBidNav>
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      contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.69</cef:LowestPriceOrBidNav>
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      decimals="INF"
      unitRef="Unit_pure">-0.0188</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.73</cef:HighestPriceOrBid>
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      contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.93</cef:LowestPriceOrBid>
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      contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.68</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.65</cef:LowestPriceOrBidNav>
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      contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">0.0043</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.0618</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.53</cef:HighestPriceOrBid>
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      contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.86</cef:LowestPriceOrBid>
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      contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.71</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.61</cef:LowestPriceOrBidNav>
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      unitRef="Unit_pure">-0.0154</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
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      decimals="INF"
      unitRef="Unit_pure">-0.0646</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11</cef:HighestPriceOrBid>
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      contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.37</cef:LowestPriceOrBid>
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      contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.64</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.62</cef:LowestPriceOrBidNav>
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      contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.055</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.1076</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.45</cef:HighestPriceOrBid>
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      contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">9.53</cef:LowestPriceOrBid>
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      contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.55</cef:HighestPriceOrBidNav>
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      contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.15</cef:LowestPriceOrBidNav>
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      contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.0952</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.1453</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.2</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">9.38</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.3</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.88</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.0973</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.1379</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">9.92</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">8.21</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.18</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">9.76</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.1127</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.1588</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.49</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">6.2</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.31</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">9.26</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.0666</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.3305</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LatestNav
      contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.43</cef:LatestNav>
    <cef:LatestSharePrice
      contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">9.38</cef:LatestSharePrice>
    <cef:LatestPremiumDiscountToNavPercent
      contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_pure">-0.1007</cef:LatestPremiumDiscountToNavPercent>
    <cef:SecurityTitleTextBlock contextRef="P12_28_2022To12_28_2022_PreferredSharesMembercefSecurityAxis">Preferred Shares</cef:SecurityTitleTextBlock>
    <cef:OutstandingSecuritiesTableTextBlock contextRef="P12_28_2022To12_28_2022">&lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Authorized Shares &lt;/div&gt;&lt;/div&gt; &lt;div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The following table provides the Fund&#x2019;s authorized shares and common shares outstanding as of December 20, 2022. &lt;/div&gt; &lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&#160;&lt;/div&gt; &lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 8pt; width: 84%; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; margin: 0px auto; border-spacing: 0px;"&gt;
&lt;tr style="font-size: 0px;"&gt;
&lt;td style="width: 53%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="vertical-align: bottom; width: 7%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="vertical-align: bottom; width: 7%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="vertical-align: bottom; width: 7%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt;
&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"/&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"&gt;
&lt;td style="vertical-align: bottom; white-space: nowrap; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal; margin-right: 0px;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Title of Class&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount&lt;br/&gt;Authorized&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount&#160;Held&lt;br/&gt;by Fund or&lt;br/&gt;for its&lt;br/&gt;Account&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount&lt;br/&gt;Outstanding&lt;br/&gt;Exclusive of&lt;br/&gt;Amount&lt;br/&gt;held by&lt;br/&gt;Fund&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0pt 0pt 0.5pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt; &lt;div style="margin: 0px 0px 0px 1em; text-indent: -1em; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; line-height: normal;"&gt;Common Shares&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;400,000,000&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;0&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:right;"&gt;46,610,312&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt;</cef:OutstandingSecuritiesTableTextBlock>
    <cef:OutstandingSecurityTitleTextBlock contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis">Common Shares</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">400000000</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">0</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="P12_20_2022To12_20_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">46610312</cef:OutstandingSecurityNotHeldShares>
    <cef:InvestmentObjectivesAndPracticesTextBlock contextRef="P12_28_2022To12_28_2022">&lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 24pt; background: none;"&gt;&lt;div style="font-size: 24pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div id="toc320889_57" style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: center; text-indent: 0px; margin-right: 0px; background: none;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;THE FUND&#x2019;S INVESTMENTS &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px; margin-right: 0px; background: none;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Investment Objectives and Policies &lt;/div&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="text-indent: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"/&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none; text-indent: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="text-align: justify; text-indent: 4%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-right: 0px; background: none;"&gt;&lt;div style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Please refer to the &lt;a href="http://www.sec.gov/Archives/edgar/data/0001259708/000119312522065652/d297148dncsr.htm#tx296099_17"&gt;section of the Fund&#x2019;s most recent annual report on Form &lt;span style="white-space: nowrap; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;N-CSR&lt;/span&gt; entitled &#x201c;Investment Objectives, Policies and Risks&#x2014;BlackRock Debt Strategies Fund, Inc. (DSU)&#x201d;&lt;/a&gt;, which is incorporated by reference herein, for a discussion of the Fund&#x2019;s investment objectives and policies. &lt;/div&gt;&lt;/div&gt; &lt;div style="text-indent: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"/&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"&gt;&lt;div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px; margin-right: 0px; background: none;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Investment Process &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;In selecting debt instruments and other securities for the Fund, the Advisors will seek to identify issuers and industries that the Advisors believe are likely to experience stable or improving financial conditions. The Advisors&#x2019; analysis will include: &lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%; border-spacing: 0px; text-indent: 0px;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 5%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="width: 3%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"&gt;credit research on the issuers&#x2019; financial strength; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%; border-spacing: 0px; text-indent: 0px;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 5%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="width: 3%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"&gt;assessment of the issuers&#x2019; ability to meet principal and interest payments; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%; border-spacing: 0px; text-indent: 0px;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 5%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="width: 3%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"&gt;general industry trends; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%; border-spacing: 0px; text-indent: 0px;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 5%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="width: 3%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"&gt;the issuers&#x2019; managerial strength; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%; border-spacing: 0px; text-indent: 0px;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 5%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="width: 3%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"&gt;analysis of deal structure and covenants; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%; border-spacing: 0px; text-indent: 0px;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 5%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="width: 3%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"&gt;changing financial conditions; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%; border-spacing: 0px; text-indent: 0px;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 5%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="width: 3%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"&gt;borrowing requirements or debt maturity schedules; and &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px; text-indent: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; border-width: 0px; border-top-style: initial; border-bottom-style: initial; border-color: initial; border-image: initial; width: 100%; border-spacing: 0px; text-indent: 0px;"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width: 5%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="width: 3%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; padding: 0pt;;text-align:left;"&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; text-align: justify; line-height: normal; margin-right: 0px;"&gt;the issuers&#x2019; responsiveness to changes in business conditions and interest rates. &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Advisors will consider relative values among issuers based on anticipated cash flow, interest or dividend coverage, asset coverage and earnings prospects. Using these tools, the Advisors will seek to add consistent value and control performance volatility consistent with the Fund&#x2019;s investment objectives and policies. The Advisors believe this strategy should enhance the Fund&#x2019;s ability to achieve its investment objectives. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Advisors&#x2019; analysis continues on an ongoing basis for any debt instruments or other securities in which the Fund has invested. Although the Advisors use due care in making such analysis, there can be no assurance that such analysis will reveal factors that may impair the value of the debt instruments. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"&gt;&lt;div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px; margin-right: 0px; background: none;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Portfolio Contents and Techniques &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund may invest in the following instruments and use the following investment techniques, subject to any limitations set forth herein. There is no guarantee the Fund will buy all of the types of securities or use all of the investment techniques that are described herein and in the SAI. &lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; text-indent: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&#160;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Corporate Bonds &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Corporate bonds are debt obligations issued by corporations. Corporate bonds may be either secured or unsecured. Collateral used for secured debt includes real property, machinery, equipment, accounts receivable, stocks, bonds or notes. If a bond is unsecured, it is known as a debenture. Bondholders, as creditors, have a prior legal claim over common and preferred stockholders as to both income and assets of the corporation for the principal and interest due them and may have a prior claim over other creditors if liens or mortgages are involved. Interest on corporate bonds may be fixed or floating, or the bonds may be zero coupons. Interest on corporate bonds is typically paid semi-annually and is fully taxable to the bondholder. Corporate bonds contain elements of both interest rate risk and credit risk. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation&#x2019;s performance and perceptions of the corporation in the marketplace. Corporate bonds usually yield more than government or agency bonds due to the presence of credit risk. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;High Yield Securities (&#x201c;Junk Bonds&#x201d;) &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund may invest in securities rated, at the time of investment, below investment grade quality such as those rated Ba or below by Moody&#x2019;s Investors Service, Inc. (&#x201c;Moody&#x2019;s&#x201d;) or BB or below by S&amp;amp;P Global Ratings (&#x201c;S&amp;amp;P&#x201d;) or Fitch Ratings (&#x201c;Fitch&#x201d;), or securities comparably rated by other rating agencies or in unrated securities determined by the Advisors to be of comparable quality. Such securities, sometimes referred to as &#x201c;high yield&#x201d; or &#x201c;junk&#x201d; bonds, are predominantly speculative with respect to the capacity to pay interest and repay principal in accordance with the terms of the security and generally involve greater price volatility than securities in higher rating categories.&#160;Often the protection of interest and principal payments with respect to such securities may be very moderate and issuers of such securities face major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to inadequate capacity to meet timely interest and principal payments. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Lower grade securities, though high yielding, are characterized by high risk. They may be subject to certain risks with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher rated securities. The secondary market for lower grade securities may be less liquid than that of higher rated securities. Adverse conditions could make it difficult at times for the Fund to sell certain securities or could result in lower prices than those used in calculating the Fund&#x2019;s NAV. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The prices of fixed income securities generally are inversely related to interest rate changes; however, the price volatility caused by fluctuating interest rates of securities also is inversely related to the coupons of such securities. Accordingly, below investment grade securities may be relatively less sensitive to interest rate changes than higher quality securities of comparable maturity because of their higher coupon. The investor receives this higher coupon in return for bearing greater credit risk. The higher credit risk associated with below investment grade securities potentially can have a greater effect on the value of such securities than may be the case with higher quality issues of comparable maturity. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Lower grade securities may be particularly susceptible to economic downturns. It is likely that an economic recession could severely disrupt the market for such securities and may have an adverse impact on the value of such securities. In addition, it is likely that any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default for such securities. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The ratings of Moody&#x2019;s, S&amp;amp;P, Fitch and other rating agencies represent their opinions as to the quality of the obligations which they undertake to rate. Ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market value risk of such obligations. Although these ratings may be an initial criterion for selection of portfolio investments, the Advisors also will independently evaluate these securities and the ability of the issuers of such securities to pay interest and principal. To the extent that the Fund invests in lower grade securities that have not been rated by a rating agency, the Fund&#x2019;s ability to achieve its investment objectives will be more dependent on the Advisors&#x2019; credit analysis than would be the case when the Fund invests in rated securities. &lt;/div&gt;  &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Distressed and Defaulted Securities &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund may invest in securities of financially distressed and bankrupt issuers, including debt obligations that are in covenant or payment default. Such investments generally trade significantly below par and are considered speculative. The repayment of defaulted obligations is subject to significant uncertainties. Defaulted obligations might be repaid only after lengthy workout or bankruptcy proceedings, during which the issuer might not make any interest or other payments. Typically such workout or bankruptcy proceedings result in only partial recovery of cash payments or an exchange of the defaulted obligation for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid or speculative. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"&gt;&lt;div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Senior Loans &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The senior loans in which the Fund invests may consist of direct obligations of a borrower undertaken to finance the growth of the borrower&#x2019;s business, internally or externally, or to finance a capital restructuring. Senior loans may also include debtor in possession financings pursuant to Chapter 11 of the U.S. Bankruptcy Code and obligations of a borrower issued in connection with a restructuring pursuant to Chapter 11 of the U.S. Bankruptcy Code. A significant portion of such senior loans are highly leveraged loans such as leveraged &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;buy-out&lt;/div&gt; loans, leveraged recapitalization loans and other types of acquisition loans. Such senior loans may be structured to include both term loans, which are generally fully funded at the time of the Fund&#x2019;s investment, and revolving credit facilities or delayed draw term loans, which would require the Fund to make additional investments in the senior loans as required under the terms of the credit facility. Such senior loans may also include receivables purchase facilities, which are similar to revolving credit facilities secured by a borrower&#x2019;s receivables, senior loans designed to provide &#x201c;bridge&#x201d; financing to a borrower pending the sale of identified assets or the arrangement of longer-term loans or the issuance and sale of debt obligations or senior loans of borrowers that have obtained bridge loans from other parties. Senior loans generally are issued in the form of senior syndicated loans, but the Fund also may invest from time to time in privately placed notes, credit linked notes, structured notes or other instruments with credit and pricing terms which are, in the opinion of the Advisors, consistent with investments in senior loan obligations. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The senior loans in which the Fund invests typically have stated maturities ranging from five to nine years, though such stated maturities could vary from this range and the Fund is not subject to any restrictions with respect to the maturity of senior loans held in its portfolio. As a result, as short-term interest rates increase, interest payable to the Fund from its investments in senior loans should increase, and as short-term interest rates decrease, interest payable to the Fund from its investments in senior loans should decrease. Because of prepayments, the Advisors expect the average life of the senior loans in which the Fund invests to be shorter than the stated maturity. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The senior loans in which the Fund invests generally hold a senior position in the capital structure of the borrower. Such loans may include loans that hold the most senior position, loans that hold an equal ranking with other senior debt, or loans that are, in the judgment of the Advisors, in the category of senior debt. A senior position in the borrower&#x2019;s capital structure generally gives the holder of the senior loan a claim on some or all of the borrower&#x2019;s assets that is senior to that of subordinated debt, preferred stock and common stock in the event the borrower defaults or becomes bankrupt. The senior loans in which the Fund invests may be wholly or partially secured by collateral, or may be unsecured. In the event of a default, the ability of an investor to have access to any collateral may be limited by bankruptcy and other insolvency laws. The value of the collateral also may decline subsequent to the Fund&#x2019;s investment in the senior loan. Under certain circumstances, the collateral may be released with the consent of the Agent Bank and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lenders&lt;/div&gt; (each as defined below), or pursuant to the terms of the underlying credit agreement with the borrower. There is no assurance that the liquidation of the collateral will satisfy the borrower&#x2019;s obligation in the event of nonpayment of scheduled interest or principal, or that the collateral could be readily liquidated. As a result, the Fund might not receive payments to which it is entitled and thereby may experience a decline in the value of the investment, and possibly, its NAV. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;In the case of highly leveraged senior loans, a borrower is often required to pledge collateral that may include (i)&#160;working capital assets, such as accounts receivable and inventory, (ii)&#160;tangible fixed assets, such as real property, buildings and equipment, (iii)&#160;intangible assets, such as trademarks, copyrights and patent rights and/or (iv)&#160;security interests in securities of subsidiaries or affiliates. Collateral also may include guarantees or other credit support by subsidiaries or affiliates. In some cases the only collateral for the senior loan is the stock of the borrower and/or its subsidiaries and affiliates. To the extent a senior loan is secured by stock of the borrower &lt;/div&gt;  &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;and/or its subsidiaries and affiliates, such stock may lose all of its value in the event of a bankruptcy or insolvency of the borrower. In the case of senior loans to privately held companies, the companies&#x2019; owners may provide additional credit support in the form of guarantees and/or pledges of other securities that they own. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;In the case of project finance loans, the borrower is generally a special purpose entity that pledges undeveloped land and other &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;non-income&lt;/div&gt; producing assets as collateral and obtains construction completion guaranties from third parties, such as the project sponsor. Project finance credit facilities typically provide for payment of interest from escrowed funds during a scheduled construction period, and for the pledge of current and fixed assets after the project is constructed and becomes operational. During the construction period, however, the lenders bear the risk that the project will not be constructed in a timely manner, or will exhaust project funds prior to completion. In such an event, the lenders may need to take legal action to enforce the completion guaranties, or may need to lend more money to the project on less favorable financing terms, or may need to liquidate the undeveloped project assets. There can be no assurance in any of such cases that the lenders will recover all of their invested capital. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The rate of interest payable on senior floating rate loans is established as the sum of a base lending rate plus a specified margin. These base lending rates generally are the prime rate (&#x201c;Prime Rate&#x201d;) of a designated U.S. bank, London Interbank Offered Rate (&#x201c;LIBOR&#x201d;), the Certificate of Deposit (&#x201c;CD&#x201d;) rate or another base lending rate used by commercial lenders. The interest rate on Prime Rate-based senior loans floats daily as the Prime Rate changes, while the interest rate on LIBOR-based and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;CD-based&lt;/div&gt; senior loans is reset periodically, typically every one, two, three or six months. Certain of the senior floating rate loans in which the Fund invests permit the borrower to select an interest rate reset period of up to one year. A portion of the Fund&#x2019;s portfolio may be invested in senior loans with interest rates that are fixed for the term of the loan. Investment in senior loans with longer interest rate reset periods or fixed interest rates may increase fluctuations in the Fund&#x2019;s NAV, and potentially the market price of the Fund&#x2019;s shares of common stock, as a result of changes in interest rates. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund may receive and/or pay certain fees in connection with its lending activities. These fees are in addition to interest payments received and may include facility fees, commitment fees, amendment and waiver fees, commissions and prepayment fees. In certain circumstances, the Fund may receive a prepayment fee on the prepayment of a senior loan by a borrower. In connection with the acquisition of senior loans or other debt securities, the Fund also may acquire warrants and other debt and equity securities of the borrower or issuer or its affiliates. The Fund may also acquire other debt and equity securities of the borrower or issuer in connection with an amendment, waiver, conversion or exchange of a senior loan or in connection with a bankruptcy or workout of the borrower or issuer. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;In making an investment in a senior loan, the Advisors will consider factors deemed by it to be appropriate to the analysis of the borrower and the senior loan. The Advisors performs their own independent credit analysis of the borrower in addition to utilizing information prepared and supplied by the Agent Bank, &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or Participant (each defined below) from whom the Fund purchases its interest in a senior loan. Such factors include, but are not limited to, the legal/protective features associated with the securities (such as their position in the borrower&#x2019;s capital structure and any security through collateral), financial ratios of the borrower such as &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;pre-tax&lt;/div&gt; interest coverage, leverage ratios, and the ratios of cash flows to total debts and the ratio of tangible assets to debt. In its analysis of these factors, the Advisors also will be influenced by the nature of the industry in which the borrower is engaged, the nature of the borrower&#x2019;s assets and the Advisors&#x2019; assessments of the general quality of the borrower. The Advisors&#x2019; analysis continues on an ongoing basis for any senior loans in which the Fund has invested. Although the Advisors use due care in making such analysis, there can be no assurance that such analysis will disclose factors that may impair the value of the senior loan. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Senior loans made in connection with highly leveraged transactions are subject to greater credit risks than other senior loans in which each Fund may invest. These credit risks include a greater possibility of default or bankruptcy of the borrower and the assertion that the pledging of collateral to secure the loan constituted a fraudulent conveyance or preferential transfer which can be nullified or subordinated to the rights of other creditors of the borrower under applicable law. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Many senior loans in which the Fund invests may not be rated by a rating agency, are not registered with the SEC, or any state securities commission, and are not listed on any national securities exchange. Borrowers may have outstanding debt obligations that are rated below investment grade by a rating agency. Many of the senior loans in &lt;/div&gt;  &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;which the Fund invests will have been assigned below investment grade ratings by independent rating agencies. In the event senior loans are not rated, they are likely to be the equivalent of below investment grade quality. The Advisors do not view ratings as the determinative factor in its investment decisions and relies more upon its credit analysis abilities than upon ratings. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Except with respect to high yield securities which are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest at the time of acquisition by the Fund or are rated in the lowest rating categories (Ca or lower by Moody&#x2019;s, CC or lower by S&amp;amp;P or CC or lower by Fitch) or, if unrated, are considered by the Advisors to be of comparable quality (&#x201c;Distressed Securities&#x201d;), the Fund has no policy with regard to minimum ratings for senior loans in which it may invest. The Fund may purchase and retain in its portfolio senior loans where the borrower has experienced, or may be perceived to be likely to experience, credit problems, including involvement in or recent emergence from bankruptcy reorganization proceedings or other forms of debt restructuring. Such investments may provide opportunities for enhanced income as well as capital appreciation, although they also will be subject to greater risk of loss. At times, in connection with the restructuring of a senior loan either outside of bankruptcy court or in the context of bankruptcy court proceedings, the Fund may determine or be required to accept equity securities or junior fixed-income securities in exchange for all or a portion of a senior loan. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The secondary market for trading of senior loans continues to develop and mature. One of the effects of a more active and liquid secondary market, however, is that a senior loan may trade at a premium or discount to the principal amount, or par value, of the loan. There are many factors that influence the market value of a senior loan, including technical factors relating to the operation of the loan market, supply and demand conditions, market perceptions about the credit quality or financial condition of the borrower or more general concerns about the industry in which the borrower operates. The Fund participates in this secondary market for senior loans, purchasing and selling loans that may trade at a premium or discount to the par value of the loan. However, no active trading market may exist for some senior loans and some loans may be subject to restrictions on resale. A secondary market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the ability to realize full value and thus cause a material decline in the Fund&#x2019;s NAV. In addition, the Fund may not be able to readily dispose of its senior loans at prices that approximate those at which the Fund could sell such loans if they were more widely-traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. During periods of limited supply and liquidity of senior loans, the Fund&#x2019;s yield may be lower. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;When interest rates decline, the value of a fund invested in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a fund invested in fixed rate obligations can be expected to decline. Although changes in prevailing interest rates can be expected to cause some fluctuations in the value of floating rate senior loans (due to the fact that floating rates on senior loans only reset periodically), the value of floating rate senior loans is substantially less sensitive to changes in market interest rates than fixed rate instruments. As a result, to the extent the Fund invests in floating rate senior loans, the Fund&#x2019;s portfolio may be less volatile and less sensitive to changes in market interest rates than if the Fund invested in fixed rate obligations. Similarly, a sudden and significant increase in market interest rates may cause a decline in the value of these investments and in the Fund&#x2019;s NAV. Other factors (including, but not limited to, rating downgrades, credit deterioration, a large downward movement in stock prices, a disparity in supply and demand of certain securities or market conditions that reduce liquidity) can reduce the value of senior loans and other debt obligations, impairing the Fund&#x2019;s NAV. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;A borrower must comply with various restrictive covenants contained in any credit agreement between the borrower and the lending syndicate. Such covenants, in addition to requiring the scheduled payment of interest and principal, may include restrictions on dividend payments and other distributions to stockholders, provisions requiring the borrower to maintain specific financial ratios or relationships, limits on total debt and restrictions on the borrower&#x2019;s ability to pledge its assets. In addition, the loan agreement may contain a covenant requiring the borrower to prepay the senior loan with any excess cash flow. Excess cash flow generally includes net cash flow after scheduled debt service payments and permitted capital expenditures, among other things, as well as the proceeds from asset dispositions or sales of securities. A breach of a covenant (after giving effect to any cure period) which is not waived by the Agent Bank and the lending syndicate normally is an event of default (i.e., the Agent Bank has the right to call the outstanding senior loan). &lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&#160;&lt;/div&gt;  &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Senior loans usually require, in addition to scheduled payments of interest and principal, the prepayment of the senior loan from excess cash flow, as discussed above, and typically permit the borrower to prepay at its election. The degree to which borrowers prepay senior loans, whether as a contractual requirement or at their election, may be affected by general business conditions, the financial condition of the borrower and competitive conditions among lenders, among other factors. Accordingly, prepayments cannot be predicted with accuracy. Upon a prepayment, the Fund may receive both a prepayment fee from the prepaying borrower and a facility fee on the purchase of a new senior loan with the proceeds from the prepayment of the former. Such fees may mitigate any adverse impact on the yield on the Fund&#x2019;s portfolio which may arise as a result of prepayments and the reinvestment of such proceeds in senior loans bearing lower interest rates. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;A senior loan in which the Fund may invest typically is originated, negotiated and structured by a syndicate of lenders &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;(&#x201c;Co-Lenders&#x201d;)&lt;/div&gt; consisting of commercial banks, thrift institutions, insurance companies, finance companies, investment banking firms, securities brokerage houses or other financial institutions or institutional investors, one or more of which administers the loan on behalf of the syndicate (the &#x201c;Agent Bank&#x201d;). &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lenders&lt;/div&gt; may sell senior loans to third parties (&#x201c;Participants&#x201d;). The Fund invests in a senior loan either by participating in the primary distribution as a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; at the time the loan is originated or by buying an assignment or participation interest in the senior loan in the secondary market from a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or a Participant. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund may invest in a senior loan at origination as a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or by acquiring an assignment or participation interest in the secondary market from a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or Participant. If the Fund purchases an assignment, the Fund typically accepts all of the rights of the assigning lender in a senior loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower and assumes all of the obligations of the assigning lender, including any obligations to make future advances to the borrower. As a result, therefore, the Fund has the status of a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender.&lt;/div&gt; In some cases, the rights and obligations acquired by a purchaser of an assignment may differ from, and may be more limited than, the rights and obligations of the assigning lender. The Fund also may purchase a participation in a portion of the rights of a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or Participant in a senior loan by means of a participation agreement. A participation is similar to an assignment in that the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or Participant transfers to the Fund all or a portion of an interest in a senior loan. Unlike an assignment, however, a participation does not establish any direct relationship between the Fund and the borrower. In such a case, the Fund is required to rely on the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or Participant that sold the participation not only for the enforcement of the Fund&#x2019;s rights against the borrower but also for the receipt and processing of payments due to the Fund under the senior loans. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Because it may be necessary to assert through a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or Participant such rights as may exist against the borrower, in the event the borrower fails to pay principal and interest when due, the Fund may be subject to delays, expenses and risks that are greater than those that would be involved if the Fund could enforce its rights directly against the borrower. Moreover, under the terms of a participation, the Fund may be regarded as a creditor of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or Participant that sold the participation (rather than of the borrower), so that the Fund may also be subject to the risk that the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or Participant may become insolvent. Similar risks may arise with respect to the Agent Bank, as described below. Further, in the event of the bankruptcy or insolvency of the borrower, the obligation of the borrower to repay the senior loan may be subject to certain defenses that can be asserted by such borrower as a result of improper conduct by the Agent Bank, &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or Participant. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;In a typical senior loan, the Agent Bank administers the terms of the credit agreement and is responsible for the collection of principal and interest and fee payments from the borrower and the apportionment of these payments to the credit of all lenders which are parties to the credit agreement. The Fund generally relies on the Agent Bank (or the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or Participant that sold the Fund a participation interest) to collect its portion of the payments on the senior loan. Furthermore, the Fund generally relies on the Agent Bank to use appropriate creditor remedies against the borrower. Typically, under credit agreements, the Agent Bank is given broad discretion in enforcing the credit agreement, and is obligated to use only the same care it would use in the management of its own property. The borrower compensates the Agent Bank for these services. Such compensation may include special fees paid on structuring and funding the senior loan and other fees paid on a continuing basis. &lt;/div&gt;  &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;In the event that an Agent Bank becomes insolvent, or has a receiver, conservator, or similar official appointed for it by the appropriate bank regulatory authority or becomes a debtor in a bankruptcy proceeding, assets held by the Agent Bank under the credit agreement should remain available to holders of senior loans. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;If, however, assets held by the Agent Bank for the benefit of the Fund were determined by an appropriate regulatory authority or court to be subject to the claims of the Agent Bank&#x2019;s general or secured creditors, the Fund might incur certain costs and delays in realizing payment on a senior loan or suffer a loss of principal and/or interest. In situations involving a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Co-Lender&lt;/div&gt; or Participant that sold the Fund a participation interest, similar risks may arise, as described above. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund may have certain obligations pursuant to a credit agreement, which may include the obligation to make future advances to the borrower in connection with revolving credit facilities in certain circumstances. These commitments may have the effect of requiring the Fund to increase its investment in a borrower at a time it might not be desirable to do so (including at a time when the borrower&#x2019;s financial condition makes it unlikely that such amounts will be repaid). The Fund currently intends to reserve against such contingent obligations by designating sufficient investments in liquid assets on its books and records. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund may obtain exposure to senior loans through the use of derivative instruments, which have recently become increasingly available. The Advisors may utilize these instruments and similar instruments that may be available in the future. The Fund may invest in a derivative instrument known as a Select Aggregate Market Index (&#x201c;SAMI&#x201d;), which provides investors with exposure to a reference basket of senior loans. SAMIs are structured as floating rate instruments. SAMIs consist of a basket of credit default swaps whose underlying reference securities are senior secured loans. While investing in SAMIs will increase the universe of floating rate fixed-income securities to which the Fund is exposed, such investments entail risks that are not typically associated with investments in other floating rate fixed-income securities. The liquidity of the market for SAMIs will be subject to liquidity in the secured loan and credit derivatives markets. Investment in SAMIs involves many of the risks associated with investments in derivative instruments discussed generally herein. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"&gt;&lt;div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Second Lien Loans &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund may invest in second lien or other subordinated or unsecured floating rate and fixed rate loans or debt. Second lien loans have the same characteristics as senior loans except that such loans are second in lien property rather than first. Second lien loans typically have adjustable floating rate interest payments. Accordingly, the risks associated with second lien loans are higher than the risk of loans with first priority over the collateral. In the event of default on a second lien loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for the second priority lien holder, which may result in a loss of investment to the Fund. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"&gt;&lt;div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Mezzanine Loans &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund may invest in mezzanine loans. Structurally, mezzanine loans usually rank subordinate in priority of payment to senior debt, such as senior bank debt, and are often unsecured. However, mezzanine loans rank senior to common and preferred equity in a borrower&#x2019;s capital structure. Mezzanine debt is often used in leveraged buyout and real estate finance transactions. Typically, mezzanine loans have elements of both debt and equity instruments, offering the fixed returns in the form of interest payments associated with senior debt, while providing lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of warrants. Due to their higher risk profile and often less restrictive covenants as compared to senior loans, mezzanine loans generally earn a higher return than senior secured loans. The warrants associated with mezzanine loans are typically detachable, which allows lenders to receive repayment of their principal on an agreed amortization schedule while retaining their equity interest in the borrower. Mezzanine loans also may include a &#x201c;put&#x201d; feature, which permits the holder to sell its equity interest back to the borrower at a price determined through an agreed-upon formula. Mezzanine investments may be issued with or without registration rights. Similar to other high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average life is significantly shorter at three to five years; however, maturities and expected average lives could vary from these ranges and the Fund is not subject to any restrictions with respect to the maturities or expected average lives of mezzanine loans held in its portfolio. Mezzanine investments are usually unsecured and subordinate to other obligations of the issuer. &lt;/div&gt;  &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Debtor-In-Possession&lt;/div&gt;&lt;/div&gt; Financings &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;The Fund may invest in &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&#x201c;debtor-in-possession&#x201d;&lt;/div&gt;&lt;/div&gt; or &#x201c;DIP&#x201d; financings newly issued in connection with &#x201c;special situation&#x201d; restructuring and refinancing transactions. DIP financings are loans to a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;debtor-in-possession&lt;/div&gt;&lt;/div&gt; in a proceeding under the U.S. Bankruptcy Code that has been approved by the bankruptcy court. These financings allow the entity to continue its business operations while reorganizing under Chapter 11 of the U.S. Bankruptcy Code. DIP financings are typically fully secured by a lien on the debtor&#x2019;s otherwise unencumbered assets or secured by a junior lien on the debtor&#x2019;s encumbered assets (so long as the loan is fully secured based on the most recent current valuation or appraisal report of the debtor). DIP financings are often required to close with certainty and in a rapid manner in order to satisfy existing creditors and to enable the issuer to emerge from bankruptcy or to avoid a bankruptcy proceeding. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt; background: none;"&gt;&lt;div style="font-size: 18pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; margin-right: 0px; background: none;"&gt;&lt;div style="text-decoration: underline; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Mortgage Related Securities &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt; background: none;"&gt;&lt;div style="font-size: 6pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;&lt;div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;MBS&lt;/div&gt;&lt;/div&gt;. Mortgage-backed securities (&#x201c;MBS&#x201d;) include structured debt obligations collateralized by pools of commercial (&#x201c;CMBS&#x201d;) or residential (&#x201c;RMBS&#x201d;) mortgages. Pools of mortgage loans and mortgage-backed loans, such as mezzanine loans, are assembled as securities for sale to investors by various governmental, government-related and private organizations. MBS include complex instruments such as collateralized mortgage obligations (&#x201c;CMOs&#x201d;), stripped MBS, mortgage pass-through securities and interests in real estate mortgage investment conduits (&#x201c;REMICs&#x201d;). The MBS in which the Fund may invest include those with fixed, floating or variable interest rates, those with interest rates that change based on multiples of changes in a specified reference interest rate or index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest. The Fund may invest in RMBS and CMBS issued by governmental entities and private issuers, including subordinated MBS and residual interests. The Fund may invest in &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;sub-prime&lt;/div&gt; mortgages or MBS that are backed by &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;sub-prime&lt;/div&gt; mortgages. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;In general, losses on a mortgaged property securing a mortgage loan included in a securitization will be borne first by the equity holder of the property, then by a cash reserve fund or letter of credit, if any, then by the holder of a mezzanine loan or &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;B-Note,&lt;/div&gt; if any, then by the &#x201c;first loss&#x201d; subordinated security holder (generally, the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&#x201c;B-Piece&#x201d;&lt;/div&gt; buyer) and then by the holder of a higher rated security. The Fund may invest in any class of security included in a securitization. In the event of default and the exhaustion of any equity support, reserve fund, letter of credit, mezzanine loans or &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;B-Notes,&lt;/div&gt; and any classes of securities junior to those in which the Fund invests, the Fund will not be able to recover all of its investment in the MBS it purchases. MBS in which the Fund invests may not contain reserve funds, letters of credit, mezzanine loans and/or junior classes of securities. The prices of lower credit quality securities are generally less sensitive to interest rate changes than more highly rated investments, but more sensitive to adverse economic downturns or individual issuer developments. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;&lt;div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Mortgage Pass-Through Securities. &lt;/div&gt;&lt;/div&gt;Mortgage pass-through securities differ from other forms of fixed-income securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a &#x201c;pass through&#x201d; of the monthly payments made by the individual borrowers on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs that may be incurred. Some mortgage related securities (such as securities issued by the Government National Mortgage Association (&#x201c;GNMA&#x201d;)) are described as &#x201c;modified pass-through.&#x201d; These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;&lt;div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;RMBS. &lt;/div&gt;&lt;/div&gt;RMBS are securities the payments on which depend primarily on the cash flow from residential mortgage loans made to borrowers that are secured, on a first priority basis or second priority basis, subject to permitted liens, easements and other encumbrances, by residential real estate &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;(one-&lt;/div&gt; to four-family properties), the proceeds of which are used to purchase real estate and purchase or construct dwellings thereon or to refinance indebtedness previously used for such purposes. &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;Non-agency&lt;/div&gt; residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a &lt;/div&gt;  &lt;div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;borrower to repay a loan secured by residential property is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower&#x2019;s ability to repay its loans. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;&lt;div style="font-style: normal; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Agency RMBS. &lt;/div&gt;&lt;/div&gt;The principal U.S. Governmental guarantor of mortgage related securities is GNMA, which is a wholly owned U.S. Government corporation within the Department of Housing and Urban Development. GNMA is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgages insured by the Federal Housing Administration (&#x201c;FHA&#x201d;) or guaranteed by the Department of Veterans Affairs (&#x201c;VA&#x201d;). MBS issued by GNMA include GNMA Mortgage Pass-Through Certificates (also known as &#x201c;Ginnie Maes&#x201d;) which are guaranteed as to the timely payment of principal and interest by GNMA and such guarantees are backed by the full faith and credit of the United States. GNMA certificates also are supported by the authority of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (&#x201c;FNMA&#x201d;) and the Federal Home Loan Mortgage Corporation (&#x201c;FHLMC&#x201d;). FNMA is a government-sponsored corporation the common stock of which is owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA (also known as &#x201c;Fannie Maes&#x201d;) are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC was created by Congress in 1970 for the purpose of increasing the availability of mortgage credit for residential housing. It is a government-sponsored corporation that issues FHLMC Guaranteed Mortgage Pass-Through Certificates (also known as &#x201c;Freddie Macs&#x201d; or &#x201c;PCs&#x201d;), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;In 2008, the Federal Housing Finance Agency (&#x201c;FHFA&#x201d;) placed FNMA and FHLMC into conservatorship. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its MBS. &lt;/div&gt; &lt;div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt; background: none;"&gt;&lt;div style="font-size: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. In connection with the conservatorship, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with each of FNMA and FHLMC pursuant to which the U.S. Treasury would purchase up to an aggregate of $100&#160;billion of each of FNMA and FHLMC to maintain a positive net worth in each enterprise. This agreement contains various covenants that severely limit each enterprise&#x2019;s operations. In exchange for entering into these agreements, the U.S. Treasury received $1&#160;billion of each enterprise&#x2019;s senior preferred stock and warrants to purchase 79.9% of each enterprise&#x2019;s common stock. In February 2009, the U.S. Treasury doubled the size of its commitment to each enterprise under the Senior Preferred Stock Program to $200&#160;billion. The U.S. Treasury&#x2019;s obligations under the Senior Preferred Stock Program are for an indefinite period of time for a maximum amount of $200&#160;billion per enterprise. In December 2009, the U.S. Treasury announced further amendments to the Senior Preferred Stock Purchase Agreements and extended additional financial support to certain governmentally supported entities, including the Federal Home Loan Banks (&#x201c;FHLBs&#x201d;), FNMA and FHLMC. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact FNMA, FHLMC and the FHLBs, and the values of their related securities or obligations. There is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. In August 2012, the U.S. Treasury announced a third amendment to the Amended and Restated Senior Preferred Stock Purchase Agreements that replaced the fixed-dividend rate of 10% with a variable dividend structure, in which FNMA and FHLMC would transfer to the U.S. Treasury on a quarterly basis all net profits during that quarter. Each enterprise would also be required to reduce its investment portfolios by 15% rather than the previously established 10% annual reduction. In December 2017, FHFA and the U.S. Treasury agreed to reinstate a $3&#160;billion capital reserve amount for each of FNMA and FHLMC. The agreements changed the terms of the Senior Preferred Stock certificate to permit each of FNMA and FHLMC to retain a $3&#160;billion capital reserve each quarter so that each of FNMA and FHLMC will only pay a dividend to the U.S. Treasury if the net worth at the end of a quarter is more than $3&#160;billion. &lt;/div&gt;  &lt;div style="margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-align: justify; margin-right: 0px; background: none;"&gt;Under the Federal Housing Finance Regulatory Reform Act of 2008 (the &#x201c;Reform Act&#x201d;), which was included as part of the Housing and Economic Recovery Act of 2008, FHFA, as conservator or receiver, has the power to repudiate any contract entered into by FNMA or FHLMC prior to FHFA&#x2019;s appointment as conservator or receiver, as applicable, if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the contract promotes the orderly administration of FNMA&#x2019;s or FHLMC&#x2019;s affairs. The Reform Act requires FHFA to exercise its right to repudiate any contract within a reasonable period of time after its appointment as conservator or receiver. FHFA, in its capacity as conservator, has indicated that it has no intention to repudiate the guaranty obligations of FNMA or FHLMC because FHFA views repudiation as incompatible with the goals of the conservatorship. However, in the event that FHFA, as conservator or if it is later appointed as receiver for FNMA or FHLMC, were to repudiate any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only to the extent of FNMA&#x2019;s or FHLMC&#x2019;s assets available therefor. In the event of repudiation, the payments of interest to holders of FNMA or FHLMC MBS would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such MBS are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such MBS holders. Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. Although FHFA has stated that it has no present intention to do so, if FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC MBS would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. In addition, certain rights provided to holders of MBS issued by FNMA and FHLMC under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and FHLMC MBS may provide (or with respect to securities issued prior to the date of the appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such MBS have the right to replace FNMA or FHLMC as trustee if the requisite percentage of MBS holders consent. The Reform Act prevents MBS holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. A 2011 report to Congress from the Treasury Department and the Department of Housing and Urban Development set forth a plan to reform America&#x2019;s housing finance market, which would reduce the role of and eventually eliminate FNMA and FHLMC. Notably, the plan did not propose similar significant changes to GNMA, which guarantees payments on mortgage related securities backed by federally insured or guaranteed loans. The report also identified three proposals for Congress and the administration to consider for the long-term structure of the housing finance markets after the elimination of FNMA and FHLMC, including implementing: (i)&#160;a privatized system of housing finance that limits government insurance to very limited groups of creditworthy &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; background: none; color: rgb(0, 0, 0);;display:inline;"&gt;low-&lt;/div&gt; and moderate-income borrowers; (ii)&#160;a privatized system with a government backstop mechanism that would allow the government to insure a larger share of the housing finance market during a future housing crisis; and (iii)&#160;a privatized system where the government would offer reinsurance to holders of certain highly rated mortgage related securities insured by private insurers and would pay out under the reinsurance arrangements only if the private mortgage insurers were insolvent. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;Non-Agency&lt;/div&gt; RMBS. &lt;/div&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;Non-agency&lt;/div&gt; RMBS are issued by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other &lt;div style="white-space:nowrap;display:inline;"&gt;non-governmental&lt;/div&gt; issuers. Timely payment of principal and interest on RMBS backed by pools created by &lt;div style="white-space:nowrap;display:inline;"&gt;non-governmental&lt;/div&gt; issuers often is supported partially by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance. The insurance and guarantees are issued by government entities, private insurers and the mortgage poolers. There can be no assurance that the private insurers or mortgage poolers can meet their obligations under the policies, so that if the issuers default on their obligations, the holders of the security could sustain a loss. No insurance or guarantee covers the Fund or the price of the Fund&#x2019;s common shares. RMBS issued by &lt;div style="white-space:nowrap;display:inline;"&gt;non-governmental&lt;/div&gt; issuers generally offer a higher rate of interest than government agency and government-related securities because there are no direct or indirect government guarantees of payment. &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;CMBS. &lt;/div&gt;CMBS generally are multi-class debt or pass-through certificates secured or backed by mortgage loans on commercial properties. CMBS generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. This protection generally is provided by having the holders of subordinated classes of securities (&#x201c;Subordinated CMBS&#x201d;) take the first loss if there are defaults on the underlying commercial mortgage loans. Other protection, which may benefit all of the classes or particular classes, may include issuer guarantees, reserve funds, additional Subordinated CMBS, cross-collateralization and over-collateralization. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in Subordinated CMBS, which are subordinated in some manner as to the payment of principal and/or interest to the holders of more senior CMBS arising out of the same pool of mortgages and which are often referred to as &lt;div style="white-space:nowrap;display:inline;"&gt;&#x201c;B-Pieces.&#x201d;&lt;/div&gt; The holders of Subordinated CMBS typically are compensated with a higher stated yield than are the holders of more senior CMBS. On the other hand, Subordinated CMBS typically subject the holder to greater risk than senior CMBS and tend to be rated in a lower rating category (frequently a substantially lower rating category) than the senior CMBS issued in respect of the same mortgage pool. Subordinated CMBS generally are likely to be more sensitive to changes in prepayment and interest rates and the market for such securities may be less liquid than is the case for traditional income securities and senior CMBS. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;CMOs&lt;/div&gt;. A CMO is a multi-class bond backed by a pool of mortgage pass-through certificates or mortgage loans. CMOs may be collateralized by (i)&#160;GNMA, FNMA or FHLMC pass-through certificates, (ii)&#160;unsecuritized mortgage loans insured by the FHA or guaranteed by the VA, (iii)&#160;unsecuritized conventional mortgages, (iv)&#160;other MBS or (v)&#160;any combination thereof. Each class of a CMO, often referred to as a &#x201c;tranche,&#x201d; is issued at a specific coupon rate and has a stated maturity or final distribution date. Principal prepayments on collateral underlying a CMO may cause it to be retired substantially earlier than its stated maturity or final distribution date. The principal and interest on the underlying mortgages may be allocated among the several classes of a series of a CMO in many ways. One or more tranches of a CMO may have coupon rates which reset periodically at a specified increment over an index, such as LIBOR (or sometimes more than one index). These floating rate CMOs typically are issued with lifetime caps on the coupon rate thereon. CMO residuals represent the interest in any excess cash flow remaining after making the payments of interest and principal on the tranches issued by the CMO and the payment of administrative expenses and management fees. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in inverse floating rate CMOs. Inverse floating rate CMOs constitute a tranche of a CMO with a coupon rate that moves in the reverse direction relative to an applicable index such as LIBOR. Accordingly, the coupon rate thereon will increase as interest rates decrease. Inverse floating rate CMOs are typically more volatile than fixed or floating rate tranches of CMOs. Many inverse floating rate CMOs have coupons that move inversely to a multiple of an index. The effect of the coupon varying inversely to a multiple of an applicable index creates a leverage factor. Inverse floating rate debt instruments (&#x201c;inverse floaters&#x201d;) based on multiples of a stated index are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and loss of principal. The market for inverse floating rate CMOs with highly leveraged characteristics at times may be very thin. The Fund&#x2019;s ability to dispose of its positions in such securities will depend on the degree of liquidity in the markets for such securities. It is impossible to predict the amount of trading interest that may exist in such securities, and therefore the future degree of liquidity. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Stripped MBS. &lt;/div&gt;Stripped MBS are created by segregating the cash flows from underlying mortgage loans or mortgage securities to create two or more new securities, each receiving a specified percentage of the underlying security&#x2019;s principal or interest payments. Mortgage securities may be partially stripped so that each investor class receives some interest and some principal. When securities are completely stripped, however, all of the interest is distributed to holders of one type of security, known as an interest-only security (or &#x201c;IO&#x201d;), and all of the principal is distributed to holders of another type of security, known as a principal-only security (or &#x201c;PO&#x201d;). Strips can be created in a pass-through structure or as tranches of a CMO. The yields to maturity on IOs and POs are very sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying mortgage assets experience less than anticipated prepayments of principal, the yield on POs could be materially and adversely affected. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Adjustable Rate Mortgage Securities&lt;/div&gt;. Adjustable rate mortgages (&#x201c;ARMs&#x201d;) have interest rates that reset at periodic intervals. Acquiring ARMs permits the Fund to participate in increases in prevailing current interest rates &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;through periodic adjustments in the coupons of mortgages underlying the pool on which ARMs are based. Such ARMs generally have higher current yield and lower price fluctuations than is the case with more traditional fixed-income securities of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, the Fund may potentially reinvest the proceeds of such prepayments at rates higher than those at which they were previously invested. Mortgages underlying most ARMs, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, the Fund, when holding an ARM, does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of the coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, ARMs behave more like fixed-income securities and less like adjustable-rate securities and are subject to the risks associated with fixed-income securities. In addition, during periods of rising interest rates, increases in the coupon rate of ARMs generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;Sub-Prime&lt;/div&gt; Mortgages&lt;/div&gt;. &lt;div style="white-space:nowrap;display:inline;"&gt;Sub-prime&lt;/div&gt; mortgages are mortgages rated below &#x201c;A&#x201d; by S&amp;amp;P, Moody&#x2019;s, or Fitch. Historically, &lt;div style="white-space:nowrap;display:inline;"&gt;sub-prime&lt;/div&gt; mortgage loans have been made to borrowers with blemished (or &lt;div style="white-space:nowrap;display:inline;"&gt;non-existent)&lt;/div&gt; credit records, and the borrower is charged a higher interest rate to compensate for the greater risk of delinquency and the higher costs of loan servicing and collection. &lt;div style="white-space:nowrap;display:inline;"&gt;Sub-prime&lt;/div&gt; mortgages are subject to both state and federal anti-predatory lending statutes that carry potential liability to secondary market purchasers such as the Fund. &lt;div style="white-space:nowrap;display:inline;"&gt;Sub-prime&lt;/div&gt; mortgages have certain characteristics and associated risks similar to below investment grade securities, including a higher degree of credit risk, and certain characteristics and associated risks similar to MBS, including prepayment risk. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Mortgage Related ABS&lt;/div&gt;. Asset-backed securities (&#x201c;ABS&#x201d;) are bonds backed by pools of loans or other receivables. ABS are created from many types of assets, including in some cases mortgage related asset classes, such as home equity loan ABS. Home equity loan ABS are subject to many of the same risks as RMBS, including interest rate risk and prepayment risk. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Mortgage REITs&lt;/div&gt;. A real estate investment trust (&#x201c;REIT&#x201d;) is a corporation, or a business trust that would otherwise be taxed as a corporation, that meets the definitional requirements applicable to REITs under the Internal Revenue Code of 1986, as amended (the &#x201c;Code&#x201d;). The Code permits a qualifying REIT to deduct dividends paid, thereby generally eliminating corporate level U.S. federal income tax and effectively making the REIT a pass-through vehicle for U.S. federal income tax purposes. To meet the definitional requirements of the Code, a REIT must, among other things, invest substantially all of its assets in interests in real estate (including mortgages and other REITs) or cash and government securities, derive most of its income from rents from real property or interest on loans secured by mortgages on real property, and distribute to shareholders annually substantially all of its otherwise taxable income. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investor&#x2019;s capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic areas or in specific property types (i.e., hotels, shopping malls, residential complexes and office buildings). Distributions received by the Fund from REITs may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on a &lt;div style="white-space:nowrap;display:inline;"&gt;pre-tax&lt;/div&gt; basis) than operating companies, to the extent application of the Fund&#x2019;s investment strategy results in the Fund investing in REIT shares, the percentage of the Fund&#x2019;s dividend income received from REIT shares will likely exceed the percentage of the Fund&#x2019;s portfolio which is comprised of REIT shares. There are three general categories of REITs: equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or long-term loans, and the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also are subject to heavy cash flow dependency and the possibility of failing to qualify for REIT status under the Code or to maintain exemption from the Investment Company Act. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Mortgage Related Derivative Instruments&lt;/div&gt;. The Fund may invest in MBS credit default swaps. MBS credit default swaps include swaps the reference obligation for which is an MBS or related index, such as the CMBX Index (a tradeable index referencing a basket of CMBS), the TRX Index (a tradeable index referencing total return swaps based on CMBS) or the ABX Index (a tradeable index referencing a basket of &lt;div style="white-space:nowrap;display:inline;"&gt;sub-prime&lt;/div&gt; MBS). The Fund &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;may engage in other derivative transactions related to MBS, including purchasing and selling exchange-listed and &lt;div style="white-space:nowrap;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;over-the-counter&lt;/div&gt;&lt;/div&gt; put and call options, futures and forwards on mortgages and MBS. The Fund may invest in newly developed mortgage related derivatives that may hereafter become available. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Net Interest Margin (NIM) Securities&lt;/div&gt;. The Fund may invest in net interest margin (&#x201c;NIM&#x201d;) securities. These securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM securities receive any &#x201c;excess&#x201d; interest computed after paying coupon costs, servicing costs and fees and any credit losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Tiered Index Bonds&lt;/div&gt;. Tiered index bonds are relatively new forms of mortgage-related securities. The interest rate on a tiered index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined &#x201c;strike&#x201d; rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate rises above the &#x201c;strike&#x201d; rate, the interest rate of the tiered index bond will decrease. Thus, under these circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than that of a fixed-rate bond. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;TBA Commitments&lt;/div&gt;. The Fund may enter into &#x201c;to be announced&#x201d; or &#x201c;TBA&#x201d; commitments. TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Other Mortgage Related Securities&lt;/div&gt;. Other mortgage related securities include securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Other mortgage related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Asset-Backed Securities &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;ABS are a form of structured debt obligation. The securitization techniques used for ABS are similar to those used for MBS. ABS are bonds backed by pools of loans or other receivables. The collateral for these securities may include home equity loans, automobile and credit card receivables, boat loans, computer leases, airplane leases, mobile home loans, recreational vehicle loans and hospital account receivables. The Fund may invest in these and other types of ABS that may be developed in the future. ABS present certain risks that are not presented by mortgage related securities. Primarily, these securities may provide the Fund with a less effective security interest in the related collateral than do mortgage related securities. Therefore, there is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Collateralized Debt Obligations &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in collateralized debt obligations (&#x201c;CDOs&#x201d;), which include collateralized bond obligations (&#x201c;CBOs&#x201d;), collateralized loan obligations (&#x201c;CLOs&#x201d;) and other similarly structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other special purpose entity (&#x201c;SPE&#x201d;) and is typically backed by a diversified pool of fixed-income securities (which may include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and &lt;div style="white-space:nowrap;display:inline;"&gt;non-U.S.&lt;/div&gt; senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer. Although certain CDOs may benefit from credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present, and may fail to protect the Fund against the risk of loss on default of the collateral. Certain CDO &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;issuers may use derivatives contracts to create &#x201c;synthetic&#x201d; exposure to assets rather than holding such assets directly, which entails the risks of derivative instruments described elsewhere in this Prospectus. CDOs may charge management fees and administrative expenses, which are in addition to those of the Fund. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the &#x201c;equity&#x201d; tranche, which bears the first loss from defaults from the bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Delayed Funding Loans and Revolving Credit Facilities &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may enter into, or acquire participations in, delayed funding loans and revolving credit facilities, in which a bank or other lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the Fund to increase its investment in a company at a time when it might not be desirable to do so (including at a time when the company&#x2019;s financial condition makes it unlikely that such amounts will be repaid). Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Zero-Coupon Bonds, &lt;div style="white-space:nowrap;display:inline;"&gt;Step-Ups&lt;/div&gt; and &lt;div style="white-space:nowrap;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;Payment-In-Kind&lt;/div&gt;&lt;/div&gt; Securities &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Zero-coupon bonds pay interest only at maturity rather than at intervals during the life of the security. Like &lt;div style="white-space:nowrap;display:inline;"&gt;zero-coupon&lt;/div&gt; bonds, &#x201c;step up&#x201d; bonds pay no interest initially but eventually begin to pay a coupon rate prior to maturity, which rate may increase at stated intervals during the life of the security. &lt;div style="white-space:nowrap;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;Payment-in-kind&lt;/div&gt;&lt;/div&gt; securities (&#x201c;PIKs&#x201d;) are debt obligations that pay &#x201c;interest&#x201d; in the form of other debt obligations, instead of in cash. Each of these instruments is normally issued and traded at a deep discount from face value. Zero-coupon bonds, &lt;div style="white-space:nowrap;display:inline;"&gt;step-ups&lt;/div&gt; and PIKs allow an issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater credit risk than bonds that pay interest currently or in cash. The Fund would be required to distribute the income on these instruments as it accrues, even though the Fund will not receive the income on a current basis or in cash. Thus, the Fund may have to sell other investments, including when it may not be advisable to do so, to make income distributions to its shareholders. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;U.S. Government Debt Securities &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in debt securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, including U.S. Treasury obligations, which differ in their interest rates, maturities and times of issuance. Such obligations include U.S. Treasury bills (maturity of one year or less), U.S. Treasury notes (maturity of one to ten years) and U.S. Treasury bonds (generally maturities of greater than ten years), including the principal components or the interest components issued by the U.S. Government under the separate trading of registered interest and principal securities program (i.e., &#x201c;STRIPS&#x201d;), all of which are backed by the full faith and credit of the United States. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Municipal Securities &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in municipal securities, which include debt obligations issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general operating expenses and loans to other public institutions and facilities. In addition, certain types of private activity bonds (&#x201c;PABs&#x201d;) (or industrial development bonds, under &lt;div style="white-space:nowrap;display:inline;"&gt;pre-1986&lt;/div&gt; law) are issued by or on behalf of public authorities to finance various privately owned or operated facilities, including &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;among other things, airports, public ports, mass commuting facilities, multi-family housing projects, as well as facilities for water supply, gas, electricity, sewage or solid waste disposal and other specialized facilities. Other types of PABs, the proceeds of which are used for the construction, equipment or improvement of privately operated industrial or commercial facilities, may constitute municipal securities. The interest on municipal securities may bear a fixed rate or be payable at a variable or floating rate. The two principal classifications of municipal securities are &#x201c;general obligation&#x201d; bonds and &#x201c;revenue&#x201d; bonds, which latter category includes PABs. Municipal securities typically are issued to finance public projects, such as roads or public buildings, to pay general operating expenses or to refinance outstanding debt. Municipal securities may also be issued for private activities, such as housing, medical and educational facility construction, or for privately owned industrial development and pollution control projects. General obligation bonds are backed by the full faith and credit, or taxing authority, of the issuer and may be repaid from any revenue source. Revenue bonds may be repaid only from the revenues of a specific facility or source. Municipal securities may be issued on a long term basis to provide permanent financing. The repayment of such debt may be secured generally by a pledge of the full faith and credit taxing power of the issuer, a limited or special tax, or any other revenue source, including project revenues, which may include tolls, fees and other user charges, lease payments and mortgage payments. Municipal securities may also be issued to finance projects on a short-term interim basis, anticipating repayment with the proceeds of the later issuance of long-term debt. Obligations are included within the term municipal securities if the interest paid thereon is excluded from gross income for U.S. federal income tax purposes in the opinion of bond counsel to the issuer. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;General Obligation Bonds&lt;/div&gt;. General obligation bonds are secured by the issuer&#x2019;s pledge of its faith, credit and taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited, however, by provisions of its state constitution or laws, and an entity&#x2019;s creditworthiness will depend on many factors, including potential erosion of its tax base due to population declines, natural disasters, declines in the state&#x2019;s industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on federal or state aid, access to capital markets or other factors beyond the state&#x2019;s or entity&#x2019;s control. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of principal when due is affected by the issuer&#x2019;s maintenance of its tax base. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Revenue Bonds&lt;/div&gt;. Revenue bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue sources such as payments from the user of the facility being financed. Accordingly, the timely payment of interest and the repayment of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic viability of such facility or such revenue source. Revenue bonds issued by state or local agencies to finance the development of &lt;div style="white-space:nowrap;display:inline;"&gt;low-income,&lt;/div&gt; multi-family housing involve special risks in addition to those associated with municipal securities generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally &lt;div style="white-space:nowrap;display:inline;"&gt;non-recourse&lt;/div&gt; against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for issuers to meet payment obligations on subordinated bonds. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Moral Obligation Bonds&lt;/div&gt;. The Fund may also invest in &#x201c;moral obligation&#x201d; bonds, which are normally issued by special purpose public authorities. If an issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral commitment but not a legal obligation of the state or municipality in question. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Municipal Lease Obligations&lt;/div&gt;. The Fund may invest in participations in lease obligations or installment purchase contract obligations (hereinafter collectively called &#x201c;Municipal Lease Obligations&#x201d;) of municipal authorities or entities. Although a Municipal Lease Obligation does not constitute a general obligation of the municipality for which the municipality&#x2019;s taxing power is pledged, a Municipal Lease Obligation is ordinarily backed by the municipality&#x2019;s covenant to budget for, appropriate and make the payments due under the Municipal Lease Obligation. However, certain Municipal Lease Obligations contain &lt;div style="white-space:nowrap;display:inline;"&gt;&#x201c;non-appropriation&#x201d;&lt;/div&gt; clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;unless money is appropriated for such purpose on a yearly basis. In the case of a &lt;div style="white-space:nowrap;display:inline;"&gt;&#x201c;non-appropriation&#x201d;&lt;/div&gt; lease, the Fund&#x2019;s ability to recover under the lease in the event of &lt;div style="white-space:nowrap;display:inline;"&gt;non-appropriation&lt;/div&gt; or default will be limited solely to the repossession of the leased property, without recourse to the general credit of the lessee, and the disposition or &lt;div style="white-space:nowrap;display:inline;"&gt;re-leasing&lt;/div&gt; of the property might prove difficult. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Certificates of Participation&lt;/div&gt;. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, installment purchase agreements or other instruments. The certificates are typically issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days&#x2019; notice, of all or any part of the Fund&#x2019;s participation interest in the underlying municipal securities, plus accrued interest. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;Pre-Refunded&lt;/div&gt; Municipal Securities&lt;/div&gt;. The principal of, and interest on, &lt;div style="white-space:nowrap;display:inline;"&gt;pre-refunded&lt;/div&gt; municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. Government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the &lt;div style="white-space:nowrap;display:inline;"&gt;pre-refunded&lt;/div&gt; municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the &lt;div style="white-space:nowrap;display:inline;"&gt;pre-refunded&lt;/div&gt; municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the &lt;div style="white-space:nowrap;display:inline;"&gt;pre-refunded&lt;/div&gt; municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Private Activity Bonds&lt;/div&gt;. Private activity bonds, formerly referred to as industrial development bonds, are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airports, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities, and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues. Such bonds are secured primarily by revenues derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a parent company or otherwise secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, an investor should be aware that repayment of such bonds generally depends on the revenues of a private entity and be aware of the risks that such an investment may entail. Continued ability of an entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by many factors, including the size of the entity, capital structure, demand for its products or services, competition, general economic conditions, government regulation and the entity&#x2019;s dependence on revenues for the operation of the particular facility being financed. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Special Taxing Districts&lt;/div&gt;. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. Bonds issued pursuant to financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds (a type of municipal security established by the Mello-Roos Community Facilities District Act of 1982), are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities. They often are exposed to real estate development-related risks and can have more taxpayer concentration risk than general &lt;div style="white-space:nowrap;display:inline;"&gt;tax-supported&lt;/div&gt; bonds, such as general obligation bonds. Further, the fees, special taxes, or tax allocations and other revenues that are established to secure such financings are generally limited as to the rate or amount that may be levied or assessed and are not subject to increase pursuant to rate covenants or municipal or corporate guarantees. The bonds could default if development failed to progress as anticipated or if larger taxpayers failed to pay the assessments, fees and taxes as provided in the financing plans of the districts. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;VRDOs&lt;/div&gt;. Variable rate demand obligations (&#x201c;VRDOs&#x201d;) are &lt;div style="white-space:nowrap;display:inline;"&gt;tax-exempt&lt;/div&gt; obligations that contain a floating or variable interest rate adjustment formula and right of demand on the part of the holder thereof to receive payment &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days. There is, however, the possibility that because of default or insolvency the demand feature of VRDOs may not be honored. The interest rates are adjustable at intervals (ranging from daily to up to one year) to some prevailing market rate for similar investments, such adjustment formula being calculated to maintain the market value of the VRDOs, at approximately the par value of the VRDOs on the adjustment date. The adjustments typically are based upon SIFMA or some other appropriate interest rate adjustment index. The Fund may invest in all types of &lt;div style="white-space:nowrap;display:inline;"&gt;tax-exempt&lt;/div&gt; instruments currently outstanding or to be issued in the future. VRDOs that contain an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest on a notice period exceeding seven days may be deemed to be illiquid securities. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Taxable Municipal Securities&lt;/div&gt;. The Fund may invest in taxable municipal securities, which include obligations issued pursuant to the American Recovery and Reinvestment Act (&#x201c;ARRA&#x201d;) or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support (any bonds so issued are considered &#x201c;Build America Bonds&#x201d;). If the Fund invests in Build America Bonds, it expects to invest in direct pay Build America Bonds and &#x201c;principal only&#x201d; strips of tax credit Build America Bonds. Provisions of the ARRA relevant to the issuance of Build America Bonds expired on December&#160;31, 2010 and, as such, issuance has ceased. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Preferred Securities &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in preferred securities. There are two basic types of preferred securities. The first type, sometimes referred to as traditional preferred securities, consists of preferred stock issued by an entity taxable as a corporation. The second type, sometimes referred to as trust preferred securities, are usually issued by a trust or limited partnership and represent preferred interests in deeply subordinated debt instruments issued by the corporation for whose benefit the trust or partnership was established. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Traditional Preferred Securities&lt;/div&gt;. Traditional preferred securities generally pay fixed or adjustable rate dividends to investors and generally have a &#x201c;preference&#x201d; over common stock in the payment of dividends and the liquidation of a company&#x2019;s assets. This means that a company must pay dividends on preferred stock before paying any dividends on its common stock. In order to be payable, distributions on such preferred securities must be declared by the issuer&#x2019;s board of directors. Income payments on typical preferred securities currently outstanding are cumulative, causing dividends and distributions to accumulate even if not declared by the board of directors or otherwise made payable. In such a case all accumulated dividends must be paid before any dividend on the common stock can be paid. However, some traditional preferred stocks are &lt;div style="white-space:nowrap;display:inline;"&gt;non-cumulative,&lt;/div&gt; in which case dividends do not accumulate and need not ever be paid. A portion of the portfolio may include investments in &lt;div style="white-space:nowrap;display:inline;"&gt;non-cumulative&lt;/div&gt; preferred securities, whereby the issuer does not have an obligation to make up any arrearages to its shareholders. Should an issuer of a &lt;div style="white-space:nowrap;display:inline;"&gt;non-cumulative&lt;/div&gt; preferred stock held by the Fund determine not to pay dividends on such stock, the amount of dividends the Fund pays may be adversely affected. There is no assurance that dividends or distributions on the traditional preferred securities in which the Fund invests will be declared or otherwise made payable. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Preferred stockholders usually have no right to vote for corporate directors or on other matters. Shares of traditional preferred securities have a liquidation value that generally equals the original purchase price at the date of issuance. The market value of preferred securities may be affected by favorable and unfavorable changes impacting companies in the utilities and financial services sectors, which are prominent issuers of preferred securities, and by actual and anticipated changes in tax laws, such as changes in corporate income tax rates or the &#x201c;Dividends Received Deduction.&#x201d; Because the claim on an issuer&#x2019;s earnings represented by traditional preferred securities may become onerous when interest rates fall below the rate payable on such securities, the issuer may redeem the securities. Thus, in declining interest rate environments in particular, the Fund&#x2019;s holdings, if any, of higher rate-paying fixed rate preferred securities may be reduced and the Fund may be unable to acquire securities of comparable credit quality paying comparable rates with the redemption proceeds. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Trust Preferred Securities&lt;/div&gt;. Trust preferred securities are a comparatively new asset class. Trust preferred securities are typically issued by corporations, generally in the form of interest-bearing notes with preferred security characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The trust preferred securities market consists of both fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates. &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Trust preferred securities are typically junior and fully subordinated liabilities of an issuer or the beneficiary of a guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred securities typically permit an issuer to defer the payment of income for eighteen months or more without triggering an event of default. Generally, the deferral period is five years or more. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments for extended periods of time without default consequences to the issuer, and certain other features (such as restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the trust preferred securities have not been made), these trust preferred securities are often treated as close substitutes for traditional preferred securities, both by issuers and investors. Trust preferred securities have many of the key characteristics of equity due to their subordinated position in an issuer&#x2019;s capital structure and because their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Convertible Securities &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;A convertible security is a bond, debenture, note, preferred&#160;stock or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security&#x2019;s investment value. Convertible securities rank senior to common stock in a corporation&#x2019;s capital structure but are usually subordinated to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the issuer at a price established in the convertible security&#x2019;s governing instrument. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;A &#x201c;synthetic&#x201d; or &#x201c;manufactured&#x201d; convertible security may be created by the Fund or by a third party by combining separate securities that possess the two principal characteristics of a traditional convertible security: an income producing component and a convertible component. The income-producing component is achieved by investing in &lt;div style="white-space:nowrap;display:inline;"&gt;non-convertible,&lt;/div&gt; income-producing securities such as bonds, preferred stocks and money market instruments. The convertible component is achieved by investing in securities or instruments such as warrants or options to buy common stock at a certain exercise price, or options on a stock index. Unlike a traditional convertible security, which is a single security having a single market value, a synthetic convertible comprises two or more separate securities, each with its own market value. Because the &#x201c;market value&#x201d; of a synthetic convertible security is the sum of the values of its income-producing component and its convertible component, the value of a synthetic convertible security may respond differently to market fluctuations than a traditional convertible security. The Fund also may purchase synthetic convertible securities created by other parties, including convertible structured notes. Convertible structured notes are income-producing debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the issuer of the convertible note (typically an investment bank), rather than the issuer of the underlying common stock into which the note is convertible, assumes credit risk associated with the underlying investment and the Fund in turn assumes credit risk associated with the issuer of the convertible note. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Restricted and Illiquid Investments &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. Liquidity of an investment relates to the ability to dispose easily of the investment and the price to be obtained upon disposition of the investment, which may be less than would be obtained for a comparable more liquid investment. &#x201c;Illiquid investments&#x201d; are investments which cannot be sold within seven days in the ordinary course of business at approximately the value used by the Fund in determining its NAV. Illiquid investments may trade at a discount &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;from comparable, more liquid investments. Illiquid investments are subject to legal or contractual restrictions on disposition or lack an established secondary trading market. Investment of the Fund&#x2019;s assets in illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;Non-U.S.&lt;/div&gt; Securities &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in &lt;div style="white-space:nowrap;display:inline;"&gt;Non-U.S.&lt;/div&gt; Securities. These securities may be U.S. dollar-denominated or &lt;div style="white-space:nowrap;display:inline;"&gt;non-U.S.&lt;/div&gt; dollar-denominated. Some &lt;div style="white-space:nowrap;display:inline;"&gt;Non-U.S.&lt;/div&gt; Securities may be less liquid and more volatile than securities of comparable U.S. issuers. Similarly, there is less volume and liquidity in most foreign securities markets than in the United States and, at times, greater price volatility than in the United States. Because evidence of ownership of such securities usually is held outside the United States, the Fund will be subject to additional risks if it invests in &lt;div style="white-space:nowrap;display:inline;"&gt;Non-U.S.&lt;/div&gt; Securities, which include adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions which might adversely affect or restrict the payment of principal and interest or dividends on the foreign securities to investors located outside the country of the issuer, whether from currency blockage or otherwise. &lt;div style="white-space:nowrap;display:inline;"&gt;Non-U.S.&lt;/div&gt; Securities may trade on days when the common shares are not priced or traded. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Emerging Market Investments &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in securities of issuers located in emerging market countries, including securities denominated in currencies of emerging market countries. Emerging market countries generally include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. These issuers may be subject to risks that do not apply to issuers in larger, more developed countries. These risks are more pronounced to the extent the Fund invests significantly in one country. Less information about emerging market issuers or markets may be available due to less rigorous disclosure and accounting standards or regulatory practices. Emerging markets are smaller, less liquid and more volatile than U.S. markets. In a changing market, the Advisors may not be able to sell the Fund&#x2019;s portfolio securities in amounts and at prices they consider reasonable. The U.S. dollar may appreciate against emerging market currencies or an emerging market government may impose restrictions on currency conversion or trading. The economies of &lt;div style="white-space:nowrap;display:inline;"&gt;non-U.S.&lt;/div&gt; countries may grow at a slower rate than expected or may experience a downturn or recession. Economic, political and social developments may adversely affect emerging market countries and their securities markets. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Equity Securities &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and rights and depositary receipts. Common stock represents an equity ownership interest in a company. The Fund may hold or have exposure to common stocks of issuers of any size, including small and medium capitalization stocks. Because the Fund will ordinarily have exposure to common stocks, historical trends would indicate that the Fund&#x2019;s portfolio and investment returns will be subject at times, and over time, to higher levels of volatility and market and issuer-specific risk than if it invested exclusively in debt securities. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Warrants and Rights &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Warrants and rights are instruments issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. Warrants and rights normally have a short life span to expiration. The purchase of warrants or rights involves the risk that the Fund could lose the purchase value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrants&#x2019; and rights&#x2019; expiration. Also, the purchase of warrants and/or rights involves the risk that the effective price paid for the warrant and/or right added to the subscription price of the related security may exceed the subscribed security&#x2019;s market price such as when there is no movement in the level of the underlying security. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may participate in rights offerings and may purchase warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. Subscription rights normally have a short life span to expiration. &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the rights&#x2019; and warrants&#x2019; expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security&#x2019;s market price such as when there is no movement in the level of the underlying security. Buying a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for this reason investments in warrants may be more speculative than other equity-based investments. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Sovereign Governmental and Supranational Debt &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in all types of debt securities of governmental issuers in all countries, including foreign countries. These sovereign debt securities may include: debt securities issued or guaranteed by governments, governmental agencies or instrumentalities and political subdivisions located in foreign countries; debt securities issued by government owned, controlled or sponsored entities located in foreign countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for debtor nations to restructure their outstanding external indebtedness; participations in loans between emerging market governments and financial institutions; or debt securities issued by supranational entities such as the World Bank. A supranational entity is a bank, commission or company established or financially supported by the national governments of one or more countries to promote reconstruction or development. Sovereign government and supranational debt involve all the risks described herein regarding foreign and emerging markets investments as well as the risk of debt moratorium, repudiation or renegotiation. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Brady Bonds are not considered to be U.S. Government securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate discount bonds, are generally collateralized in full as to principal by U.S. Treasury &lt;div style="white-space:nowrap;display:inline;"&gt;zero-coupon&lt;/div&gt; bonds having the same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a &lt;div style="white-space:nowrap;display:inline;"&gt;one-year&lt;/div&gt; or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year&#x2019;s interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter. Certain Brady Bonds are entitled to &#x201c;value recovery payments&#x201d; in certain circumstances, which in effect constitute supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady Bonds are often viewed as having three or four valuation components: (i)&#160;the collateralized repayment of principal at final maturity; (ii)&#160;the collateralized interest payments; (iii)&#160;the uncollateralized interest payments; and (iv)&#160;any uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the &#x201c;residual risk&#x201d;). &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Brady Bonds involve various risk factors described elsewhere associated with investing in foreign securities, including the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Fund may invest will not be subject to restructuring arrangements or to requests for new credit, which may cause the Fund to suffer a loss of interest or principal on any of its holdings. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Inflation-Indexed Bonds &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in inflation-indexed bonds, which are fixed-income securities or other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index (&#x201c;CPI&#x201d;) accruals as party of a semi-annual coupon. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;1.5% semi-annually), and inflation over the first six months was 1%, the &lt;div style="white-space:nowrap;display:inline;"&gt;mid-year&lt;/div&gt; par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year&#x2019;s inflation equaling 3%, the &lt;div style="white-space:nowrap;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;end-of-year&lt;/div&gt;&lt;/div&gt; par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%). &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation index may not be correlated to the rate of inflation in the United States. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than the nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond&#x2019;s inflation measure. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the Consumer Price Index for Urban Consumers &lt;div style="white-space:nowrap;display:inline;"&gt;(&#x201c;CPI-U&#x201d;),&lt;/div&gt; which is calculated monthly by the U.S. Bureau of Labor Statistics. The &lt;div style="white-space:nowrap;display:inline;"&gt;CPI-U&lt;/div&gt; is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the &lt;div style="white-space:nowrap;display:inline;"&gt;CPI-U&lt;/div&gt; or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Any increase in the principal amount of inflation-indexed bond will be considered taxable ordinary income, even though investors do not received their principal until maturity. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Variable and Floating Rate Instruments &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The interest rate on a floating rate security is a variable rate which is tied to another interest rate, such as a money-market index or Treasury bill rate. The interest rate on a floating rate security resets periodically, typically every six months. Because of the interest rate reset feature, floating rate securities provide the Fund with a certain degree of protection against rises in interest rates, although the Fund will participate in any declines in interest rates as well. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Inverse Floating Rate Securities &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;An inverse floater is a type of debt instrument that bears a floating or variable interest rate that moves in the opposite direction to interest rates generally or the interest rate on another security or index. Changes in interest rates generally, or the interest rate of the other security or index, inversely affect the interest rate paid on the inverse &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;floater, with the result that the inverse floater&#x2019;s price will be considerably more volatile than that of a fixed rate bond. The Fund may invest in inverse floaters, which brokers typically create by depositing an income-producing instrument, including a mortgage related security, in a trust. The trust in turn issues a variable rate security and inverse floaters. The interest rate for the variable rate security is typically determined by an index or an auction process, while the inverse floater holder receives the balance of the income from the underlying income-producing instrument less an auction fee. The market prices of inverse floaters may be highly sensitive to changes in interest rates and prepayment rates on the underlying securities, and may decrease significantly when interest rates increase or prepayment rates change. In a transaction in which the Fund purchases an inverse floater from a trust, and the underlying security was held by the Fund prior to being deposited into the trust, the Fund typically treats the transaction as a secured borrowing for financial reporting purposes. As a result, for financial reporting purposes, the Fund will generally incur a &lt;div style="white-space:nowrap;display:inline;"&gt;non-cash&lt;/div&gt; interest expense with respect to interest paid by the trust on the variable rate securities and will recognize additional interest income in an amount directly corresponding to the &lt;div style="white-space:nowrap;display:inline;"&gt;non-cash&lt;/div&gt; interest expense. Therefore, the Fund&#x2019;s NAV per common share and performance are not affected by the &lt;div style="white-space:nowrap;display:inline;"&gt;non-cash&lt;/div&gt; interest expense. This accounting treatment does not apply to inverse floaters acquired by the Fund when the Fund did not previously own the underlying bond. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Strategic Transactions and Other Management Techniques &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may use a variety of other investment management techniques and instruments.&#160;The Fund may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and &lt;div style="white-space:nowrap;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;over-the-counter&lt;/div&gt;&lt;/div&gt; put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques, including derivative instruments that combine features of these instruments (collectively, &#x201c;Strategic Transactions&#x201d;).&#160;These Strategic Transactions may be used for duration management and other investment and risk management purposes, including to attempt to protect against possible changes in the market value of the Fund&#x2019;s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Fund&#x2019;s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain. There is no particular strategy that requires use of one technique rather than another as the decision to use any particular strategy or instrument is a function of market conditions and the composition of the portfolio. The use of Strategic Transactions to enhance current income may be speculative. The ability of the Fund to use Strategic Transactions successfully will depend on the Advisors&#x2019; ability to predict pertinent market movements as well as sufficient correlation among the instruments, which cannot be assured. The use of Strategic Transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise sell. Certain provisions of the Code may restrict or affect the ability of the Fund to engage in Strategic Transactions.&#160;In addition, the use of certain Strategic Transactions may give rise to taxable income and have certain other consequences.&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Swaps. &lt;/div&gt;The Fund may enter into swap agreements, including interest rate and index swap agreements. Swap agreements are two party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard &#x201c;swap&#x201d; transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or &#x201c;swapped&#x201d; between the parties are calculated with respect to a &#x201c;notional amount,&#x201d; i.e., the dollar amount invested at a particular interest rate, in a particular foreign currency, or in a &#x201c;basket&#x201d; of securities representing a particular index. The &#x201c;notional amount&#x201d; of the swap agreement is only a fictive basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The Fund&#x2019;s obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the &#x201c;net amount&#x201d;). &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Whether the Fund&#x2019;s use of swap agreements will be successful in furthering its investment objectives will depend on the Advisors&#x2019; ability to correctly predict whether certain types of investments are likely to produce greater returns than other investments. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Swap &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;agreements also bear the risk that the Fund will not be able to meet its payment obligations to the counterparty. Restrictions imposed by the tax rules applicable to regulated investment companies may limit the Fund&#x2019;s ability to use swap agreements. It is possible that developments in the swap market, including government regulation, could adversely affect the Fund&#x2019;s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Swaptions&lt;/div&gt;. A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, the Fund may incur a greater degree of risk when it writes a swaption than it would incur when it purchases a swaption with the same terms. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement, and the Fund could be exposed to losses in excess of the amount of premium it received from the purchaser of the swaption. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Credit Default Swaps&lt;/div&gt;. The Fund may enter into credit default swap agreements. The credit default swap agreement may have as reference obligations one or more securities that are not currently held by the Fund. The protection &#x201c;buyer&#x201d; in a credit default contract may be obligated to pay the protection &#x201c;seller&#x201d; an upfront or a periodic stream of payments over the term of the contract, provided that no credit event on the reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the &#x201c;par value&#x201d; (full notional amount) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or if the swap is cash settled the seller may be required to deliver the related net cash amount (the difference between the market value of the reference obligation and its par value). The Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund will generally receive no payments from its counterparty under the swap if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional amount of the swap in exchange for an equal face amount of deliverable obligations of the reference entity, the value of which may have significantly decreased. As a seller, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full notional amount of the swap in exchange for an equal face amount of deliverable obligations of the reference entity, the value of which may have significantly decreased. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its Managed Assets, the Fund would be subject to investment exposure on the notional amount of the swap in excess of any premium and margin required to establish and maintain the position. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Credit default swap agreements involve greater risks than if the Fund had taken a position in the reference obligation directly (either by purchasing or selling) since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risks. A buyer generally will also lose its upfront payment or any periodic payments it makes to the seller counterparty and receive no payments from its counterparty should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional amount it pays to the buyer, resulting in a loss of value to the seller. A seller of a credit default swap or similar instrument is exposed to many of the same risks of leverage since, if a credit event occurs, the seller generally will be required to pay the buyer the full notional amount of the contract net of any amounts owed by the buyer related to its delivery of deliverable obligations. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition, the credit derivatives market is subject to a changing regulatory environment. It is possible that regulatory or other developments in the credit derivatives market could adversely affect the Fund&#x2019;s ability to successfully use credit derivatives. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Total Return Swaps.&lt;/div&gt; Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to the Fund&#x2019;s portfolio because, in addition to its Managed Assets (as defined in the prospectus), the Fund would be subject to investment exposure on the notional amount of the swap in excess of any premium and margin required to establish and maintain the position. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Total return swap agreements are subject to market risk as well as the risk that a counterparty will default on its payment obligations to the Fund thereunder. Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Generally, the Fund will enter into total return swaps on a net basis (i.e., the two payment streams are netted against one another with the Fund receiving or paying, as the case may be, only the net amount of the two payments). &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Interest Rate Transactions&lt;/div&gt;. The Fund may enter into interest rate swaps and purchase or sell interest rate caps and floors. The Fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date and/or to hedge against increases in the Fund&#x2019;s costs associated with any leverage strategy. The Fund will ordinarily use these transactions as a hedge or for duration and risk management although it is permitted to enter into them to enhance income or gain. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal). The purchase of an interest rate cap entitles the purchaser, to the extent that the level of a specified interest rate exceeds a predetermined interest rate (i.e., the strike price), to receive payments of interest on a notional principal amount from the party selling such interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that the level of a specified interest rate falls below a predetermined interest rate (i.e., the strike price), to receive payments of interest on a notional principal amount from the party selling such interest rate floor. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;For example, if the Fund holds a debt instrument with an interest rate that is reset only once each year, it may swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week. This would enable the Fund to offset a decline in the value of the debt instrument due to rising interest rates but would also limit its ability to benefit from falling interest rates. Conversely, if the Fund holds a debt instrument with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest rates and may permit the Fund to enhance its income through the positive differential between one week and one year interest rates, but would preclude it from taking full advantage of rising interest rates. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may hedge both its assets and liabilities through interest rate swaps, caps and floors. Usually, payments with respect to interest rate swaps will be made on a net basis (i.e., the two payment streams are netted out) with the Fund receiving or paying, as the case may be, only the net amount of the two payments on the payment dates. If there is a default by the other party to an uncleared interest rate swap transaction, generally the Fund will have contractual remedies pursuant to the agreements related to the transaction. With respect to interest rate swap transactions cleared through a central clearing counterparty, a clearing organization will be substituted for the counterparty and will guaranty the parties&#x2019; performance under the swap agreement. However, there can be no assurance that the clearing organization will satisfy its obligation to the Fund or that the Fund would be able to recover the full amount of assets deposited on its behalf with the clearing organization in the event of the default by the clearing organization or the Fund&#x2019;s clearing broker. Certain U.S. federal income tax requirements may limit the Fund&#x2019;s ability to engage in interest rate swaps. Distributions attributable to transactions in interest rate swaps generally will be taxable as ordinary income to shareholders. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Foreign Currency Transactions&lt;/div&gt;. The Fund&#x2019;s common shares are priced in U.S. dollars and the distributions paid by the Fund to common shareholders are paid in U.S. dollars. However, a portion of the Fund&#x2019;s assets may be denominated in &lt;div style="white-space:nowrap;display:inline;"&gt;non-U.S.&lt;/div&gt; currencies and the income received by the Fund from such securities will be paid in &lt;div style="white-space:nowrap;display:inline;"&gt;non-U.S.&lt;/div&gt; currencies. The Fund also may invest in or gain exposure to &lt;div style="white-space:nowrap;display:inline;"&gt;non-U.S.&lt;/div&gt; currencies for investment or hedging purposes. The Fund&#x2019;s investments in securities that trade in, or receive revenues in, &lt;div style="white-space:nowrap;display:inline;"&gt;non-U.S.&lt;/div&gt; currencies will be subject to currency risk, which is the risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. The Fund may (but is not required to) hedge some or all of &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;its exposure to &lt;div style="white-space:nowrap;display:inline;"&gt;non-U.S.&lt;/div&gt; currencies through the use of derivative strategies, including forward foreign currency exchange contracts, foreign currency futures contracts and options on foreign currencies and foreign currency futures. Suitable hedging transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in such transactions at any given time or from time to time when they would be beneficial. Although the Fund has the flexibility to engage in such transactions, the Advisors may determine not to do so or to do so only in unusual circumstances or market conditions. These transactions may not be successful and may eliminate any chance for the Fund to benefit from favorable fluctuations in relevant foreign currencies. The Fund may also, to the extent applicable, use derivatives contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Foreign Exchange Transactions&lt;/div&gt;. The Fund may engage in spot and forward foreign exchange transactions and currency swaps, purchase and sell options on currencies and purchase and sell currency futures and related options thereon (collectively, &#x201c;Currency Instruments&#x201d;). Such transactions could be effected with respect to hedges on foreign dollar denominated securities owned by the Fund, sold by the Fund but not yet delivered, or committed or anticipated to be purchased by the Fund. As an illustration, the Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a &lt;div style="white-space:nowrap;display:inline;"&gt;yen-denominated&lt;/div&gt; security. In such circumstances, for example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to sell a specified amount of yen for dollars at a specified price by a future date (a technique called a &#x201c;straddle&#x201d;). By selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in the relative value of the yen to the dollar. &#x201c;Straddles&#x201d; of the type that may be used by the Fund are considered to constitute hedging transactions. The Fund may not attempt to hedge any or all of its foreign portfolio positions. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Forward Foreign Currency Contracts&lt;/div&gt;. The Fund may enter into forward currency contracts to purchase or sell foreign currencies for a fixed amount of U.S. dollars or another foreign currency. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (term) from the date of the forward currency contract agreed upon by the parties, at a price set at the time the forward currency contract is entered into. Forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers. The Fund may purchase a forward currency contract to lock in the U.S. dollar price of a security denominated in a foreign currency that the Fund intends to acquire. The Fund may sell a forward currency contract to lock in the U.S. dollar equivalent of the proceeds from the anticipated sale of a security or a dividend or interest payment denominated in a foreign currency. The Fund may also, to the extent applicable, use forward currency contracts to shift the Fund&#x2019;s exposure to foreign currency exchange rate changes from one currency to another. For example, if the Fund owns securities denominated in a foreign currency and the Advisors believe that currency will decline relative to another currency, the Fund might enter into a forward currency contract to sell the appropriate amount of the first foreign currency with payment to be made in the second currency. The Fund may also, to the extent applicable, purchase forward currency contracts to enhance income when the Advisors anticipate that the foreign currency will appreciate in value but securities denominated in that currency do not present attractive investment opportunities. The Fund may also use forward currency contracts to hedge against a decline in the value of existing investments denominated in a foreign currency. Such a hedge would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. The Fund could also hedge the position by entering into a forward currency contract to sell another currency expected to perform similarly to the currency in which the Fund&#x2019;s existing investments are denominated. This type of transaction could offer advantages in terms of cost, yield or efficiency, but may not hedge currency exposure as effectively as a simple forward currency transaction to sell U.S. dollars. This type of transaction may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated. The Fund may also use forward currency contracts in one currency or a basket of currencies to attempt to hedge against fluctuations in the value of securities denominated in a different currency if the Advisors anticipate that there will be a correlation between the two currencies. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The cost to the Fund of engaging in forward currency contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because forward currency contracts are usually entered into on a principal basis, no fees or commissions are usually involved. When the Fund enters into a forward currency contract, it relies on the counterparty to make or take delivery of the underlying &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;currency at the maturity of the contract. Failure by the counterparty to do so would result in the loss of some or all of any expected benefit of the transaction. Secondary markets generally do not exist for forward currency contracts, with the result that closing transactions generally can be made for forward currency contracts only by negotiating directly with the counterparty. Thus, there can be no assurance that the Fund will in fact be able to close out a forward currency contract at a favorable price prior to maturity. In addition, in the event of insolvency of the counterparty, the Fund might be unable to close out a forward currency contract. In either event, the Fund would continue to be subject to market risk with respect to the position. The precise matching of forward currency contract amounts and the value of the securities involved generally will not be possible because the value of such securities, measured in the foreign currency, will change after the forward currency contract has been established. Thus, the Fund might need to purchase or sell foreign currencies in the spot (cash) market to the extent such foreign currencies are not covered by forward currency contracts. The projection of short-term currency market movements is extremely difficult and the successful execution of a short-term hedging strategy is highly uncertain. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Call Options&lt;/div&gt;. The Fund may purchase call options on any of the types of securities or instruments in which it may invest. A purchased call option gives the Fund the right to buy, and obligates the seller to sell, the underlying security at the exercise price at any time during the option period. The Fund also may purchase and sell call options on indices. Index options are similar to options on securities except that, rather than taking or making delivery of securities underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price of the option. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may write (i.e., sell) covered call options on the securities or instruments it holds and enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in which the Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a specified future date and price set at the time of the contract. The principal reason for writing covered call options is the attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Writing covered call options also serves as a partial hedge against declines in the price of the underlying security, to the extent of the premium received. By writing covered call options, the Fund gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying security above the option exercise price. In addition, the Fund&#x2019;s ability to sell the underlying security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A closing purchase transaction cancels out the Fund&#x2019;s position as the writer of an option by means of an offsetting purchase of an identical option prior to the expiration of the option it has written. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may write (i.e., sell) uncovered call options on securities or instruments in which it may invest but that are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options, the Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised. During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to increase the Fund&#x2019;s income with minimal capital risk. Uncovered calls are riskier than covered calls because there is no underlying security held by the Fund that can act as a partial hedge. Uncovered calls have speculative characteristics and the potential for loss is unlimited. When an uncovered call is exercised, the Fund must purchase the underlying security to meet its call obligation. There is also a risk, especially with less liquid preferred and debt securities, that the securities may not be available for purchase. If the purchase price exceeds the exercise price, the Fund will lose the difference. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Put Options&lt;/div&gt;. The Fund may purchase put options. By buying a put option, the Fund acquires a right to sell such underlying securities or instruments at the exercise price, thus limiting the Fund&#x2019;s risk of loss through a decline in the market value of the securities or instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or instruments will be partially offset by the amount of the premium paid for the put option and any related transaction costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale will depend on whether the amount received is more or less than the premium paid for the put option plus the related transaction costs. A closing sale transaction cancels out the Fund&#x2019;s position as the purchaser of an option by means of an offsetting sale of an identical option prior to the expiration of the option it has purchased. &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund also may write (i.e., sell) put options on securities or instruments in which it may invest but that the Fund does not currently have a corresponding short position or has not deposited cash equal to the exercise value of the put option with the broker-dealer through which it made the uncovered put option as collateral. The principal reason for writing such put options is to receive premium income and to acquire such securities or instruments at a net cost below the current market value. The Fund has the obligation to buy the securities or instruments at an agreed upon price if the securities or instruments decrease below the exercise price. If the securities or instruments price increases during the option period, the option will expire worthless and the Fund will retain the premium and will not have to purchase the securities or instruments at the exercise price. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In selling puts, there is&#160;a risk that the Fund may be required to buy the underlying security at a price higher than the current market price. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Financial Futures Transactions and Options&lt;/div&gt;. The Fund is authorized to purchase and sell certain exchange traded financial futures contracts (&#x201c;financial futures contracts&#x201d;) in order to hedge its investments against declines in value, and to hedge against increases in the cost of securities it intends to purchase or to seek to enhance the Fund&#x2019;s return. However, any transactions involving financial futures or options (including puts and calls associated therewith) will be in accordance with the Fund&#x2019;s investment policies and limitations. A financial futures contract obligates the seller of a contract to deliver and the purchaser of a contract to take delivery of the type of financial instrument covered by the contract, or in the case of index-based futures contracts to make and accept a cash settlement, at a specific future time for a specified price. To hedge its portfolio, the Fund may take an investment position in a futures contract which will move in the opposite direction from the portfolio position being hedged. A sale of financial futures contracts may provide a hedge against a decline in the value of portfolio securities because such depreciation may be offset, in whole or in part, by an increase in the value of the position in the financial futures contracts. A purchase of financial futures contracts may provide a hedge against an increase in the cost of securities intended to be purchased because such appreciation may be offset, in whole or in part, by an increase in the value of the position in the futures contracts. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Distributions, if any, of net long term capital gains from certain transactions in futures or options are taxable at long term capital gains rates for U.S. federal income tax purposes. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Futures Contracts&lt;/div&gt;. A futures contract is an agreement between two parties to buy and sell a security or, in the case of an index-based futures contract, to make and accept a cash settlement for a set price on a future date. A majority of transactions in futures contracts, however, do not result in the actual delivery of the underlying instrument or cash settlement, but are settled through liquidation, i.e., by entering into an offsetting transaction. Futures contracts have been designed by boards of trade which have been designated &#x201c;contracts markets&#x201d; by the Commodity Futures Trading Commission (the &#x201c;CFTC&#x201d;). &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The purchase or sale of a futures contract differs from the purchase or sale of a security in that no price or premium is paid or received. Instead, an amount of cash or securities acceptable to the broker and the relevant contract market&#160;must be deposited with the broker. This amount is known as &#x201c;initial margin&#x201d; and represents a &#x201c;good faith&#x201d; deposit assuring the performance of both the purchaser and seller under the futures contract. Subsequent payments to and from the broker, called &#x201c;variation margin,&#x201d; are required to be made on a daily basis as the price of the futures contract fluctuates making the long and short positions in the futures contract more or less valuable, a process known as &#x201c;marking to&#160;market.&#x201d; At any time prior to the settlement date of the futures contract, the position may be closed out by taking an opposite position that will operate to terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid to or released by the broker and the purchaser realizes a loss or gain. In addition, a&#160;commission is paid on each completed sale transaction. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may also purchase and sell financial futures contracts on U.S. Government securities as a hedge against adverse changes in interest rates as described below. The Fund may purchase and write call and put options on futures contracts on U.S. Government securities in connection with its hedging strategies. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund also may engage in other futures contracts transactions such as futures contracts on municipal bond indices that may become available if the Advisors should determine that there is normally a sufficient correlation between the prices of such futures contracts and securities in which the Fund invests to make such hedging appropriate. &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Futures Strategies&lt;/div&gt;. The Fund may sell a financial futures contract (i.e., assume a short position) in anticipation of a decline in the value of its investments resulting from an increase in interest rates or otherwise. The risk of decline could be reduced without employing futures as a hedge by selling investments and either reinvesting the proceeds in securities with shorter maturities or by holding assets in cash. This strategy, however, entails increased transaction costs in the form of dealer spreads and typically would reduce the average yield of the Fund&#x2019;s portfolio securities as a result of the shortening of maturities. The sale of futures contracts provides an alternative means of hedging against declines in the value of its investments. As such values decline, the value of the Fund&#x2019;s positions in the futures contracts will tend to increase, thus offsetting all or a portion of the depreciation in the market value of the Fund&#x2019;s investments that are being hedged. While the Fund will incur commission expenses in selling and closing out futures positions, commissions on futures transactions are typically lower than transaction costs incurred in the purchase and sale of the Fund&#x2019;s investments being hedged. In addition, the ability of the Fund to trade in the standardized contracts available in the futures markets may offer a more effective defensive position than a program to reduce the average maturity of the portfolio securities due to the unique and varied credit and technical characteristics of the instruments available to the Fund. Employing futures as a hedge also may permit the Fund to assume a defensive posture without reducing the yield on its investments beyond any amounts required to engage in futures trading. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;When the Fund intends to purchase a security, the Fund may purchase futures contracts as a hedge against any increase in the cost of such security resulting from a decrease in interest rates or otherwise, that may occur before such purchase can be effected. Subject to the degree of correlation between such securities and futures contracts, subsequent increases in the cost of such securities should be reflected in the value of the futures held by the Fund. As such purchases are made, an equivalent amount of futures contracts will be closed out. Due to changing market conditions and interest rate forecasts, however, a futures position may be terminated without a corresponding purchase of portfolio securities. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Call Options on Futures Contracts&lt;/div&gt;. The Fund may also purchase and sell exchange traded call and put options on financial futures contracts. The purchase of a call option on a futures contract is analogous to the purchase of a call option on an individual security. Depending on the pricing of the option compared to either the futures contract upon which it is based or the price of the underlying securities, it may or may not be less risky than ownership of the futures contract or underlying securities. Like the purchase of a futures contract, the Fund may purchase a call option on a futures contract to hedge against a market advance when the Fund is not fully invested. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The writing of a call option on a futures contract constitutes a partial hedge against declining prices of the securities which are deliverable upon exercise of the futures contract. If the futures price at expiration is below the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any decline that may have occurred in the Fund&#x2019;s portfolio holdings. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Put Options on Futures Contracts&lt;/div&gt;. The purchase of a put option on a futures contract is analogous to the purchase of a protective put option on portfolio securities. The Fund may purchase a put option on a futures contract to hedge the Fund&#x2019;s portfolio against the risk of rising interest rates. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The writing of a put option on a futures contract constitutes a partial hedge against increasing prices of the securities which are deliverable upon exercise of the futures contract. If the futures price at expiration is higher than the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any increase in the price of securities which the Fund intends to purchase. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The writer of an option on a futures contract is required to deposit initial and variation margin pursuant to requirements similar to those applicable to futures contracts. Premiums received from the writing of an option will be included in initial margin. The writing of an option on a futures contract involves risks similar to those relating to futures contracts.&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Additional Information About Options.&lt;/div&gt;&#160;In the case of either put or call options that it has purchased, if the option expires without being sold or exercised, the Fund will experience a loss in the amount of the option &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;premium plus any commissions paid by the Fund. When the Fund sells put and call options, it receives a premium as the seller of the option. The premium that the Fund receives for selling the option will serve as a partial and limited (to the dollar amount of the premium) hedge, in the amount of the option premium, against changes in the value of the securities in its portfolio. During the term of the option, however, a covered call seller has, in return for the premium on the option, given up the opportunity for capital appreciation above the exercise price of the option if the value of the underlying security increases, but has retained the risk of loss should the price of the underlying security decline. Conversely, a put seller retains the risk of loss should the market value of the underlying security decline below the exercise price of the option, less the premium received on the sale of the option. The Fund may purchase and sell exchange-listed options and &lt;div style="white-space:nowrap;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;over-the-counter&lt;/div&gt;&lt;/div&gt; options (&#x201c;OTC options&#x201d;) which are privately negotiated with the counterparty.&#160;Listed options are issued by the Options Clearing Corporation (&#x201c;OCC&#x201d;), which acts as the central counterparty to the parties to such options. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund&#x2019;s ability to close out its position as a purchaser or seller of an exchange-listed put or call option is dependent upon the existence of a liquid secondary market on option exchanges. Among the possible reasons for the absence of a liquid secondary market on an exchange are: (i)&#160;insufficient trading interest in certain options; (ii)&#160;restrictions on transactions imposed by an exchange; (iii)&#160;trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities; (iv)&#160;interruption of the normal operations on an exchange; (v)&#160;inadequacy of the facilities of an exchange or OCC to handle current trading volume; or (vi)&#160;a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options on that exchange that had been listed by the OCC as a result of trades on that exchange would generally continue to be exercisable in accordance with their terms. OTC options are purchased from or sold to dealers, financial institutions or other counterparties which have entered into direct agreements with the Fund. With uncleared OTC options, such variables as expiration date, exercise price and premium will be agreed upon between the Fund and the counterparty, without the intermediation of a third party such as the OCC. If the counterparty fails to make or take delivery of the securities underlying an option it has written, or otherwise settle the transaction in accordance with the terms of that option as written, the Fund would lose the premium paid for the option as well as any anticipated benefit of the transaction.&#160;OTC options and assets used to cover OTC options written by the Fund may be illiquid. The illiquidity of such options or assets may prevent a successful sale of such options or assets, result in a delay of sale, or reduce the amount of proceeds that might otherwise be realized. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The hours of trading for options may not conform to the hours during which the underlying securities are traded or the hours of trading relevant to the determination of an index or other reference level. To the extent that the option markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot immediately be reflected in the option markets. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Hybrid Instruments&lt;/div&gt;. A hybrid instrument is a type of potentially high-risk derivative that combines a traditional bond, stock or commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a hybrid is tied (positively or negatively) to the price of some commodity, currency or securities index or another interest rate or some other economic factor (each a &#x201c;benchmark&#x201d;). The interest rate or (unlike most fixed-income securities) the principal amount payable at maturity of a hybrid security may be increased or decreased, depending on changes in the value of the benchmark. An example of a hybrid could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined level. Such a hybrid instrument would be a combination of a bond and a call option on oil. Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management and increased total return. Hybrids may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid could be zero. Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes the Fund to the credit risk of the issuer of the hybrids. These risks may cause significant fluctuations in the NAV of the Fund&#x2019;s common shares if the Fund invests in hybrid instruments. &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;New Products&lt;/div&gt;. The financial markets continue to evolve and financial products continue to be developed. The Fund reserves the right to invest in new financial products as they are developed or become more widely accepted. As with any new financial product, these products will entail risks, including risks to which the Fund currently is not subject. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The principal risks relating to the use of futures contracts and other Strategic Transactions are: (i)&#160;less than perfect correlation between the prices of the instrument and the market value of the securities in the Fund&#x2019;s portfolio; (ii)&#160;possible lack of a liquid secondary market for closing out a position in such instruments; (iii)&#160;losses resulting from interest rate or other market movements not anticipated by the Advisors; and (iv)&#160;the obligation to meet additional variation margin or other payment requirements, all of which could result in the Fund being in a worse position than if such transactions had not been used. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Certain provisions of the Code may restrict or affect the ability of the Fund to engage in Strategic Transactions. See &#x201c;Tax Matters.&#x201d; &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Structured Instruments &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may use structured instruments for investment purposes, for risk management purposes, such as to reduce the duration and interest rate sensitivity of the Fund&#x2019;s portfolio, for leveraging purposes and, with respect to certain structured instruments, as an alternative or complement to its options writing strategy. While structured instruments may offer the potential for a favorable rate of return from time to time, they also entail certain risks. Structured instruments may be less liquid than other securities and the price of structured instruments may be more volatile. In some cases, depending on the terms of the embedded index, a structured instrument may provide that the principal and/or interest payments may be adjusted below zero. Structured instruments also may involve significant credit risk and risk of default by the counterparty. Structured instruments may also be illiquid. Like other sophisticated strategies, the Fund&#x2019;s use of structured instruments may not work as intended. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Structured Notes&lt;/div&gt;. The Fund may invest in &#x201c;structured&#x201d; notes and other related instruments, which are privately negotiated debt obligations in which the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an &#x201c;embedded index&#x201d;), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets. Structured instruments may be issued by corporations, including banks, as well as by governmental agencies. Structured instruments frequently are assembled in the form of medium-term notes, but a variety of forms are available and may be used in particular circumstances. The terms of such structured instruments normally provide that their principal and/or interest payments are to be adjusted upwards or downwards (but ordinarily not below zero) to reflect changes in the embedded index while the structured instruments are outstanding. As a result, the interest and/or principal payments that may be made on a structured product may vary widely, depending on a variety of factors, including the volatility of the embedded index and the effect of changes in the embedded index on principal and/or interest payments. The rate of return on structured notes may be determined by applying a multiplier to the performance or differential performance of the referenced index(es) or other asset(s). Application of a multiplier involves leverage that will serve to magnify the potential for gain and the risk of loss. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Event-Linked Securities&lt;/div&gt;. The Fund may obtain event-linked exposure by investing in &#x201c;event-linked bonds&#x201d; or &#x201c;event-linked swaps&#x201d; or by implementing &#x201c;event-linked strategies.&#x201d; Event-linked exposure results in gains or losses that typically are contingent upon, or formulaically related to, defined trigger events. Examples of trigger events include hurricanes, earthquakes, weather-related phenomena or statistics relating to such events. Some event-linked bonds are commonly referred to as &#x201c;catastrophe bonds.&#x201d; If a trigger event occurs, the Fund may lose a portion of or its entire principal invested in the bond or the entire notional amount of a swap. Event-linked exposure often provides for an extension of maturity to process and audit loss claims when a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. Event-linked exposure may also expose the Fund to certain other risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations and adverse tax consequences. Event-linked exposures may also be subject to illiquidity risk. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Equity-Linked Notes&lt;/div&gt;. Equity-linked notes are hybrid securities with characteristics of both fixed-income and equity securities. An equity-linked note is a debt instrument, usually a bond, that pays interest based upon the &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;performance of an underlying equity, which can be a single stock, basket of stocks or an equity index. Instead of paying a predetermined coupon, equity-linked notes link the interest payment to the performance of a particular equity market index or basket of stocks or commodities. The interest payment is typically based on the percentage increase in an index from a predetermined level, but alternatively may be based on a decrease in the index. The interest payment may in some cases be leveraged so that, in percentage terms, it exceeds the relative performance of the market. Equity-linked notes generally are subject to the risks associated with the securities of equity issuers, default risk and counterparty risk. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Credit Linked Notes&lt;/div&gt;. A credit-linked note (&#x201c;CLN&#x201d;) is a derivative instrument. It is a synthetic obligation between two or more parties where the payment of principal and/or interest is based on the performance of some obligation (a reference obligation). In addition to the credit risk of the reference obligations and interest rate risk, the buyer/seller of the CLN is subject to counterparty risk. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Repurchase Agreements and Purchase and Sale Contracts &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may enter into repurchase agreements. A repurchase agreement is a contractual agreement whereby the seller of securities agrees to repurchase the same security at a specified price on a future date agreed upon by the parties. The agreed upon repurchase price determines the yield during the Fund&#x2019;s holding period. Repurchase agreements are considered to be loans collateralized by the underlying security that is the subject of the repurchase contract. Income generated from transactions in repurchase agreements will be taxable. The risk to the Fund is limited to the ability of the issuer to pay the agreed upon repurchase price on the delivery date; however, although the value of the underlying collateral at the time the transaction is entered into always equals or exceeds the agreed upon repurchase price, if the value of the collateral declines there is a risk of loss of both principal and interest. In the event of default, the collateral may be sold but the Fund might incur a loss if the value of the collateral declines, and might incur disposition costs or experience delays in connection with liquidating the collateral. In addition, if bankruptcy proceedings are commenced with respect to the seller of the security, realization upon the collateral by the Fund may be delayed or limited. The Advisors will monitor the value of the collateral at the time the transaction is entered into and at all times subsequent during the term of the repurchase agreement in an effort to determine that such value always equals or exceeds the agreed upon repurchase price. In the event the value of the collateral declines below the repurchase price, the Advisors will demand additional collateral from the issuer to increase the value of the collateral to at least that of the repurchase price, including interest. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;A purchase and sale contract is similar to a repurchase agreement, but differs from a repurchase agreement in that the contract arrangements stipulate that the securities are owned by the Fund. In the event of a default under such a repurchase agreement or a purchase and sale contract, instead of the contractual fixed rate of return, the rate of return to the Fund shall be dependent upon intervening fluctuations of the market value of such security and the accrued interest on the security. In such event, the Fund would have rights against the seller for breach of contract with respect to any losses arising from market fluctuations following the failure of the seller to perform. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Reverse Repurchase Agreements &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Borrowings may be made by the Fund through reverse repurchase agreements under which the Fund sells portfolio securities to financial institutions, such as banks and broker-dealers, and agrees to repurchase them at an agreed upon date and price. Such agreements are considered to be borrowings under the Investment Company Act. The Fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In accordance with Rule &lt;div style="white-space:nowrap;display:inline;"&gt;18f-4&lt;/div&gt; under the Investment Company Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i)&#160;maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii)&#160;treat such transactions as &#x201c;derivatives transactions&#x201d; and comply with Rule &lt;div style="white-space:nowrap;display:inline;"&gt;18f-4&lt;/div&gt; with respect to such transactions. See &#x201c;Risk Factors in Strategic Transactions and Derivatives&#x2014;Rule &lt;div style="white-space:nowrap;display:inline;"&gt;18f-4&lt;/div&gt; Under the Investment Company Act&#x201d; in the SAI. &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Short Sales &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may make short sales of securities. A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will decline. The Fund may make short sales to hedge positions, for duration and risk management, in order to maintain portfolio flexibility or, to the extent applicable, to enhance income or gain. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;When the Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over to the securities lender any income, distributions or dividends received on such borrowed securities until it returns the security to the securities lender. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund&#x2019;s obligation to replace the borrowed security will be secured by collateral deposited with the securities lender, usually cash, U.S. government securities or other liquid assets. Depending on arrangements made with the securities lender regarding payment over of any income, distributions or dividends received by the Fund on such security, the Fund may not receive any payments (including interest) on its collateral deposited with such securities lender. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. Although the Fund&#x2019;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may also make short sales &#x201c;against the box.&#x201d; Short sales, even if covered, may represent a form of leverage and will create risks. In this type of short sale, at the time of the sale, the Fund owns or has the immediate and unconditional right to acquire at no additional cost the identical security. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund must comply with Rule &lt;div style="white-space:nowrap;display:inline;"&gt;18f-4&lt;/div&gt; under the Investment Company Act with respect to its short sale borrowings, which are considered derivatives transactions under the Rule. See &#x201c;Additional Risk Factors&#x2014;Risk Factors in Strategic Transactions and Derivatives&#x2014;Rule &lt;div style="white-space:nowrap;display:inline;"&gt;18f-4&lt;/div&gt; Under the Investment Company Act&#x201d; in the SAI. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Bank Obligations &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Bank obligations may include certificates of deposit, bankers&#x2019; acceptances and fixed time deposits. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers&#x2019; acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are &#x201c;accepted&#x201d; by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties, which vary depending upon market conditions and the remaining maturity of the obligation. There are no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party, although there is no market for such deposits. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Obligations of foreign banks involve somewhat different investment risks than those affecting obligations of U.S. banks, including the possibilities that their liquidity could be impaired because of future political and economic developments, that their obligations may be less marketable than comparable obligations of U.S. banks, that a foreign jurisdiction might impose withholding taxes on interest income payable on those obligations, that foreign deposits may be seized or nationalized, that foreign governmental restrictions such as exchange controls may be adopted which might adversely affect the payment of principal and interest on those obligations and that the selection of those obligations may be more difficult because there may be less publicly available information concerning foreign banks or the accounting, auditing and financial reporting standards, practices and requirements applicable to foreign banks may differ from those applicable to U.S. banks. Foreign banks are not generally subject to examination by any U.S. Government agency or instrumentality. &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Participation Notes &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may buy participation notes from a bank or broker-dealer (&#x201c;issuer&#x201d;) that entitle the Fund to a return measured by the change in value of an identified underlying security or basket of securities (collectively, the &#x201c;underlying security&#x201d;). Participation notes are typically used when a direct investment in the underlying security is restricted due to country-specific regulations. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not the same as investment in the constituent shares of the company. A participation note represents only an obligation of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying security. In other words, shares of the underlying security are not in any way owned by the Fund. However each participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security, the Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its obligations. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its obligation. The Fund may, but is not required to, purchase credit protection against the default of the issuer. When the participation note expires or the Fund exercises the participation note and closes its position, the Fund receives a payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less transaction costs). The price, performance and liquidity of the participation note are all linked directly to the underlying security. The Fund&#x2019;s ability to redeem or exercise a participation note generally is dependent on the liquidity in the local trading market for the security underlying the participation note. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;When-Issued, Delayed Delivery Securities and Forward Commitment Securities &lt;/div&gt; &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may purchase securities on a &#x201c;when-issued&#x201d; basis and may purchase or sell securities on a &#x201c;forward commitment&#x201d; basis (including on a &#x201c;TBA&#x201d; (to be announced) basis) or on a &#x201c;delayed delivery&#x201d; basis. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. The value of these assets will be monitored daily to ensure that their marked to market value will at all times equal or exceed the corresponding obligations of the Fund. Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal Reserve Board of New York, the Fund or its counterparty generally is required to post collateral when entering into certain forward-settling transactions, including without limitation TBA transactions. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;There is always a risk that the securities may not be delivered and that the Fund may incur a loss. A default by a counterparty may result in the Fund missing the opportunity of obtaining a price considered to be advantageous. The value of securities in these transactions on the delivery date may be more or less than the Fund&#x2019;s purchase price. The Fund may bear the risk of a decline in the value of the security in these transactions and may not benefit from an appreciation in the value of the security during the commitment period. Settlements in the ordinary course are not treated by the Fund as when-issued or forward commitment transactions and accordingly are not subject to the foregoing restrictions. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The market value of the securities underlying a commitment to purchase securities, and any subsequent fluctuations in their market value, is taken into account when determining the NAV of the Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Rule &lt;div style="white-space:nowrap;display:inline;"&gt;18f-4&lt;/div&gt; under the Investment Company Act permits the Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including &lt;div style="white-space:nowrap;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;to-be-announced&lt;/div&gt;&lt;/div&gt; (&#x201c;TBA&#x201d;) commitments, and dollar rolls) and &lt;div style="white-space:nowrap;display:inline;"&gt;non-standard&lt;/div&gt; settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section&#160;18 of the Investment Company Act, provided that the Fund intends to physically settle the transaction and &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;the transaction will settle within 35 days of its trade date (the &#x201c;Delayed-Settlement Securities Provision&#x201d;). If a when-issued, forward-settling or &lt;div style="white-space:nowrap;display:inline;"&gt;non-standard&lt;/div&gt; settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule &lt;div style="white-space:nowrap;display:inline;"&gt;18f-4.&lt;/div&gt; See &#x201c;Additional Risk Factors&#x2014;Risk Factors in Strategic Transactions and Derivatives&#x2014;Rule &lt;div style="white-space:nowrap;display:inline;"&gt;18f-4&lt;/div&gt; Under the Investment Company Act&#x201d; in the SAI. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Standby Commitment Agreements &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund from time to time may enter into standby commitment agreements. Such agreements commit the Fund, for a stated period of time, to purchase a stated amount of a fixed-income security that may be issued and sold to the Fund at the option of the issuer. The price and coupon of the security is fixed at the time of the commitment. At the time of entering into the agreement the Fund may be paid a commitment fee, regardless of whether or not the security ultimately is issued. The Fund will enter into such agreements only for the purpose of investing in the security underlying the commitment at a yield and price which is considered advantageous to the Fund. The Fund at all times will designate on its books and records cash or other liquid assets with a value equal to the purchase price of the securities underlying the commitment. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;There can be no assurance that the securities subject to a standby commitment will be issued and the value of the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the security underlying the commitment is at the option of the issuer, the Fund may bear the risk of decline in the value of such security and may not benefit from an appreciation in the value of the security during the commitment period. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The purchase of a security subject to a standby commitment agreement and the related commitment fee will be recorded on the date on which the security reasonably can be expected to be issued and the value of the security thereafter will be reflected in the calculation of the Fund&#x2019;s NAV. The cost basis of the security will be adjusted by the amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as income on the expiration date of the standby commitment. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Temporary Defensive Positions &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;During temporary defensive periods, if the Advisors determine that market conditions warrant, and also during the period in which the net proceeds of this offering of common shares (or preferred shares, should the Fund determine to issue preferred shares in the future) are being invested, the Fund may invest any percentage of its assets without limitation in cash, cash equivalents, money market securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term, unsecured, negotiable promissory notes of a domestic or foreign issuer), repurchase agreements, obligations of supranational organizations, bank obligations, including U.S. subsidiaries and branches of foreign banks, or other high quality fixed-income securities. Temporary defensive positions may affect the Fund&#x2019;s ability to achieve its investment objectives. Generally, such obligations will mature within one year from the date of settlement, but may mature within two years from the date of settlement. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Cash Equivalents and Short-Term Debt Securities &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;For temporary defensive purposes or to keep cash on hand fully invested, the Fund may invest up to 100% of its total assets in cash equivalents and short-term debt securities. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Taxable short-term debt securities are defined to include, without limitation: &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;(1) U.S. Government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. Government agencies or instrumentalities. U.S. Government securities include securities issued by (a)&#160;the FHA, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration and GNMA, whose securities are supported by the full faith and credit of the United States; (b)&#160;the FHLBs, Federal Intermediate Credit Banks, and Tennessee Valley Authority, whose securities are supported by the right of the agency to borrow from the U.S. Treasury; (c)&#160;FNMA, whose securities are supported by the discretionary authority of the U.S. Government &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;to purchase certain obligations of the agency or instrumentality; and (d)&#160;the Student Loan Marketing Association, whose securities are supported only by its credit. While the U.S. Government provides financial support to such U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law; &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;(2) Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return, and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Certificates of deposit purchased by the Fund may not be fully insured by the Federal Deposit Insurance Corporation. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;(3) Repurchase agreements, which involve purchases of debt securities; &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;(4) Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by the Fund at any time. The Advisors will consider the financial condition of the corporation (e.g., earning power, cash flow and other liquidity ratios) and will continuously monitor the corporation&#x2019;s ability to meet all of its financial obligations, because the Fund&#x2019;s liquidity might be impaired if the corporation were unable to pay principal and interest on demand. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;Tax-exempt&lt;/div&gt; short-term debt securities are defined to include, without limitation: &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;(1) Bond anticipation notes (&#x201c;BANs&#x201d;) are usually general obligations of state and local governmental issuers which are sold to obtain interim financing for projects that will eventually be funded through the sale of long-term debt obligations or bonds. The ability of an issuer to meet its obligations on its BANs is primarily dependent on the issuer&#x2019;s access to the long-term municipal bond market and the likelihood that the proceeds of such bond sales will be used to pay the principal and interest on the BANs. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;(2) Tax anticipation notes (&#x201c;TANs&#x201d;) are issued by state and local governments to finance the current operations of such governments. Repayment is generally to be derived from specific future tax revenues. TANs are usually general obligations of the issuer. A weakness in an issuer&#x2019;s capacity to raise taxes due to, among other things, a decline in its tax base or a rise in delinquencies could adversely affect the issuer&#x2019;s ability to meet its obligations on outstanding TANs. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;(3) Revenue anticipation notes (&#x201c;RANs&#x201d;) are issued by governments or governmental bodies with the expectation that future revenues from a designated source will be used to repay the notes. In general, they also constitute general obligations of the issuer. A decline in the receipt of projected revenues, such as anticipated revenues from another level of government, could adversely affect an issuer&#x2019;s ability to meet its obligations on outstanding RANs. In addition, the possibility that the revenues would, when received, be used to meet other obligations could affect the ability of the issuer to pay the principal and interest on RANs. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;(4) Construction loan notes are issued to provide construction financing for specific projects. Frequently, these notes are redeemed with funds obtained from the Federal Housing Administration. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;(5) Bank notes are notes issued by local government bodies and agencies as those described above to commercial banks as evidence of borrowings. The purposes for which the notes are issued are varied but they are frequently issued to meet short-term working capital or capital-project needs. These notes may have risks similar to the risks associated with TANs and RANs. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;(6) &lt;div style="white-space:nowrap;display:inline;"&gt;Tax-exempt&lt;/div&gt; commercial paper (&#x201c;municipal paper&#x201d;) represents very short-term unsecured, negotiable promissory notes, issued by states, municipalities and their agencies. Payment of principal and interest on issues of municipal paper may be made from various sources, to the extent the funds are available therefrom. Maturities on municipal paper generally will be shorter than the maturities of TANs, BANs or RANs. There is a limited secondary market for issues of municipal paper. &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Certain municipal securities may carry variable or floating rates of interest whereby the rate of interest is not fixed but varies with changes in specified market rates or indices, such as a bank prime rate or tax-exempt money market indices. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;While the various types of notes described above as a group represent the major portion of the tax-exempt note market, other types of notes are available in the marketplace and the Fund may invest in such other types of notes to the extent permitted under its investment objectives, policies and limitations. Such notes may be issued for different purposes and may be secured differently from those mentioned above. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Counterparty Credit Standards &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;To the extent that the Fund engages in principal transactions, including, but not limited to, OTC options, forward currency transactions, swap transactions, repurchase and reverse repurchase agreements and the purchase and sale of bonds and other fixed-income securities, it must rely on the creditworthiness of its counterparties under such transactions. In certain instances, the credit risk of a counterparty is increased by the lack of a central clearing house for certain transactions, including certain swap contracts. In the event of the insolvency of a counterparty, the Fund may not be able to recover its assets, in full or at all, during the insolvency process. Counterparties to investments may have no obligation to make markets in such investments and may have the ability to apply essentially discretionary margin and credit requirements. Similarly, the Fund will be subject to the risk of bankruptcy of, or the inability or refusal to perform with respect to such investments by, the counterparties with which it deals. The Advisors will seek to minimize the Fund&#x2019;s exposure to counterparty risk by entering into such transactions with counterparties the Advisors believe to be creditworthy at the time it enters into the transaction. Certain transactions, including option transactions and Strategic Transactions may require the Fund to provide collateral to secure its performance obligations under a contract, which would also entail counterparty credit risk. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Securities Lending &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may lend portfolio securities to certain borrowers determined to be creditworthy by the Advisors, including to borrowers affiliated with the Advisors. The borrowers provide collateral that is maintained in an amount at least equal to the current market value of the securities loaned. As a result of limitations under the Investment Company Act and SEC staff guidance, no securities loan shall be made on behalf of the Fund if, as a result, the aggregate value of all securities loans of the Fund exceeds one-third of the value of the Fund&#x2019;s total assets (including the value of the collateral received). The Fund may terminate a loan at any time and obtain the return of the securities loaned. The Fund receives the value of any interest or cash or non-cash distributions paid on the loaned securities. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the amount of cash collateral. The Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Fund is compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any cash collateral received by the Fund for such loans, and uninvested cash, may be invested, among other things, in a private investment company managed by an affiliate of the Advisors or in registered money market funds advised by the Advisors or their affiliates; such investments are subject to investment risk. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund conducts its securities lending pursuant to an exemptive order from the SEC permitting it to lend portfolio securities to borrowers affiliated with the Fund and to retain an affiliate of the Fund as lending agent. To the extent that the Fund engages in securities lending, BlackRock Investment Management, LLC (&#x201c;BIM&#x201d;), an affiliate of the Advisors, acts as securities lending agent for the Fund, subject to the overall supervision of the Advisors. BIM administers the lending program in accordance with guidelines approved by the Board. Pursuant to the current securities lending agreement, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level. &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;To the extent that the Fund engages in securities lending, the Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment expenses as defined below), and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for expenses in connection with the investment of cash collateral received for securities on loan in a private investment company managed by an affiliate of the Advisors (the &#x201c;collateral investment expenses&#x201d;); however, BIM has agreed to cap the collateral investment expenses the Fund bears to an annual rate of 0.04% of the daily net assets of such private investment company. In addition, in accordance with the exemptive order, the investment adviser to the private investment company will not charge any advisory fees with respect to shares purchased by the Fund. Such shares also will not be subject to a sales load, redemption fee, distribution fee or service fee. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment expenses). &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex (as defined in the SAI) in a calendar year exceeds the breakpoint dollar threshold applicable in the given year, the Fund, pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses). &lt;/div&gt;</cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:EffectsOfLeverageTextBlock contextRef="P12_28_2022To12_28_2022">&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"&gt;Effects of Leverage &lt;/div&gt;&lt;div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Assuming that leverage will represent approximately 26.45% of the Fund&#x2019;s Managed Assets and that the Fund will bear expenses relating to that leverage at an average annual rate of 4.58%, the income generated by the Fund&#x2019;s portfolio (net of estimated expenses) must exceed 1.21% in order to cover the expenses specifically related to the Fund&#x2019;s use of leverage. Of course, these numbers are merely estimates used for illustration. Actual leverage expenses will vary frequently and may be significantly higher or lower than the rate estimated above. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of income and changes in the value of investments held in the Fund&#x2019;s portfolio) of (10)%, (5)%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects the use of leverage representing 26.45% of the Fund&#x2019;s Managed Assets and an assumed annual cost of leverage of 4.48%. &lt;/div&gt; &lt;/div&gt;&lt;div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr&gt;
&lt;td style="width:66%"/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"&gt;Assumed Portfolio Total Return (Net of Expenses)&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;(10.00)%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;(5.00)%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;0%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;5.00%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;10.00%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"&gt;Common Share Total Return&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;(15.24)%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;(8.45)%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;1.65%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;5.15%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;1.95%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Common share total return is composed of two elements: the common share dividends paid by the Fund (the amount of which is largely determined by the net investment income of the Fund after paying for any leverage used by the Fund) and gains or losses on the value of the securities the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0% the Fund must assume that the interest it receives on its investments is entirely offset by losses in the value of those securities. &lt;/div&gt;</cef:EffectsOfLeverageTextBlock>
    <cef:EffectsOfLeverageTableTextBlock contextRef="P12_28_2022To12_28_2022">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of income and changes in the value of investments held in the Fund&#x2019;s portfolio) of (10)%, (5)%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects the use of leverage representing 26.45% of the Fund&#x2019;s Managed Assets and an assumed annual cost of leverage of 4.48%. &lt;/div&gt;&lt;div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr&gt;
&lt;td style="width:66%"/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"&gt;Assumed Portfolio Total Return (Net of Expenses)&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;(10.00)%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;(5.00)%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;0%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;5.00%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;10.00%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"&gt;Common Share Total Return&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;(15.24)%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;(8.45)%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;1.65%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;5.15%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;1.95%&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</cef:EffectsOfLeverageTableTextBlock>
    <cef:EffectsOfLeveragePurposeTextBlock contextRef="P12_28_2022To12_28_2022">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of income and changes in the value of investments held in the Fund&#x2019;s portfolio) of (10)%, (5)%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects the use of leverage representing 26.45% of the Fund&#x2019;s Managed Assets and an assumed annual cost of leverage of 4.48%.</cef:EffectsOfLeveragePurposeTextBlock>
    <cef:ReturnAtMinusTenPercent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      unitRef="Unit_pure">-0.1524</cef:ReturnAtMinusTenPercent>
    <cef:ReturnAtMinusFivePercent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      unitRef="Unit_pure">-0.0845</cef:ReturnAtMinusFivePercent>
    <cef:ReturnAtZeroPercent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      unitRef="Unit_pure">0.0165</cef:ReturnAtZeroPercent>
    <cef:ReturnAtPlusFivePercent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      unitRef="Unit_pure">0.0515</cef:ReturnAtPlusFivePercent>
    <cef:ReturnAtPlusTenPercent
      contextRef="P12_28_2022To12_28_2022"
      decimals="INF"
      unitRef="Unit_pure">0.0195</cef:ReturnAtPlusTenPercent>
    <cef:RiskFactorsTableTextBlock contextRef="P12_28_2022To12_28_2022">&lt;div id="toc320889_59" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center"&gt;RISKS &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;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. &lt;/div&gt;&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;General Risks &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Please refer to the section of the Fund&#x2019;s most recent annual report on Form N-CSR entitled &#x201c;Investment Objectives, Policies and Risks&#x2014;Risk Factors&#x201d;, which is incorporated by reference herein, for a discussion of the general risks of investing in the Fund. &lt;/div&gt; &lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Other Risks &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Offering Risk&lt;/div&gt;. The provisions of the Investment Company Act generally require that the public offering price of an investment company&#x2019;s common&#160;stock (less any underwriting commissions and discounts) must equal or exceed the NAV per share of an investment company&#x2019;s common stock (calculated within 48 hours of pricing).&#160;In the offering described in this Prospectus, the Fund may, subject to market conditions, raise additional equity capital by issuing new common stock from time to time in varying amounts at a net price at or above the Fund&#x2019;s NAV per common share (calculated within 48 hours of pricing). To the extent that Fund shares do not trade at a premium, the Fund may be unable to issue additional shares, and may incur costs associated with setting up and maintaining an &#x201c;at the market&#x201d; program without the potential benefits. The offering described in this Prospectus may allow the Fund to pursue additional investment opportunities without the need to sell existing portfolio investments and will increase the asset size of the Fund and thus cause the Fund&#x2019;s fixed expenses to be spread over a larger asset base. However, the issuance may not necessarily result in an increase to net income for shareholders, which depends on leverage levels, the comparison between book yields on existing assets, available investment opportunities and other factors. The Fund cannot predict whether its common stock will trade in the future at a premium or discount to their NAV per share.&#160;Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#x2019; risk of loss.&#160;In no event will shares be issued at a price below the Fund&#x2019;s NAV per common share (calculated within 48 hours of pricing)&#160;plus any sales commission charged in connection with the offering. &lt;/div&gt;  &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The offering described in this Prospectus entails potential risks to existing common shareholders.&#160;Although the issuance of additional common stock may facilitate a more active market in the Fund&#x2019;s common&#160;stock by increasing the amount of common&#160;stock outstanding, the issuance of additional common&#160;stock may also have an adverse effect on prices for the Fund&#x2019;s common stock in the secondary market by increasing the supply of common&#160;stock available for sale.&#160;The issuance of additional common stock will dilute the voting power of already outstanding common stock.&#160;If the Fund is unable to invest the proceeds of any such offering in a timely &lt;div style="display:inline;"&gt;manner&lt;/div&gt; in assets with a yield at least equal to that of the current portfolio, the Fund&#x2019;s earnings per share may decrease. &lt;/div&gt;  &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;  &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Second Lien Loans Risk&lt;/div&gt;. Second lien loans generally are subject to similar risks as those associated with investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Second lien loans share the same risks as other below investment grade securities. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Mezzanine Investment Risk&lt;/div&gt;. Mezzanine securities generally are rated below investment grade and frequently are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. However, unlike senior loans and second lien loans, mezzanine securities are not a senior or secondary secured obligation of the related borrower. They typically are the most subordinated debt obligation in an issuer&#x2019;s capital structure. Mezzanine securities also may often be unsecured. Mezzanine securities therefore are subject to the additional risk that the cash flow of the related borrower and the property securing the loan may be insufficient to repay the scheduled principal after giving effect to any senior obligations of the related borrower. Mezzanine securities are also expected to be a highly illiquid investment. Mezzanine securities will be subject to certain additional risks to the extent that such loans may not be protected by financial covenants or limitations upon additional indebtedness. Investment in mezzanine securities is a highly specialized investment practice that depends more heavily on independent credit analysis than investments in other types of debt obligations. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Risks of Loan Assignments and Participations&lt;/div&gt;. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations &lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan. A participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. &lt;/div&gt;  &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Bank Loans Risk&lt;/div&gt;. The market for bank loans may not be highly liquid and the Fund may have difficulty selling them. These investments are subject to both interest rate risk and credit risk. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Corporate Bonds Risk&lt;/div&gt;. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates. The market value of intermediate and longer-term corporate bonds is generally more sensitive to changes in interest rates than is the market value of shorter-term corporate bonds. The market value of a corporate bond also may be affected by factors directly related to the issuer, such as investors&#x2019; perceptions of the creditworthiness of the issuer, the issuer&#x2019;s financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&#x2019;s capital structure and use of financial leverage and demand for the issuer&#x2019;s goods and services. Certain risks associated with investments in corporate bonds are described elsewhere in this Prospectus in further detail. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Yield and Ratings Risk&lt;/div&gt;.&#160;The yields on certain debt obligations are dependent on a variety of factors, including general market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody&#x2019;s, S&amp;amp;P and Fitch, which are described in Appendix A to the SAI, represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may cease to be rated. The Advisors will consider such an event in determining whether the Fund should continue to hold the security. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Unrated Securities Risk&lt;/div&gt;. Because the Fund may purchase securities that are not rated by any rating organization, the Advisors may, after assessing their credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations.&#160;Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund&#x2019;s ability to achieve its investment objectives will be more dependent on the Advisors&#x2019; credit analysis than would be the case when the Fund invests in rated securities. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Debtor-In-Possession (DIP) Financing Risk&lt;/div&gt;. The Fund&#x2019;s participation in DIP financings is subject to risks. DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code and must be approved by the bankruptcy court. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. DIP financings are typically fully secured by a lien on the debtor&#x2019;s otherwise unencumbered assets or secured by a junior lien on the debtor&#x2019;s encumbered assets (so long as the loan is fully secured based on the most recent current valuation or appraisal report of the debtor). DIP financings are often required to close with certainty and in a rapid manner in order to satisfy existing creditors and to enable the issuer to emerge from bankruptcy or to avoid a bankruptcy proceeding. There is a risk that the borrower will not emerge from Chapter 11 bankruptcy proceedings and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Fund&#x2019;s only recourse will be against the property securing the DIP financing. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Mortgage Related Securities Risks&lt;/div&gt;. Investing in MBS entails various risks. MBS represent an interest in a pool of mortgages. The risks associated with MBS include: credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning these properties; risks associated with their structure and execution (including the collateral, the process by which principal and interest payments are allocated and distributed to investors and how credit losses affect issuing vehicles and the return to investors in such MBS); whether the collateral represents a fixed set of specific assets or accounts, whether the underlying collateral assets are revolving or&#160;closed-end,&#160;under what terms (including maturity of the MBS) any remaining balance in the accounts may revert to the issuing entity and the extent to which the entity that is the actual source of the collateral assets is obligated to provide support to the issuing vehicle or to the investors in such MBS; risks associated with the servicer of the underlying mortgages; adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on MBS secured by loans on certain types of commercial properties than on those secured by loans on residential properties; prepayment risk, which can lead to significant fluctuations in the value of the MBS; loss of all or part of the premium, if any, paid; and decline in the market value of the security, whether resulting from changes in interest rates, prepayments on the underlying mortgage collateral or perceptions of the credit risk associated with the underlying mortgage collateral. In addition, the Fund&#x2019;s level of investment in MBS of a particular type or in MBS issued or guaranteed by affiliated obligors, serviced by the same servicer or backed by underlying collateral located in a specific geographic region, may subject the Fund to additional risk. To the extent the Fund invests in junior tranches of MBS, it will be subject to additional risks, such as the risk that the proceeds that would otherwise be distributed to the Fund will be used to pay down more senior tranches. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;When market interest rates decline, more mortgages are refinanced and the securities are paid off earlier than expected. Prepayments may also occur on a scheduled basis or due to foreclosure. During such periods, the reinvestment of prepayment proceeds by the Fund will generally be at lower rates than the rates that were carried by the obligations that have been prepaid. When market interest rates increase, the market values of MBS decline. At the same time, however, mortgage refinancings and prepayments slow, lengthening the effective maturities of these securities. As a result, the negative effect of the rate increase on the market value of MBS is usually more pronounced than it is for other types of fixed-income securities. Moreover, the relationship between borrower prepayments and changes in interest rates may mean some high-yielding mortgage-related and other asset-backed securities have less potential for increases in value if market interest rates were to fall than conventional bonds with comparable maturities. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In general, losses on a mortgaged property securing a mortgage loan included in a securitization will be borne first by the equity holder of the property, then by a cash reserve fund or letter of credit, if any, then by the holder of a mezzanine loan or&#160;B-Note,&#160;if any, then by the &#x201c;first loss&#x201d; subordinated security holder (generally, the&#160;&#x201c;B-Piece&#x201d;&#160;buyer) and then by the holder of a higher rated security. The Fund could invest in any class of security included in a securitization. In the event of default and the exhaustion of any equity support, reserve fund, letter of credit, mezzanine loans or&#160;B-Notes,&#160;and any classes of securities junior to those in which the Fund invests, the Fund will not be able to recover all of its investment in the MBS it purchases. MBS in which the Fund invests may not contain reserve funds, letters of credit, mezzanine loans and/or junior classes of securities. The prices of lower credit quality securities are generally less sensitive to interest rate changes than more highly rated investments, but more sensitive to adverse economic downturns or individual issuer developments. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;MBS generally are classified as either RMBS or CMBS, each of which are subject to certain specific risks as further described below.&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;RMBS Risks&lt;/div&gt;.&#160;RMBS are securities the payments on which depend primarily on the cash flow from residential mortgage loans made to borrowers that are secured by residential real estate.&#160;Non-agency&#160;residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan secured by residential property is dependent upon the income or assets of the borrower. A number of factors, including general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower&#x2019;s ability to repay its loans. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Agency RMBS Risks&lt;/div&gt;&lt;/div&gt;. MBS issued by FNMA or FHLMC are guaranteed as to timely payment of principal and interest by FNMA or FHLMC, but are not backed by the full faith and credit of the U.S. Government. In 2008, FHFA placed FNMA and FHLMC into conservatorship. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its MBS. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. In connection with the conservatorship, the U.S. Treasury entered into an agreement with each of FNMA and FHLMC that contains various covenants that severely limit each enterprise&#x2019;s operations. There is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Under the Reform Act, FHFA, as conservator or receiver, has the power to repudiate any contract entered into by FNMA or FHLMC prior to FHFA&#x2019;s appointment as conservator or receiver, as applicable, if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the contract promotes the orderly administration of FNMA&#x2019;s or FHLMC&#x2019;s affairs. In the event that FHFA, as conservator of, or if it is later appointed as receiver for, FNMA or FHLMC, were to repudiate any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only to the extent of FNMA&#x2019;s or FHLMC&#x2019;s assets available therefor. In the event of repudiation, the payments of interest to holders of FNMA or FHLMC MBS would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such MBS are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such MBS holders. Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. If FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC MBS would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. In addition, certain rights provided to holders of MBS issued by FNMA and FHLMC under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and FHLMC MBS may provide (or with respect to securities issued prior to the date of the appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such MBS have the right to replace FNMA or FHLMC as trustee if the requisite percentage of MBS holders consent. The Reform Act prevents MBS holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Non-Agency RMBS Risks&lt;/div&gt;&lt;/div&gt;. Non-agency&#160;RMBS are securities issued by&#160;non-governmental&#160;issuers.&#160;Non-agency&#160;RMBS have no direct or indirect government guarantees of payment and are subject to various risks as described herein. &lt;/div&gt; &lt;div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Borrower Credit Risk&lt;/div&gt;&lt;/div&gt;&lt;div style="font-style:italic;display:inline;"&gt;.&lt;/div&gt; Credit-related risk on RMBS arises from losses due to delinquencies and defaults by the borrowers in payments on the underlying mortgage loans and breaches by originators and servicers of their obligations under the underlying documentation pursuant to which the RMBS are issued.&#160;Non-agency&#160;residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The rate of delinquencies and defaults on residential mortgage loans and the aggregate amount of the resulting losses will be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged property is located, the level of the borrower&#x2019;s equity in the mortgaged property and the individual financial circumstances of the borrower. If a residential mortgage loan is in default, foreclosure on the related residential property may be a lengthy and difficult process involving significant legal and other expenses. The net proceeds obtained by the holder on a residential mortgage loan following the foreclosure on the related property may be less than the total amount that remains due on the loan. The prospect of incurring a loss upon the foreclosure of the related property may lead the holder of the residential mortgage loan to restructure the residential mortgage loan or otherwise delay the foreclosure process &lt;/div&gt; &lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;RMBS Legal Risks&lt;/div&gt;&lt;/div&gt;. Legal risks associated with RMBS can arise as a result of the procedures followed in connection with the origination of the mortgage loans or the servicing thereof, which may be subject to various federal and state laws (including, without limitation, predatory lending laws), public policies and principles of equity that regulate interest rates and other charges, require certain disclosures, require licensing of originators, prohibit discriminatory lending practices, regulate the use of consumer credit information and debt collection practices and may limit the servicer&#x2019;s ability to collect all or part of the principal of or interest on a residential mortgage loan, entitle the borrower to a refund of amounts previously paid by it or subject the servicer to damages and sanctions. Specifically, provisions of federal predatory lending laws, such as the federal&#160;Truth-in-Lending&#160;Act (as supplemented by the Home Ownership and Equity Protection Act of 1994) and Regulation Z, and various recently enacted state predatory lending laws provide that a purchaser or assignee of specified types of residential mortgage loans (including an issuer of RMBS) may be held liable for violations by the originator of such mortgage loans. Under such assignee liability provisions, a borrower is generally given the right to assert against a purchaser of its mortgage loan any affirmative claims and defenses to payment that such borrower could assert against the originator of the loan or, where applicable, the home improvement contractor that arranged the loan. Liability under such assignee liability provisions could, therefore, result in a disruption of cash flows allocated to the holders of RMBS where either the issuer of such RMBS is liable for damages or is unable to enforce payment by the borrower. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In most but not all cases, the amount recoverable against a purchaser or assignee under such assignee liability provisions is limited to amounts previously paid and still owed by the borrower. Moreover, sellers of residential mortgage loans to an issuer of RMBS typically represent that the loans have been originated in accordance with all applicable laws and in the event such representation is breached, the seller typically must repurchase the offending loan. Notwithstanding these protections, an issuer of RMBS may be exposed to an unquantifiable amount of potential assignee liability because, first, the amount of potential assignee liability under certain predatory lending laws is unclear and has yet to be litigated, and, second, in the event a predatory lending law does not prohibit class action lawsuits, it is possible that an issuer of RMBS could be liable for damages for more than the original principal amount of the offending loans held by it. In such circumstances the issuer of RMBS may be forced to seek contribution from other parties, who may no longer exist or have adequate funds available to fund such contribution. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition, structural and legal risks of RMBS include the possibility that, in a bankruptcy or similar proceeding involving the originator or the servicer (often the same entity or affiliates), the assets of the issuer could be treated as never having been truly sold by the originator to the issuer and could be substantively consolidated with those of the originator, or the transfer of such assets to the issuer could be voided as a fraudulent transfer. Challenges based on such doctrines could result also in cash flow delays and losses on the related issue of RMBS. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Mortgage Loan Market Risk&lt;/div&gt;&lt;/div&gt;. In the recent past, the residential mortgage market in the United States experienced difficulties that adversely affected the performance and market value of certain mortgages and mortgage related securities. Delinquencies and losses on residential mortgage loans (especially sub-prime and second lien mortgage loans) generally increased during this period and declines in or flattening of housing values in many housing markets were generally viewed as exacerbating such delinquencies and losses. Borrowers with adjustable rate mortgages (&#x201c;ARMs&#x201d;) 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. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;At any one time, a portfolio of RMBS may be backed by residential mortgage loans that are highly concentrated in only a few states or regions. As a result, the performance of such residential mortgage loans may be more susceptible to a downturn in the economy, including in particular industries that are highly represented in such states or regions, natural calamities and other adverse conditions affecting such areas. The economic downturn experienced in the recent past at the national level, and the more serious economic downturn experienced in the recent past in certain geographic areas of the United States, including in particular areas of the United States where rates of delinquencies and defaults on residential mortgage loans were particularly high, is generally viewed as having contributed to the higher rates of delinquencies and defaults on the residential mortgage loans underlying RMBS during this period. There also can be no assurance that areas of the United States that mostly avoided higher rates of delinquencies and defaults on residential mortgage loans during this period would continue to do so if an economic downturn were to reoccur at the national level. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Another factor that may contribute to, and may in the future result in, higher delinquency and default rates is the increase in monthly payments on ARMs. Any increase in prevailing market interest rates, which are currently at historical lows, may result in increased payments for borrowers who have ARMs. Moreover, with respect to hybrid mortgage loans (which are mortgage loans combining fixed and adjustable rate features) after their initial fixed rate period or other adjustable-rate mortgage loans, interest-only products or products having a lower rate, and with respect to mortgage loans with a negative amortization feature which reach their negative amortization cap, borrowers may experience a substantial increase in their monthly payment even without an increase in prevailing market interest rates. Increases in payments for borrowers may result in increased rates of delinquencies and defaults on residential mortgage loans underlying the non-agency RMBS. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;As a result of rising concerns about increases in delinquencies and defaults on residential mortgage loans (particularly on sub-prime and adjustable-rate mortgage loans) and as a result of increasing concerns about the financial strength of originators and servicers and their ability to perform their obligations with respect to non-agency RMBS, there may be an adverse change in the market sentiments of investors about the market values and volatility and the degree of risk of non-agency RMBS generally. Some or all of the underlying residential mortgage loans in an issue of non-agency RMBS may have balloon payments due on their respective maturity dates. Balloon residential mortgage loans involve a greater risk to a lender than fully amortizing loans, because the ability of a borrower to pay such amount will normally depend on its ability to obtain refinancing of the related mortgage loan or sell the related mortgaged property at a price sufficient to permit the borrower to make the balloon payment, which will depend on a number of factors prevailing at the time such refinancing or sale is required, including, without limitation, the strength of the local or national residential real estate markets, interest rates and general economic conditions and the financial condition of the borrower. If borrowers are unable to make such balloon payments, the related issue of non-agency RMBS may experience losses. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may acquire RMBS backed by collateral pools of mortgage loans that have been originated using underwriting standards that are less restrictive than those used in underwriting &#x201c;prime mortgage loans&#x201d; and&#160;&#x201c;Alt-A&#160;mortgage loans.&#x201d; These lower standards include mortgage loans made to borrowers having imperfect or impaired credit histories, mortgage loans where the amount of the loan at origination is 80% or more of the value of the mortgage property, mortgage loans made to borrowers with low credit scores, mortgage loans made to borrowers who have other debt that represents a large portion of their income and mortgage loans made to borrowers whose income is not required to be disclosed or verified and are commonly referred to as&#160;&#x201c;sub-prime&#x201d;&#160;mortgage loans.&#160;Sub-prime&#160;mortgage loans have in recent periods experienced increased rates of delinquency, foreclosure, bankruptcy and loss, and they are likely to continue to experience delinquency, foreclosure, bankruptcy and loss rates that are higher, and that may be substantially higher, than those experienced by mortgage loans underwritten in a more traditional manner. Certain categories of RMBS, such as option ARM RMBS and&#160;sub-prime&#160;RMBS, have been referred to by the financial media as &#x201c;toxic assets.&#x201d; &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Although the United States economy has been slowly improving in recent years, the impact of the coronavirus pandemic on the United States has caused the economy to deteriorate again and led to a high incidence of missed mortgage payments, which could result in the incidence of mortgage foreclosures, especially&#160;sub-prime&#160;mortgages, beginning to increase again, which could adversely affect the value of any RMBS owned by the Fund. &lt;/div&gt;  &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Legislation and Regulation Risk&lt;/div&gt;&lt;/div&gt;. The significance of the mortgage crisis and loan defaults in residential mortgage loan sectors led to the enactment in July 2008 of the Housing and Economic Recovery Act of 2008, a wide-ranging housing rescue bill that offers up to $300 billion in assistance to troubled homeowners and emergency assistance to FNMA and FHLMC. This bill could potentially have a material adverse effect on the Fund&#x2019;s investment program as the bill, among other things, provides approximately $180 million for &#x201c;pre-foreclosure&#x201d; housing counseling and legal services for distressed borrowers. In 2007, U.S. Treasury then-Secretary Henry Paulson and HUD then-Secretary Alphonso Jackson and the mortgage industry worked to develop HOPE NOW, an alliance of participants in the mortgage industry intended to work with borrowers with sub-prime mortgages facing interest rate increases and increasing payments. The Congressional Research Service reports that HOPE NOW has undertaken an initiative to provide homeowners with free telephone consultations with HUD-approved credit counselors, who can help homeowners contact their lenders and credit&#160;counselors&#160;to work out a plan to avoid foreclosure. Certain borrowers may also seek relief through the &#x201c;FHA Secure&#x201d; refinancing option that gives homeowners with non-FHA ARMs, current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. The Helping Families Save Their Homes Act of 2009, which was enacted on May&#160;20, 2009, provides a safe harbor for servicers entering into &#x201c;qualified loss mitigation plans&#x201d; with respect to residential mortgages originated before the act was enacted. By protecting servicers from certain liabilities, this safe harbor may encourage loan modifications and reduce the likelihood that investors in securitizations will be paid on a timely basis or will be paid in full. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition, the mortgage crisis has led public advocacy groups to demand, and governmental officials and federal and state regulatory agencies to propose and consider, a variety of other &#x201c;bailout&#x201d; and &#x201c;rescue&#x201d; plans that could potentially have a material adverse effect on the Fund&#x2019;s investment program. Some members of the U.S. Congress have expressed concern that the downturn in the housing market played a role in the rise of late mortgage payments and foreclosures and&#160;expressed an expectation that these conditions&#160;would lead to increased filings for bankruptcy. The terms of other proposed legislation or other plans may include, by way of example and not limitation, the following: &lt;/div&gt; &lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
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&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
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&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;moratoriums on interest rate increases for certain mortgage loans and on foreclosure proceedings; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:5%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;conversions of ARMs to fixed-rate mortgages (including in connection with government-backed refinancings of individual mortgage loans), with potential workouts to provide borrowers with equity stakes in their homes; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:5%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;increased scrutiny of mortgage originations (including mortgage loans in which the Fund may own an interest through non-agency RMBS) and foreclosure proceedings; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:5%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;additional registration and licensing requirements for mortgage brokers, lenders and others involved in the mortgage industry; and &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:5%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;greater relief to homeowners under the U.S. Bankruptcy Code or other federal or state laws, including relief to stay or delay the foreclosure of residential mortgage loans or to modify payment terms, including interest rates and repayment periods, of residential mortgage loans, over a lender&#x2019;s objections, as the result of a &#x201c;cramdown,&#x201d; which decreases the debt&#x2019;s value to as low as the collateral&#x2019;s fair market value. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;A significant number of loan modifications could result in a significant reduction in cash flows to the holders of the mortgage securities on an ongoing basis. These loan modification programs, as well as future legislative or regulatory actions, including amendments to the bankruptcy laws, that result in the modification of outstanding mortgage loans may adversely affect the value of, and the returns on, the assets in which the Fund may invest. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;New laws, legislation or other government regulations, including those promulgated in furtherance of a &#x201c;bailout&#x201d; or &#x201c;rescue&#x201d; plan to address any potential crisis and distress in the residential mortgage loan sector, may result in a reduction of available transactional opportunities for the Fund, or an increase in the cost associated with such transactions. Any such law, legislation or regulation may adversely affect the market value of RMBS. &lt;/div&gt;  &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;CMBS Risks&lt;/div&gt;.&#160;CMBS are, generally, securities backed by obligations (including certificates of participation in obligations) that are principally secured by mortgages on real property or interests therein having a multifamily or commercial use, such as regional malls, other retail space, office buildings, industrial or warehouse properties, hotels, nursing homes and senior living centers. The market for CMBS developed more recently and, in terms of total outstanding principal amount of issues, is relatively small compared to the market for single-family RMBS. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;CMBS are subject to particular risks, including lack of standardized terms, shorter maturities than residential mortgage loans and payment of all or substantially all of the principal only at maturity rather than regular amortization of principal. Additional risks may be presented by the type and use of a particular commercial property. Special risks are presented by hospitals, nursing homes, hospitality properties and certain other property types. Commercial property values and net operating income are subject to volatility, which may result in net operating income becoming insufficient to cover debt service on the related mortgage loan. The repayment of loans secured by income-producing properties is typically dependent upon the successful operation of the related real estate project rather than upon the liquidation value of the underlying real estate. Furthermore, the net operating &lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;income from and value of any commercial property is subject to various risks, including changes in general or local economic conditions and/or specific industry segments; the solvency of the related tenants; declines in real estate values; declines in rental or occupancy rates; increases in interest rates, real estate tax rates and other operating expenses; changes in governmental rules, regulations and fiscal policies; acts of God; new and ongoing epidemics and pandemics of infectious diseases and other global health events; natural/environmental disasters; terrorist threats and attacks and social unrest and civil disturbances. Consequently, adverse changes in economic conditions and circumstances are more likely to have an adverse impact on MBS secured by loans on commercial properties than on those secured by loans on residential properties. In addition, commercial lending generally is viewed as exposing the lender to a greater risk of loss than&#160;one-&#160;to four- family residential lending. Commercial lending, for example, typically involves larger loans to single borrowers or groups of related borrowers than residential&#160;one-&#160;to four- family mortgage loans. In addition, the repayment of loans secured by income producing properties typically is dependent upon the successful operation of the related real estate project and the cash flow generated therefrom. The coronavirus pandemic in the United States has had a severe adverse effect on many commercial businesses, resulting in them not paying rent, which in turn will likely result in the owners of the underlying properties being impaired in their ability to make mortgage payments. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The exercise of remedies and successful realization of liquidation proceeds relating to CMBS is also highly dependent on the performance of the servicer or special servicer. In many cases, overall control over the special servicing of related underlying mortgage loans will be held by a &#x201c;directing certificateholder&#x201d; or a &#x201c;controlling class representative,&#x201d; which is appointed by the holders of the most subordinate class of CMBS in such series. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may not have the right to appoint the directing certificateholder. In connection with the servicing of the specially serviced mortgage loans, the related special servicer may, at the direction of the directing certificateholder, take actions with respect to the specially serviced mortgage loans that could adversely affect the Fund&#x2019;s interests. There may be a limited number of special servicers available, particularly those that do not have conflicts of interest. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in Subordinated CMBS issued or sponsored by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other&#160;non-governmental&#160;issuers. Subordinated CMBS have no governmental guarantee and are subordinated in some manner as to the payment of principal and/or interest to the holders of more senior CMBS arising out of the same pool of mortgages. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Subordinated CMBS are often referred to as&#160;&#x201c;B-Pieces.&#x201d;&#160;The holders of Subordinated CMBS typically are compensated with a higher stated yield than are the holders of more senior CMBS. On the other hand, Subordinated CMBS typically subject the holder to greater risk than senior CMBS and tend to be rated in a lower rating category (frequently a substantially lower rating category) than the senior CMBS issued in respect of the same mortgage pool. Subordinated CMBS generally are likely to be more sensitive to changes in prepayment and interest rates and the market for such securities may be less liquid than is the case for traditional income securities and senior CMBS. &lt;/div&gt;  &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Credit Risk Associated With Originators and Servicers of Mortgage Loans&lt;/div&gt;&lt;div style="font-style:italic;display:inline;"&gt;.&lt;/div&gt;&#160;A number of originators and servicers of residential and commercial mortgage loans, including some of the largest originators and servicers in the residential and commercial mortgage loan market, have experienced serious financial difficulties, including some that are now or were subject to federal insolvency proceedings. These difficulties have resulted from many factors, including increased competition among originators for borrowers, decreased originations by such originators of mortgage loans and increased delinquencies and defaults on such mortgage loans, as well as from increases in claims for repurchases of mortgage loans previously sold by them under agreements that require repurchase in the event of breaches of representations regarding loan quality and characteristics. Such difficulties may affect the performance of MBS backed by mortgage loans. Furthermore, the inability of the originator to repurchase such mortgage loans in the event of loan representation breaches or the servicer to repurchase such mortgage loans upon a breach of its servicing obligations also may affect the performance of related MBS. Delinquencies and losses on, and, in some cases, claims for repurchase by the originator of, mortgage loans originated by some mortgage lenders have recently increased as a result of inadequate underwriting procedures and policies, including inadequate due diligence, failure to comply with predatory and other lending laws and, particularly in the case of any &#x201c;no documentation&#x201d; or &#x201c;limited documentation&#x201d; mortgage loans that may support&#160;non-agency&#160;RMBS, inadequate verification of income and employment history. Delinquencies and losses &lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;on, and claims for repurchase of, mortgage loans originated by some mortgage lenders have also resulted from fraudulent activities of borrowers, lenders, appraisers, and other residential mortgage industry participants such as mortgage brokers, including misstatements of income and employment history, identity theft and overstatements of the appraised value of mortgaged properties. Many of these originators and servicers are very highly leveraged. These difficulties may also increase the chances that these entities may default on their warehousing or other credit lines or become insolvent or bankrupt and thereby increase the likelihood that repurchase obligations will not be fulfilled and the potential for loss to holders of&#160;non-agency&#160;MBS and subordinated security holders. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The servicers of&#160;non-agency&#160;MBS are often the same entities as, or affiliates of, the originators of these mortgage loans. Accordingly, the financial risks relating to originators of MBS described immediately above also may affect the servicing of MBS. In the case of such servicers, and other servicers, financial difficulties may have a negative effect on the ability of servicers to pursue collection on mortgage loans that are experiencing increased delinquencies and defaults and to maximize recoveries on sale of underlying properties following foreclosure. In recent years, a number of lenders specializing in residential mortgages have sought bankruptcy protection, shut down or been refused further financings from their lenders. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;MBS typically provide that the servicer is required to make advances in respect of delinquent mortgage loans. However, servicers experiencing financial difficulties may not be able to perform these obligations or obligations that they may have to other parties of transactions involving these securities. Like originators, these entities are typically very highly leveraged. Such difficulties may cause servicers to default under their financing arrangements. In certain cases, such entities may be forced to seek bankruptcy protection. Due to the application of the provisions of bankruptcy law, servicers who have sought bankruptcy protection may not be required to advance such amounts. Even if a servicer were able to advance amounts in respect of delinquent mortgage loans, its obligation to make such advances may be limited to the extent that it does not expect to recover such advances due to the deteriorating credit of the delinquent mortgage loans or declining value of the related mortgaged properties. Moreover, servicers may overadvance against a particular mortgage loan or charge too many costs of resolution or foreclosure of a mortgage loan to a securitization, which could increase the potential losses to holders of MBS. In such transactions, a servicer&#x2019;s obligation to make such advances may also be limited to the amount of its servicing fee. In addition, if an issue of MBS provides for interest on advances made by the servicer, in the event that foreclosure proceeds or payments by borrowers are not sufficient to cover such interest, such interest will be paid to the servicer from available collections or other mortgage income, thereby reducing distributions made on the MBS and, in the case of senior-subordinated MBS described below, first from distributions that would otherwise be made on the most subordinated MBS of such issue. Any such financial difficulties may increase the possibility of a servicer termination and the need for a transfer of servicing and any such liabilities or inability to assess such liabilities may increase the difficulties and costs in affecting such transfer and the potential loss, through the allocation of such increased cost of such transfer, to subordinated security holders. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;There can be no assurance that originators and servicers of mortgage loans will not continue to experience serious financial difficulties or experience such difficulties in the future, including becoming subject to bankruptcy or insolvency proceedings, or that underwriting procedures and policies and protections against fraud will be sufficient in the future to prevent such financial difficulties or significant levels of default or delinquency on mortgage loans. Because the recent financial difficulties experienced by such originators and servicers is unprecedented and unpredictable, the past performance of the residential and commercial mortgage loans originated and serviced by them (and the corresponding performance of the related MBS) is not a reliable indicator of the future performance of such residential mortgage loans (or the related MBS). &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In some cases, servicers of MBS have been the subject of legal proceedings involving the origination and/or servicing practices of such servicers. Large groups of private litigants and states&#x2019; attorneys general have brought such proceedings. Because of the large volume of mortgage loans originated and serviced by such servicers, such litigation can cause heightened financial strain on servicers. In other cases, origination and servicing practices may cause or contribute to such strain, because of representation and warranty repurchase liability arising in MBS and mortgage loan sale transactions. Any such financial strain could cause servicers to service below required standards, causing delinquencies and losses in any related MBS transaction to rise, and in extreme cases could cause the servicer to seek the protection of any applicable bankruptcy or insolvency law. In any such proceeding, it is unclear whether the fees that the servicer charges in such transactions would be sufficient to permit that servicer or a successor servicer to service the mortgage loans in such transaction adequately. If such fees had to be increased, it is likely that the most subordinated security holders in such transactions would be effectively required to pay such increased fees. Finally, these entities may be the subject of future laws designed to protect consumers from defaulting on their mortgage loans. Such laws may have an adverse effect on the cash flows paid under such MBS. &lt;/div&gt;  &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Adjustable Rate Mortgage Risk&lt;/div&gt;. 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. Alternatively, certain ARMs contain limitations on changes in the required monthly payment. 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. If the monthly payment for such an instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the excess is used to reduce the then-outstanding principal balance of the ARM. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition, certain ARMs may provide for an initial fixed, below-market or &#x201c;teaser&#x201d; 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 &#x201c;teaser&#x201d; 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 MBS into which that loan has been bundled. This risk may be increased as increases in prevailing market interest rates, which are currently near historical lows, may result in increased payments for borrowers with ARMs. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Stripped MBS Risk&lt;/div&gt;.&#160;Stripped MBS may be subject to additional risks. One type of stripped MBS pays to one class all of the interest form the mortgage assets (the &#x201c;IO class&#x201d;), while the other class will receive all of the principal (the &#x201c;PO class&#x201d;). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets and a rapid rate of principal payments may have a material adverse effect on the Fund&#x2019;s yield to maturity from these securities. 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. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;CMO Risk&lt;/div&gt;.&#160;There are certain risks associated specifically with CMOs. CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities. The average life of a CMO is determined using mathematical models that incorporate prepayment assumptions and other factors that involve estimates of future economic and market conditions. Actual future results may vary from these estimates, particularly during periods of extreme market volatility. Further, under certain market conditions, such as those that occurred during the recent downturn in the mortgage markets, the weighted average life of certain CMOs may not accurately reflect the price volatility of such securities. For example, in periods of supply and demand imbalances in the market for such securities and/or in periods of sharp interest rate movements, the prices of CMOs may fluctuate to a greater extent than would be expected from interest rate movements alone. CMOs issued by private entities are not obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and are not guaranteed by any government agency, although the securities underlying a CMO may be subject to a guarantee. Therefore, if the collateral securing the CMO, as well as any third party credit support or guarantees, is insufficient to make payments when due, the holder could sustain a loss. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Inverse floating rate CMOs are typically more volatile than fixed or floating rate tranches of CMOs. Many inverse floating rate CMOs have coupons that move inversely to a multiple of an index. The effect of the coupon varying inversely to a multiple of an applicable index creates a leverage factor. Inverse floaters based on multiples of a stated index are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and loss of principal. The market for inverse floating rate CMOs with highly leveraged characteristics at times may be very thin. The Fund&#x2019;s ability to dispose of its positions in such securities will depend on the degree of liquidity in the markets for such securities. It is impossible to predict the amount of trading interest that may exist in such securities, and therefore the future degree of liquidity. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may also invest in REMICs, which are CMOs that qualify for special tax treatment under the Code and invest in certain mortgages principally secured by interests in real property and other permitted investments. &lt;/div&gt;  &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Additional Risks of Mortgage Related Securities&lt;/div&gt;.&#160;Additional risks associated with investments in MBS &lt;div style="display:inline;"&gt;include&lt;/div&gt;: &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Interest Rate Risk&lt;/div&gt;&lt;/div&gt;.&#160;In addition to the interest rate risks described above, certain MBS may be subject to additional risks as the rate of interest payable on certain MBS may be set or effectively capped at the weighted average net coupon of the underlying mortgage loans themselves, often referred to as an &#x201c;available funds cap.&#x201d; As a result of this cap, the return to the holder of such MBS is dependent on the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. In general, early prepayments will have a greater negative impact on the yield to the holder of such MBS. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Structural Risk&lt;/div&gt;&lt;/div&gt;. Because MBS generally are ownership or participation interests in pools of mortgage loans secured by a pool of properties underlying the mortgage loan pool, the MBS are entitled to payments provided for in the underlying agreement only when and if funds are generated by the underlying mortgage loan pool. This likelihood of the return of interest and principal may be assessed as a credit matter. However, the holders of MBS do not have the legal status of secured creditors, and cannot accelerate a claim for payment on their securities, or force a sale of the mortgage loan pool in the event that insufficient funds exist to pay such amounts on any date designated for such payment. The holders of MBS do not typically have any right to remove a servicer solely as a result of a failure of the mortgage pool to perform as expected. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Subordination Risk&lt;/div&gt;&lt;/div&gt;. MBS may be subordinated to one or more other senior classes of securities of the same series for purposes of, among other things, offsetting losses and other shortfalls with respect to the related underlying mortgage loans. For example, in the case of certain MBS, no distributions of principal will generally be made with respect to any class until the aggregate principal balances of the corresponding senior classes of securities have been reduced to zero. As a result, MBS may be more sensitive to risk of loss, writedowns, the&#160;non-fulfillment&#160;of repurchase obligations, overadvancing on a pool of loans and the costs of transferring servicing than senior classes of securities. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Prepayment, Extension and Redemption Risks&lt;/div&gt;&lt;/div&gt;&lt;div style="font-style:italic;display:inline;"&gt;.&lt;/div&gt;&#160;MBS may reflect an interest in monthly payments made by the borrowers who receive the underlying mortgage loans. Although the underlying mortgage loans are for specified periods of time, such as 20 or 30 years, the borrowers can, and historically have paid them off sooner. When a prepayment happens, a portion of the MBS which represents an interest in the underlying mortgage loan will be prepaid. A borrower is more likely to prepay a mortgage which bears a relatively high rate of interest. This means that in times of declining interest rates, a portion of the Fund&#x2019;s higher yielding securities are likely to be redeemed and the Fund will probably be unable to replace them with securities having as great a yield. In addition to reductions in the level of market interest rates and the prepayment provisions of the mortgage loans, repayments on the residential mortgage loans underlying an issue of RMBS may also be affected by a variety of economic, geographic and other factors, including the size difference between the interest rates on the underlying residential mortgage loans (giving consideration to the cost of refinancing) and prevailing mortgage rates and the availability of refinancing. Prepayments can result in lower yields to shareholders. The increased likelihood of prepayment when interest rates decline also limits market price appreciation of MBS. This is known as prepayment risk. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Except in the case of certain types of RMBS, the mortgage loans underlying RMBS generally do not contain prepayment penalties and a reduction in market interest rates will increase the likelihood of prepayments on the related RMBS. In the case of certain home equity loan securities and certain types of RMBS, even though the underlying mortgage loans often contain prepayment premiums, such prepayment premiums may not be sufficient to discourage borrowers from prepaying their mortgage loans in the event of a reduction in market interest rates, resulting in a reduction in the yield to maturity for holders of the related RMBS. RMBS typically contain provisions that require repurchase of mortgage loans by the originator or other seller in the event of a breach of a representation or warranty regarding loan quality and characteristics of such loan. Any repurchase of a mortgage loan as a result of a breach has the same effect on the yield received on the related issue of RMBS as a prepayment of such mortgage loan. Any increase in breaches of representations and the consequent repurchases of mortgage loans that result from inadequate underwriting procedures and policies and protections against fraud will have the same effect on the yield on the related RMBS as an increase in prepayment rates. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Risk of prepayment may be reduced for commercial real estate property loans containing significant prepayment penalties or prohibitions on principal payments for a period of time following origination. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;MBS also are subject to extension risk. 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. The values of long-term securities generally fluctuate more widely in response to changes in interest rates than short or intermediate-term securities. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition, MBS may be subject to redemption at the option of the issuer. If a MBS held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem or&#160;&#x201c;pay-off&#x201d;&#160;the security, which could have an adverse effect on the Fund&#x2019;s ability to achieve its investment objectives. &lt;/div&gt;  &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Spread Widening Risk&lt;/div&gt;&lt;/div&gt;. The prices of MBS may decline substantially, for reasons that may not be attributable to any of the other risks described in this Prospectus. In particular, purchasing assets at what may appear to be &#x201c;undervalued&#x201d; levels is no guarantee that these assets will not be trading at even more &#x201c;undervalued&#x201d; levels at a time of valuation or at the time of sale. It may not be possible to predict, or to protect against, such &#x201c;spread widening&#x201d; risk. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Illiquidity Risk&lt;/div&gt;&lt;/div&gt;. The liquidity of MBS varies by type of security; at certain times the Fund may encounter difficulty in disposing of such investments. Because MBS have the potential to be less liquid than other securities, the Fund may be more susceptible to illiquidity risk than funds that invest in other securities. In the past, in stressed markets, certain types of MBS suffered periods of illiquidity when disfavored by the market. Due to increased instability in the credit markets, the market for some MBS has experienced reduced liquidity and greater volatility with respect to the value of such securities, making it more difficult to value such securities. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Asset-Backed Securities Risk&lt;/div&gt;. ABS involve certain risks in addition to those presented by MBS. There is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. Relative to MBS, ABS may provide the Fund with a less effective security interest in the underlying collateral and are more dependent on the borrower&#x2019;s ability to pay. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in an ABS transaction. Finally, ABS have structure risk due to a unique characteristic known as early amortization, or early payout, risk. Built into the structure of most ABS are triggers for early payout, designed to protect investors from losses. These triggers are unique to each transaction and can include a significant rise in defaults on the underlying loans, a sharp drop in the credit enhancement level or the bankruptcy of the originator. Once early amortization begins, all incoming loan payments (after expenses are paid) are used to pay investors as quickly as possible based upon a predetermined priority of payment. As a result, proceeds that would otherwise be distributed to holders of a junior tranche may be diverted to pay down more senior tranches. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The collateral underlying ABS may constitute assets related to a wide range of industries and sectors, such as credit card and automobile receivables. 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 debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Most 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. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have an effective security interest in all of the obligations backing such receivables. If the economy of the United States deteriorates, defaults on securities backed by credit card, automobile and other receivables may increase, which may adversely affect the value of any ABS owned by the Fund. There is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. In recent years, certain automobile manufacturers have been granted access to emergency loans from the U.S. Government and have experienced bankruptcy. As a result of these events, the value of securities backed by receivables from the sale or lease of automobiles may be adversely affected. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Some ABS, particularly home equity loan transactions, are subject to interest rate risk and prepayment risk. A change in interest rates can affect the pace of payments on the underlying loans, which in turn, affects total return on the securities. &lt;/div&gt;  &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Collateralized Debt Obligation Risks&lt;/div&gt;. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and ABS generally discussed in this Prospectus, CDOs carry additional risks including, but not limited to: (i)&#160;the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii)&#160;the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii)&#160;the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv)&#160;the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v)&#160;the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi)&#160;the lack of a readily available secondary market for CDOs; (vii)&#160;the risk of forced &#x201c;fire sale&#x201d; liquidation due to technical defaults such as coverage test failures; and (viii)&#160;the CDO&#x2019;s manager may perform poorly. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;REITs Risk&lt;/div&gt;.&#160;To the extent that the Fund invests in real estate related investments, including REITs, it will be subject to the risks associated with owning real estate and with the real estate industry generally. These include difficulties in valuing and disposing of real estate, the possibility of declines in the value of real estate, risks related to general and local economic conditions, the possibility of adverse changes in the climate for real estate, environmental liability risks, the risk of increases in property taxes and operating expenses, possible adverse changes in zoning laws, the risk of casualty or condemnation losses, limitations on rents, the possibility of adverse changes in interest rates and in the credit markets and the possibility of borrowers paying off mortgages sooner than expected, which may lead to reinvestment of assets at lower prevailing interest rates. To the extent that the Fund invests in REITs, it will also be subject to the risk that a REIT may default on its obligations or go bankrupt. REITs are generally not taxed on income timely distributed to shareholders, provided they comply with the applicable requirements of the Code. By investing in REITs indirectly through the Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. Mortgage REITs are pooled investment vehicles that invest the majority of their assets in real property mortgages and which generally derive income primarily from interest payments thereon. Investing in mortgage REITs involves certain risks related to investing in real property mortgages. In addition, mortgage REITs must satisfy highly technical and complex requirements in order to qualify for the favorable tax treatment accorded to REITs under the Code. No assurances can be given that a mortgage REIT in which the Fund invests will be able to continue to qualify as a REIT or that complying with the REIT requirements under the Code will not adversely affect such REIT&#x2019;s ability to execute its business plan. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Many REITs focus on particular types of properties or properties which are especially suited for certain uses, and those REITs are affected by the risks which impact the users of their properties. For REITs that own healthcare facilities, for example, the physical characteristics of these properties and their operations are highly regulated, and those regulations often require capital expenditures or restrict the profits realizable from these properties. Some of these properties are also highly dependent upon Medicare and Medicaid payments, which are subject to changes in governmental budgets and policies. These properties may experience losses if their tenants receive lower Medicare or Medicaid rates. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;U.S. Government Securities Risk&lt;/div&gt;. U.S. Government debt securities generally involve lower levels of credit risk than other types of fixed-income securities of similar maturities, although, as a result, the yields available from U.S. Government debt securities are generally lower than the yields available from such other securities. Like other fixed-income securities, the values of U.S. Government securities change as interest rates fluctuate. &lt;/div&gt; &lt;div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Zero-Coupon Securities Risk&lt;/div&gt;. Zero coupon securities are securities that are sold at a discount to par value and do not pay interest during the life of the security. The discount approximates the total amount of interest the security will accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the security. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;While interest payments are not made on zero coupon securities, holders of such securities are deemed to have received income (&#x201c;phantom income&#x201d;) annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon security, but at the same time eliminates the holder&#x2019;s ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero coupon securities are more exposed to interest rate risk than shorter term zero coupon securities. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund accrues income with respect to these securities for Federal income tax and accounting purposes prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular intervals. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Further, to maintain its qualification for pass-through treatment under the Federal tax laws, the Fund is required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to generate the cash to satisfy these distributions. The required distributions may result in an increase in the Fund&#x2019;s exposure to zero coupon securities. &lt;/div&gt; &lt;div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition to the above-described risks, there are certain other risks related to investing in zero coupon securities. During a period of severe market conditions, the market for such securities may become even less liquid. In addition, as these securities do not pay cash interest, the Fund&#x2019;s investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Fund&#x2019;s portfolio. &lt;/div&gt;&lt;/div&gt;  &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Pay-In-Kind Bonds Risks&lt;/div&gt;. The Fund may invest in PIK bonds. PIK bonds are bonds that pay interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, PIK bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date unless a portion of such securities is sold and, if the issuer defaults, the Fund may obtain no return at all on its investment. The market price of PIK bonds is affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that of securities that pay interest in cash. Additionally, current federal tax law requires the holder of certain PIK bonds to accrue income with respect to these securities prior to the receipt of cash payments. To maintain its qualification as a RIC and avoid liability for federal income and excise taxes, the Fund may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Insolvency of Issuers of Indebtedness Risk&lt;/div&gt;. Various laws enacted for the protection of creditors may apply to indebtedness in which the Fund invests. The information in this and the following paragraph is applicable with respect to U.S. issuers subject to U.S. federal bankruptcy law. Insolvency considerations may differ with respect to other issuers. If, in a lawsuit brought by an unpaid creditor or representative of creditors of an issuer of indebtedness, a court were to find that the issuer did not receive fair consideration or reasonably equivalent value for incurring the indebtedness and that, after giving effect to such indebtedness, the issuer (i)&#160;was insolvent, (ii)&#160;was engaged in a business for which the remaining assets of such issuer constituted unreasonably small capital or (iii)&#160;intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could determine to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of such issuer, or to recover amounts previously paid by such issuer in satisfaction of such indebtedness. The measure of insolvency for purposes of the foregoing will vary. Generally, an issuer would be considered insolvent at a particular time if the sum of its debts was then greater than all of its property at a fair valuation, or if the present fair saleable value of its assets was then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and &lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;matured. There can be no assurance as to what standard a court would apply in order to determine whether the issuer was &#x201c;insolvent&#x201d; after giving effect to the incurrence of the indebtedness in which the Fund invested or that, regardless of the method of valuation, a court would not determine that the issuer was &#x201c;insolvent&#x201d; upon giving effect to such incurrence. In addition, in the event of the insolvency of an issuer of indebtedness in which the Fund invests, payments made on such indebtedness could be subject to avoidance as a &#x201c;preference&#x201d; if made within a certain period of time (which may be as long as one year) before insolvency. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund does not anticipate that it will engage in conduct that would form the basis for a successful cause of action based upon fraudulent conveyance, preference or subordination. There can be no assurance, however, as to whether any lending institution or other party from which the Fund may acquire such indebtedness engaged in any such conduct (or any other conduct that would subject such indebtedness and the Fund to insolvency laws) and, if it did, as to whether such creditor claims could be asserted in a U.S. court (or in the courts of any other country) against the Fund. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Indebtedness consisting of obligations of&#160;non-U.S.&#160;issuers may be subject to various laws enacted in the countries of their issuance for the protection of creditors. These insolvency considerations will differ depending on the country in which each issuer is located or domiciled and may differ depending on whether the issuer is a&#160;non-sovereign&#160;or a sovereign entity. &lt;/div&gt;  &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Rights Risk&lt;/div&gt;. The failure to exercise subscription rights to purchase common stock would result in the dilution of the Fund&#x2019;s interest in the issuing company. The market for such rights is not well developed, and, accordingly, the Fund may not always realize full value on the sale of rights. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Municipal Securities Risks&lt;/div&gt;. Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. These risks include: &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;General Obligation Bonds Risks&lt;/div&gt;&lt;/div&gt;. The full faith, credit and taxing power of the municipality that issues a general obligation bond secures payment of interest and repayment of principal. Timely payments depend on the issuer&#x2019;s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Revenue Bonds Risks&lt;/div&gt;&lt;/div&gt;. Revenue bonds issued by state or local agencies to finance the development of&#160;low-income,&#160;multi-family housing involve special risks in addition to those associated with municipal bonds generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. Payments of interest and principal on revenue bonds are made only from the revenues generated by a particular facility, class of facilities or the proceeds of a special tax or other revenue source. These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. Such bonds are generally nonrecourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for issuers to meet payment obligations on subordinated bonds. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Private Activity Bonds Risks&lt;/div&gt;&lt;/div&gt;. Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. If the private enterprise defaults on its payments, the Fund may not receive any income or get its money back from the investment. These bonds may subject certain investors in the Fund to the federal alternative minimum tax. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Moral Obligation Bonds Risks&lt;/div&gt;&lt;/div&gt;. Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Municipal Notes Risks&lt;/div&gt;&lt;/div&gt;. Municipal notes are shorter term municipal debt obligations. They may provide interim financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Municipal Lease Obligations Risks&lt;/div&gt;&lt;/div&gt;. In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not obligated to do so. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. However, if the issuer does not fulfill its payment obligation it may be difficult to sell the property and the proceeds of a sale may not cover the Fund&#x2019;s loss. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of &#x201c;nonappropriation&#x201d; clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the lease premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of nonappropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover ownership of the assets. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Certificates of participation, which represent interests in unmanaged pools of municipal leases or installment contracts, involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificate of participation to exercise remedies with respect to the underlying securities. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of &lt;div style="display:inline;"&gt;participation&lt;/div&gt;. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Liquidity of Investments&lt;/div&gt;&lt;/div&gt;. Certain municipal bonds in which the Fund invests may lack an established secondary trading market or are otherwise considered illiquid. Liquidity of a security relates to the ability to easily dispose of the security and the price to be obtained and does not generally relate to the credit risk or likelihood of receipt of cash at maturity. Illiquid securities may trade at a discount from comparable, more liquid investments. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The financial markets in general, and certain segments of the municipal securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods some securities could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may&#160;occur again at any time. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Because the Fund does not expect that it will invest more 50% of its assets in&#160;tax-exempt&#160;municipal securities, the Fund will not be eligible to pass&#160;tax-exempt&#160;interest through to its shareholders in the form of &#x201c;exempt-interest dividends.&#x201d;&#160;The amount of&#160;tax-exempt&#160;interest earned by the Fund will, however, generally increase the Fund&#x2019;s earnings and profits for U.S. federal income tax purposes.&#160;Accordingly, distributions of the Fund attributable to&#160;tax-exempt&#160;interest will generally be taxable to shareholders as ordinary dividend income that is not eligible for the preferential tax rates applicable to &#x201c;qualified dividend income,&#x201d; even though the&#160;tax-exempt&#160;income, if earned directly by the shareholder, would not have been subject to U.S. federal income tax. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Emerging Markets Risk&lt;/div&gt;. The Fund may invest in&#160;Non-U.S.&#160;Securities of issuers in&#160;so-called&#160;&#x201c;emerging markets&#x201d; (or lesser developed countries). Such investments are particularly speculative and entail all of the risks of investing in&#160;Non-U.S.&#160;Securities but to a heightened degree. &#x201c;Emerging market&#x201d; countries generally include every nation in the world except developed countries, that is, the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i)&#160;low or&#160;non-existent&#160;trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in &lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;more developed capital markets; (ii)&#160;uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii)&#160;possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments; (iv)&#160;national policies that may limit the Fund&#x2019;s investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests; and (v)&#160;the lack or relatively early development of legal structures governing private and foreign investments and private property. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Foreign investment in certain emerging market countries may be restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in certain emerging market issuers and increase the costs and expenses of the Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons in a particular issuer, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries and/or impose additional taxes on foreign investors. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Many emerging markets have histories of political instability and abrupt changes in policies and these countries may lack the social, political and economic stability characteristic of more developed countries. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments in the affected market. Some countries have pervasiveness of corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that may limit the Fund&#x2019;s investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests. In such a dynamic environment, there can be no assurance that any or all of these capital markets will continue to present viable investment opportunities for the Fund. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. &lt;/div&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Foreign Currency Risk&lt;/div&gt;. Because the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund&#x2019;s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Advisors may, but are not required to, elect for the Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. In addition, certain countries, particularly emerging market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation or convertibility of currency. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Sovereign Governmental and Supranational Debt Risk&lt;/div&gt;. Investments in sovereign debt involve special risks. Foreign governmental issuers of debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or pay interest when due. In the event of default, there may be limited or no legal recourse in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Political conditions, especially a sovereign entity&#x2019;s willingness to meet the terms of its debt obligations, are of considerable significance. The ability of a foreign sovereign issuer, especially an emerging market country, to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer&#x2019;s balance of payments, including export performance, its access to international credit facilities and investments, fluctuations of interest rates and the extent of its foreign reserves. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Also, there can be no assurances that the holders of commercial bank loans to the same sovereign entity may not contest payments to the holders of sovereign debt in the event of default under commercial bank loan agreements. In addition, there is no bankruptcy proceeding with respect to sovereign debt on which a sovereign has defaulted and the Fund may be unable to collect all or any part of its investment in a particular issue. Foreign investment in certain sovereign debt is restricted or controlled to varying degrees, including requiring governmental approval for the repatriation of income, capital or proceeds of sales by foreign investors. These restrictions or controls may at times limit or preclude foreign investment in certain sovereign debt and increase the costs and expenses of the Fund. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;LIBOR Risk&lt;/div&gt;. The Fund may be exposed to financial instruments that are tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The Fund&#x2019;s investments may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing at floating rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The United Kingdom&#x2019;s Financial Conduct Authority announced a phase out of LIBOR such that after June&#160;30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average (&#x201c;EONIA&#x201d;), ceased to be published or representative after December&#160;31, 2021. The Fund may have investments linked to other interbank offered rates that may also cease to be published in the future. Various financial industry groups have been planning for the transition away from LIBOR, but there remain challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (&#x201c;SOFR&#x201d;), which is intended to replace the U.S. dollar LIBOR). &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. In addition, a liquid market for newly issued instruments that use a reference rate other than LIBOR still may be developing. There may also be challenges for the Fund to enter into hedging transactions against such newly issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund&#x2019;s performance or NAV. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Event Risk&lt;/div&gt;. Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company&#x2019;s securities may decline significantly. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Inverse Floater and Related Securities Risk&lt;/div&gt;. Investments in inverse floaters, residual interest tender option bonds and similar instruments expose the Fund to the same risks as investments in fixed-income securities and derivatives, as well as other risks, including those associated with leverage and increased volatility. An investment in these securities typically will involve greater risk than an investment in a fixed rate security. Distributions on inverse floaters, residual interest tender option bonds and similar instruments will typically bear an inverse relationship to short term interest rates and typically will be reduced or, potentially, eliminated as interest rates rise. Inverse floaters, residual interest tender option bonds and similar instruments will underperform the market for fixed rate securities in a rising interest rate environment. Inverse floaters may be considered to be leveraged to the extent that their interest rates vary by a magnitude that exceeds the magnitude of the change in a reference rate of interest (typically a short term interest rate). The leverage inherent in inverse floaters is associated with greater volatility in their market values. Investments in inverse floaters, residual interest tender option bonds and similar instruments that have fixed-income&#160;securities underlying them will expose the Fund to the risks associated with those fixed-income securities and the values of those investments may be especially sensitive to changes in prepayment rates on the underlying fixed-income securities. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Inflation-Indexed Bonds Risk&lt;/div&gt;. Inflation-indexed securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPs, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Thus generally, during periods of rising inflation, the value of inflation-indexed securities will tend to increase and during periods of deflation, their value will tend to decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used (e.g., the Consumer Price Index for All Urban Consumers) will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity. In order to receive the special treatment accorded to RICs and their shareholders under the Code and to avoid U.S. federal income and/or excise taxes at the Fund level, the Fund may be required to distribute this income to shareholders in the tax year in which the income is recognized (without a corresponding receipt of cash). Therefore, the Fund may be required to pay out as an income distribution in any such tax year an amount greater than the total amount of cash income the Fund actually received and to sell portfolio securities, including at potentially disadvantageous times or prices, to obtain cash needed for these income distributions. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issues pay out the Consumer Price Index (&#x201c;CPI&#x201d;) accruals as part of a semi-annual coupon. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over the first six months was 1%, the&#160;mid-year&#160;par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year&#x2019;s inflation equaling 3%, the&#160;end-of-year&#160;par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%). &lt;/div&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds that may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation index may not be correlated to the rate of inflation in the United States. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond&#x2019;s inflation measure. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the Consumer Price Index for Urban Consumers&#160;(&#x201c;CPI-U&#x201d;),&#160;which is calculated monthly by the U.S. Bureau of Labor Statistics. The&#160;CPI-U&#160;is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the&#160;CPI-U&#160;or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defensive Investing Risk&lt;/div&gt;. For defensive purposes, the Fund may allocate assets into cash or short-term fixed-income securities without limitation. In doing so, the Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objectives. Further, the value of short-term fixed-income securities may be affected by changing interest rates and by changes in credit ratings of the investments. If the Fund holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Structured Investments Risk&lt;/div&gt;. The Fund may invest in structured products, including structured notes, ELNs and other types of structured products. Holders of structured products bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may have the right to receive payments only from the structured product and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product&#x2019;s administrative and other expenses. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining such financing, which may adversely affect the value of the structured products owned by the Fund. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Structured Notes Risk&lt;/div&gt;&lt;/div&gt;. Investments in structured notes involve risks, including credit risk and market risk. Where the Fund&#x2019;s investments in structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the note. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Event-Linked Securities Risk&lt;/div&gt;&lt;/div&gt;. Event-linked securities are a form of derivative issued by insurance companies and insurance-related special purpose vehicles that apply securitization techniques to catastrophic property and casualty damages. Unlike other insurable&#160;low-severity,&#160;high-probability events, the insurance risk of which can be diversified by writing large numbers of similar policies, the holders of a typical event-linked securities are exposed to the risks from high-severity,&#160;low-probability&#160;events such as that posed by major earthquakes or hurricanes. If a catastrophe occurs that &#x201c;triggers&#x201d; the event-linked security, investors in such security may lose some or all of the capital invested. In the case of an event, the funds are paid to the bond sponsor&#x2014;an insurer, reinsurer or corporation&#x2014;to cover losses. In return, the bond sponsors pay interest to investors for this catastrophe protection. Event-linked securities can be structured to&#160;pay-off&#160;on three types of variables&#x2014;insurance-industry catastrophe loss indices, insured-specific catastrophe losses and parametric indices based on the physical characteristics of catastrophic events. Such variables are difficult to predict or model, and the risk and potential return profiles of event-linked securities may be difficult to assess. Catastrophe-related event-linked securities have been in use since the 1990s, and the securitization and risk-transfer aspects of such event-linked securities are beginning to be employed in other insurance and risk-related areas. No active trading market may exist for certain event-linked securities, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Equity-Linked Notes Risk&lt;/div&gt;&lt;/div&gt;.&#160;ELNs are hybrid securities with characteristics of both fixed-income and equity securities. An ELN is a debt instrument, usually a bond, that pays interest based upon the performance of an underlying equity, which can be a single stock, basket of stocks or an equity index. The interest payment on an ELN may in some cases be leveraged so that, in percentage terms, it exceeds the relative performance of the market. ELNs generally are subject to the risks associated with the securities of equity issuers, default risk and counterparty risk. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Credit-Linked Notes Risk&lt;/div&gt;&lt;/div&gt;. A credit-linked note is a derivative instrument. It is a synthetic obligation between two or more parties where the payment of principal and/or interest is based on the performance of some obligation (a reference obligation). In addition to the credit risk of the reference obligations and interest rate risk, the buyer/seller of the credit-linked note is subject to counterparty risk. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Repurchase Agreements Risk&lt;/div&gt;. Subject to its investment objectives and policies, the Fund may invest in repurchase agreements for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; possible lack of access to income on the underlying security during this period; and expenses of enforcing its rights. While repurchase agreements involve certain risks not associated with direct investments in debt securities, the Fund follows procedures approved by the Fund&#x2019;s Board that are designed to minimize such risks. In addition, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund&#x2019;s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Dollar Roll Transactions Risk&lt;/div&gt;. Dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the Fund sells securities becomes insolvent, the Fund&#x2019;s right to purchase or repurchase securities may be restricted. Successful use of dollar rolls may depend upon the Advisors&#x2019; ability to predict correctly interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed. These transactions may involve leverage. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;When-Issued, Forward Commitment and Delayed Delivery Transactions Risk&lt;/div&gt;. The Fund may purchase securities on a &#x201c;when-issued&#x201d; basis and may purchase or sell securities on a &#x201c;forward commitment&#x201d; basis in order to acquire the security or to offset against anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The value of these assets will be monitored daily to ensure that their marked to market value will at all times equal or exceed the corresponding obligations of the Fund. There is always a risk that the securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions and, accordingly, are not subject to the foregoing restrictions. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Rule 18f-4 under the Investment Company Act permits the Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section&#160;18 of the Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the &#x201c;Delayed-Settlement Securities Provision&#x201d;). If a when-issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule 18f-4. See &#x201c;Additional Risk Factors&#x2014;Risk Factors in Strategic Transactions and Derivatives&#x2014;Rule 18f-4 Under the Investment Company Act&#x201d; below. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Securities Lending Risk&lt;/div&gt;. The Fund may lend securities to financial institutions. Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), &#x201c;gap&#x201d; risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Fund has agreed to pay a borrower), foreign exchange risk (i.e., the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and market risks. If a securities lending counterparty were to default, the Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return the Fund&#x2019;s securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for the Fund. The Fund could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute payments for dividends received by the Fund for securities loaned out by the Fund will generally not be considered qualified dividend income. The securities lending agent will take the tax effects on shareholders of this difference into account in connection with the Fund&#x2019;s securities lending program. Substitute payments received on&#160;tax-exempt&#160;securities loaned out will not be&#160;tax-exempt&#160;income. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Inflation Risk&lt;/div&gt;. Inflation risk is the risk that the value of assets or income from investment will be worth less in the future, as inflation decreases the value of money. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy. As inflation increases, the real value of the common shares and distributions on those shares can decline. In addition, during any periods of rising inflation, interest rates on any borrowings by the Fund would likely increase, which would tend to further reduce returns to the holders of common shares. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Deflation Risk&lt;/div&gt;. Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#x2019;s portfolio. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Risk Associated with Recent Market Events&lt;/div&gt;.&#160;While interest rates have been historically low in recent years in the United States and abroad, inflation rates have recently risen significantly and the Federal Reserve and other central banks have recently begun raising interest rates to address inflation which, among other factors, has led to markets to experiencing high volatility. A significant increase in interest rates may cause a further decline in the market for equity securities and could lead to a recession. Further, regulators have expressed concern that rate increases may contribute to price volatility. The impact of inflation and the recent actions of the Federal Reserve have led to market volatility and may negatively affect the value of debt instruments held by the Fund and result in a negative impact on the Fund&#x2019;s performance. See &#x201c;Risks&#x2014;Inflation Risk.&#x201d; &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition, the current contentious domestic political environment, as well as political and diplomatic events in the United States and abroad, such as presidential elections in the United States or the U.S. government&#x2019;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in adverse consequences (including a government shutdown) to the U.S. regulatory landscape, the general market environment and/or investment sentiment, which could negatively impact the Fund&#x2019;s investments and operations. Such adverse consequences may affect investor and/or consumer confidence and may adversely impact financial markets and the broader economy, potentially to a significant degree. In recent years, some countries, including the United States, have adopted and/or are considering the adoption of more protectionist trade policies. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health, may add to instability in world economies and markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund&#x2019;s investments may be negatively affected by such events. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;EMU and Redenomination Risk&lt;/div&gt;.&#160;As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the EMU, or even the collapse of the Euro as a common currency, arose, creating significant volatility at times in currency and financial markets generally. The effects of the collapse of the Euro, or of the exit of one or more countries from the EMU, on the U.S. and global economy and securities markets are impossible to predict and any such events could have a significant adverse impact on the value and risk profile of the Fund&#x2019;s portfolio. Any partial or complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#x2019;s portfolio investments. If one or more EMU countries were to stop using the Euro as its primary currency, the Fund&#x2019;s investments in such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to foreign currency risk, illiquidity risk and valuation risk to a greater extent than similar investments currently denominated in Euros. To the extent a currency used for redenomination purposes is not specified in respect of certain&#160;EMU-related&#160;investments, or should the Euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required to seek judicial or other clarification of the denomination or value of such securities.&lt;/div&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Market Disruption and Geopolitical Risk&lt;/div&gt;&lt;div style="font-style:italic;display:inline;"&gt;.&#160;&lt;/div&gt;The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, new and ongoing epidemics and pandemics of infectious diseases and other global health events, natural/environmental disasters, terrorist attacks in the United States and around the world, social and political discord, debt crises (such as the Greek crisis), sovereign debt downgrades, the Russian invasion of Ukraine, increasingly strained relations between the United States and a number of foreign countries, including historical adversaries, such as North Korea, Iran, China and Russia, and the international community generally, new and continued political unrest in various countries, such as Venezuela and Spain, the exit or potential exit of one or more countries from the European Union (&#x201c;EU&#x201d;) or the European Monetary Union, continued changes in the balance of political power among and within the branches of the U.S. government, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Russia launched a large-scale invasion of Ukraine on February&#160;24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, in the region are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, could have a severe adverse effect on Russia and the European region, including significant negative impacts on the Russian economy, the European economy and the markets for certain securities and commodities, such as oil and natural gas, and may likely have collateral impacts on such sectors globally as well as other sectors. How long such military action and related events will last cannot be predicted. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;China and the United States have each imposed tariffs on the other country&#x2019;s products. These actions may cause a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China&#x2019;s export industry, which could have a negative impact on the Fund&#x2019;s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;On January&#160;31, 2020, the United Kingdom (&#x201c;UK&#x201d;) officially withdrew from the EU (commonly known as &#x201c;Brexit&#x201d;). The UK and EU reached a preliminary trade agreement, which became effective on January&#160;1, 2021, regarding the terms of their future trading relationship relating principally to the trading of goods; however, negotiations are ongoing for matters not covered by the agreement, such as the trade of financial services. Due to uncertainty of the current political environment, it is not possible to foresee the form or nature of the future trading relationship between the UK and the EU. The longer term economic, legal, political and social framework to be put in place between the UK and the EU remains unclear and the ongoing political and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets may continue for some time. In particular, Brexit may lead to a call for similar referendums in other European jurisdictions which may cause increased economic volatility in the European and global markets and may destabilize some or all of the other EU member countries. This uncertainty may have an adverse effect on the economy generally and on the ability of the Fund and its investments to execute their respective strategies, to receive attractive returns and/or to exit certain investments at an advantageous time or price. In particular, currency volatility may mean that the returns of the Fund and its investments are adversely affected by market movements and may make it more difficult, or more expensive, if the Fund elects to execute currency hedges. Potential decline in the value of the British Pound and/or the Euro against other currencies, along with the potential downgrading of the UK&#x2019;s sovereign credit rating, may also have an impact on the performance of portfolio companies or investments located in the UK or Europe. In light of the above, no definitive assessment can currently be made regarding the impact that Brexit will have on the Fund, its investments or its organization more generally. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Cybersecurity incidents affecting particular companies or industries may adversely affect the economies of particular countries, regions or parts of the world in which the Fund invests. &lt;/div&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The occurrence of any of these above events could have a significant adverse impact on the value and risk profile of the Fund&#x2019;s portfolio. The Fund does not know how long the securities markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. economy and securities markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Regulation and Government Intervention Risk&lt;/div&gt;&lt;div style="font-style:italic;display:inline;"&gt;.&#160;&lt;/div&gt;Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take actions that affect the regulation of the issuers in which the Fund invests in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund is regulated. Such legislation or regulation could limit or preclude the Fund&#x2019;s ability to achieve its investment objectives. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In light of popular, political and judicial focus on finance related consumer protection, financial institution practices are also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors holding common shares of a closed-end investment company such as the Fund and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Fund and its ability to achieve its investment objectives. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Investment Company Act Regulations&lt;/div&gt;&lt;/div&gt;. The Fund is a registered closed-end management investment company and as such is subject to regulations under the Investment Company Act. Generally speaking, any contract or provision thereof that is made, or where performance involves a violation of the Investment Company Act or any rule or regulation thereunder is unenforceable by either party unless a court finds otherwise. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Regulation as a &#x201c;Commodity Pool&#x201d;&lt;/div&gt;. The CFTC subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i)&#160;invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps (&#x201c;CFTC Derivatives&#x201d;), or (ii)&#160;markets itself as providing investment exposure to such instruments. To the extent the Fund uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a &#x201c;commodity pool&#x201d; or a vehicle for trading such instruments. Accordingly, the Advisors have claimed an exclusion from the definition of the term &#x201c;commodity pool operator&#x201d; under the Commodity Exchange Act (the &#x201c;CEA&#x201d;) pursuant to Rule 4.5 under the CEA. The Advisors are not, therefore, subject to registration or regulation as a &#x201c;commodity pool operator&#x201d; under the CEA in respect of the Fund. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Failures of Futures Commission Merchants and Clearing Organizations Risk. &lt;/div&gt;The Fund is required to deposit funds to margin open positions in cleared derivative instruments (both futures and swaps) with a clearing broker registered as a &#x201c;futures commission merchant&#x201d; (&#x201c;FCM&#x201d;). The CEA requires an FCM to segregate all funds received from customers with respect to any orders for the purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM&#x2019;s proprietary assets. Similarly, the CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any orders for the purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures contracts. However, all funds and other property received by an FCM from its customers are held by an FCM on a commingled basis in an omnibus account and amounts in excess of assets posted to the clearing organization may be invested by an FCM in certain instruments permitted under the applicable regulation. There is a risk that assets deposited by the Fund with any FCM as margin for futures contracts or commodity options may, in certain circumstances, be used to satisfy losses of other clients of the Fund&#x2019;s FCM. In addition, the assets of the Fund posted as margin against both swaps and futures contracts may not be fully protected in the event of the FCM&#x2019;s bankruptcy. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Legal, Tax and Regulatory Risks&lt;/div&gt;. Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its &#x201c;investment company taxable income&#x201d; (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). If for any taxable year the Fund does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&#x2019;s current and accumulated earnings and profits. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Biden presidential administration has called for significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and&#160;difficult-to-quantify&#160;macroeconomic and political risks with potentially&#160;far-reaching&#160;implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Fund cannot predict the impact, if any, of these changes to the Fund&#x2019;s business, they could adversely affect the Fund&#x2019;s business, financial condition, operating results and cash flows. Until the Fund knows what policy changes are made and how those changes impact the Fund&#x2019;s business and the business of the Fund&#x2019;s competitors over the long term, the Fund will not know if, overall, the Fund will benefit from them or be negatively affected by them. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Potential Conflicts of Interest of the Advisor, Sub-Advisor and Others&lt;/div&gt;. The investment activities of BlackRock, Inc. (&#x201c;BlackRock&#x201d;), the ultimate parent company of the Advisors, and its affiliates (including BlackRock and its subsidiaries (collectively, the &#x201c;Affiliates&#x201d;), and their respective directors, officers or employees, in the management of, or their interest in, their own accounts and other accounts they manage, may present conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock and its Affiliates provide investment management services to other funds and discretionary managed accounts that may follow investment programs similar to that of the Fund. Subject to the requirements of the Investment Company Act, BlackRock and its Affiliates intend to engage in such activities and may receive compensation from third parties for their services. Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of the Fund&#x2019;s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by BlackRock or an Affiliate, and it is possible that the Fund could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. BlackRock has adopted policies and procedures designed to address potential conflicts of&#160;interest. For additional information about potential conflicts of interest and the way in which BlackRock addresses such conflicts, please see &#x201c;Conflicts of Interest&#x201d; and &#x201c;Management of the Fund&#x2014;Portfolio Management&#x2014;Potential Material Conflicts of Interest&#x201d; in the SAI. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Decision-Making Authority Risk&lt;/div&gt;. Investors have no authority to make decisions or to exercise business discretion on behalf of the Fund, except as set forth in the Fund&#x2019;s governing documents. The authority for all such decisions is generally delegated to the Board, which in turn, has delegated the&#160;day-to-day&#160;management of the Fund&#x2019;s investment activities to the Advisors, subject to oversight by the Board. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Management Risk&lt;/div&gt;. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisors and the individual portfolio managers will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund may be subject to a relatively high level of management risk because the Fund may invest in derivative instruments, which may be highly specialized instruments that require investment techniques and risk analyses different from those associated with equities and bonds. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Valuation Risk&lt;/div&gt;. The Fund is subject to valuation risk, which is the risk that one or more of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability or human error. The Advisors may use an independent pricing service or prices provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. See &#x201c;Net Asset Value.&#x201d; When market quotations are not available, the Advisors may price such investments pursuant to a number of methodologies, such as computer-based analytical modeling or individual security evaluations. These methodologies generate approximations of market values, and there may be significant professional disagreement about the best methodology for a particular type of financial instrument or different methodologies that might be used under different circumstances. In the absence of an actual market transaction, reliance on such methodologies is essential, but may introduce significant variances in the ultimate valuation of the Fund&#x2019;s investments. Technological issues and/or errors by pricing services or other third-party service providers may also impact the Fund&#x2019;s ability to value its investments and the calculation of the Fund&#x2019;s NAV. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;When market quotations are not readily available or are believed by the Advisor to be unreliable, the Advisor will fair value the Fund&#x2019;s investments in accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset or the cost to extinguish that liability in an arm&#x2019;s-length transaction. Fair value pricing may require determinations that are inherently subjective and inexact about the value of a security or other asset. As a result, there can be no assurance that fair value priced assets will not result in future adjustments to the prices of securities or other assets, or that fair value pricing will reflect a price that the Fund is able to obtain upon sale, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. For example, the Fund&#x2019;s NAV could be adversely affected if the Fund&#x2019;s determinations regarding the fair value of the Fund&#x2019;s investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments. Where market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available. The Advisors anticipate that up to approximately 25% of the Fund&#x2019;s net assets (calculated at the time of investment) may be valued using fair value. This percentage may increase over the life of the Fund and may exceed 25% of the Fund&#x2019;s net assets due to a number of factors, such as when the Fund nears dissolution; outflows of cash from time to time; and changes in the valuation of these investments. The Fund prices its shares daily and therefore all assets, including assets valued at fair value, are valued daily. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund&#x2019;s NAV per common share is a critical component in several operational matters including computation of advisory and services fees. Consequently, variance in the valuation of the Fund&#x2019;s investments will impact, positively or negatively, the fees and expenses shareholders will pay. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Reliance&#160;on the Advisor and Sub-Advisor Risk&lt;/div&gt;. The Fund is dependent upon services and resources provided by the Advisors, and therefore the Advisors&#x2019; parent, BlackRock. The Advisors are not required to devote their full time to the business of the Fund and there is no guarantee or requirement that any investment professional or other employee of the Advisors will allocate a substantial portion of his or her time to the Fund. The loss of one or more individuals involved with the Advisors could have a material adverse effect on the performance or the continued operation of the Fund. For additional information on the Advisor,&#160;the&#160;Sub-Advisor&#160;and&#160;BlackRock, see &#x201c;Management of the Fund&#x2014;Investment Advisor&#160;and&#160;Sub-Advisor.&#x201d; &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Reliance on Service Providers Risk&lt;/div&gt;. The Fund must rely upon the performance of service providers to perform certain functions, which may include functions that are integral to the Fund&#x2019;s operations and financial performance. Failure by any service provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill or to perform its obligations to the Fund at all as a result of &lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;insolvency, bankruptcy or other causes could have a material adverse effect on the Fund&#x2019;s performance and returns to shareholders. The termination of the Fund&#x2019;s relationship with any service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of the Fund and could have a material adverse effect on the Fund&#x2019;s performance and returns to shareholders. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Information Technology Systems Risk&lt;/div&gt;. The Fund is dependent on the Advisors for certain management services as well as back-office functions. The Advisors depend on information technology systems in order to assess investment opportunities, strategies and markets and to monitor and control risks for the Fund. It is possible that a failure of some kind which causes disruptions to these information technology systems could materially limit the Advisors&#x2019; ability to adequately assess and adjust investments, formulate strategies and provide adequate risk control. Any such information technology-related difficulty could harm the performance of the Fund. Further, failure of the back-office functions of the Advisors to process trades in a timely fashion could prejudice the investment performance of the Fund. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cyber Security Risk&lt;/div&gt;. With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through &#x201c;hacking&#x201d; or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as&#160;causing&#160;denial-of-service&#160;attacks&#160;on websites (i.e., efforts to make network services unavailable to intended users). Cyber security failures by or breaches of the Advisors and other service providers (including, but not limited to, fund accountants, custodians, transfer agents and administrators), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund&#x2019;s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Fund has established business continuity plans in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund and issuers in which the Fund invests. As a result, the Fund or its shareholders could be negatively impacted. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Misconduct of Employees and of Service Providers Risk&lt;/div&gt;. Misconduct or misrepresentations by employees of the Advisor,&#160;the&#160;Sub-Advisor&#160;or&#160;the Fund&#x2019;s service providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund&#x2019;s service providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Fund&#x2019;s business prospects or future marketing activities. Despite the Advisors&#x2019; due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Advisors&#x2019; due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Advisors will identify or prevent any such misconduct. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Special Risks for Holders of Rights.&lt;/div&gt; There is a risk that performance of the Fund may result in the common shares purchasable upon exercise of the rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the rights. Investors who receive rights may find that there is no market to sell rights they do not wish to exercise. If investors exercise only a portion of the rights, common shares may trade at less favorable prices than larger offerings for similar securities. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Allocation Risk&lt;/div&gt;. The Fund&#x2019;s ability to achieve its investment objective depends upon the Advisors&#x2019; skill in determining the Fund&#x2019;s allocation of its assets and in selecting the best mix of investments. There is a risk that the Advisors&#x2019; evaluation and assumptions regarding asset classes or investments may be incorrect in view of actual market conditions. &lt;/div&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund&#x2019;s allocation of its investments across various segments of the securities markets and various countries, regions, asset classes and sectors may vary significantly over time based on the Advisors&#x2019; analysis and judgment. As a result, the particular risks most relevant to an investment in the Fund, as well as the overall risk profile of the Fund&#x2019;s portfolio, may vary over time. The Advisors employ an active approach to the Fund&#x2019;s investment allocations, but there is no guarantee that the Advisors&#x2019; allocation strategy will produce the desired results. The percentage of the Fund&#x2019;s total assets allocated to any category of investment may at any given time be significantly less than the maximum percentage permitted pursuant to the Fund&#x2019;s investment policies. It is possible that the Fund will focus on an investment that performs poorly or underperforms other investments under various market conditions. The flexibility of the Fund&#x2019;s investment policies and the discretion granted to the Advisors to invest the Fund&#x2019;s assets across various segments, classes and geographic regions of the securities markets and in securities with various characteristics means that the Fund&#x2019;s ability to achieve its investment objective may be more dependent on the success of its investment advisers than other investment companies. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Portfolio Turnover Risk&lt;/div&gt;. The Fund&#x2019;s annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. High portfolio turnover may result in an increased realization of net short-term capital gains by the Fund which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio turnover may create realized capital losses. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Anti-Takeover Provisions Risk&lt;/div&gt;. The Fund&#x2019;s Charter and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to&#160;open-end&#160;status or to change the composition of the Board. Such provisions could limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. See &#x201c;Certain Provisions of the Charter and Bylaws.&#x201d; &lt;/div&gt; </cef:RiskFactorsTableTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_GeneralRisksMembercefRiskAxis">&lt;div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;General Risks &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Please refer to the section of the Fund&#x2019;s most recent annual report on Form N-CSR entitled &#x201c;Investment Objectives, Policies and Risks&#x2014;Risk Factors&#x201d;, which is incorporated by reference herein, for a discussion of the general risks of investing in the Fund. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_OfferingRiskMembercefRiskAxis">&lt;div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Offering Risk&lt;/div&gt;. The provisions of the Investment Company Act generally require that the public offering price of an investment company&#x2019;s common&#160;stock (less any underwriting commissions and discounts) must equal or exceed the NAV per share of an investment company&#x2019;s common stock (calculated within 48 hours of pricing).&#160;In the offering described in this Prospectus, the Fund may, subject to market conditions, raise additional equity capital by issuing new common stock from time to time in varying amounts at a net price at or above the Fund&#x2019;s NAV per common share (calculated within 48 hours of pricing). To the extent that Fund shares do not trade at a premium, the Fund may be unable to issue additional shares, and may incur costs associated with setting up and maintaining an &#x201c;at the market&#x201d; program without the potential benefits. The offering described in this Prospectus may allow the Fund to pursue additional investment opportunities without the need to sell existing portfolio investments and will increase the asset size of the Fund and thus cause the Fund&#x2019;s fixed expenses to be spread over a larger asset base. However, the issuance may not necessarily result in an increase to net income for shareholders, which depends on leverage levels, the comparison between book yields on existing assets, available investment opportunities and other factors. The Fund cannot predict whether its common stock will trade in the future at a premium or discount to their NAV per share.&#160;Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#x2019; risk of loss.&#160;In no event will shares be issued at a price below the Fund&#x2019;s NAV per common share (calculated within 48 hours of pricing)&#160;plus any sales commission charged in connection with the offering. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The offering described in this Prospectus entails potential risks to existing common shareholders.&#160;Although the issuance of additional common stock may facilitate a more active market in the Fund&#x2019;s common&#160;stock by increasing the amount of common&#160;stock outstanding, the issuance of additional common&#160;stock may also have an adverse effect on prices for the Fund&#x2019;s common stock in the secondary market by increasing the supply of common&#160;stock available for sale.&#160;The issuance of additional common stock will dilute the voting power of already outstanding common stock.&#160;If the Fund is unable to invest the proceeds of any such offering in a timely &lt;div style="display:inline;"&gt;manner&lt;/div&gt; in assets with a yield at least equal to that of the current portfolio, the Fund&#x2019;s earnings per share may decrease. &lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_SecondLienLoansRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Second Lien Loans Risk&lt;/div&gt;. Second lien loans generally are subject to similar risks as those associated with investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Second lien loans share the same risks as other below investment grade securities. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_MezzanineInvestmentRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Mezzanine Investment Risk&lt;/div&gt;. Mezzanine securities generally are rated below investment grade and frequently are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. However, unlike senior loans and second lien loans, mezzanine securities are not a senior or secondary secured obligation of the related borrower. They typically are the most subordinated debt obligation in an issuer&#x2019;s capital structure. Mezzanine securities also may often be unsecured. Mezzanine securities therefore are subject to the additional risk that the cash flow of the related borrower and the property securing the loan may be insufficient to repay the scheduled principal after giving effect to any senior obligations of the related borrower. Mezzanine securities are also expected to be a highly illiquid investment. Mezzanine securities will be subject to certain additional risks to the extent that such loans may not be protected by financial covenants or limitations upon additional indebtedness. Investment in mezzanine securities is a highly specialized investment practice that depends more heavily on independent credit analysis than investments in other types of debt obligations. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_RisksOfLoanAssignmentsAndParticipationsMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Risks of Loan Assignments and Participations&lt;/div&gt;. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations &lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan. A participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. &lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_BankLoansRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Bank Loans Risk&lt;/div&gt;. The market for bank loans may not be highly liquid and the Fund may have difficulty selling them. These investments are subject to both interest rate risk and credit risk. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_CorporateBondsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Corporate Bonds Risk&lt;/div&gt;. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates. The market value of intermediate and longer-term corporate bonds is generally more sensitive to changes in interest rates than is the market value of shorter-term corporate bonds. The market value of a corporate bond also may be affected by factors directly related to the issuer, such as investors&#x2019; perceptions of the creditworthiness of the issuer, the issuer&#x2019;s financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&#x2019;s capital structure and use of financial leverage and demand for the issuer&#x2019;s goods and services. Certain risks associated with investments in corporate bonds are described elsewhere in this Prospectus in further detail. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_YieldAndRatingsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Yield and Ratings Risk&lt;/div&gt;.&#160;The yields on certain debt obligations are dependent on a variety of factors, including general market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody&#x2019;s, S&amp;amp;P and Fitch, which are described in Appendix A to the SAI, represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may cease to be rated. The Advisors will consider such an event in determining whether the Fund should continue to hold the security. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_UnratedSecuritiesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Unrated Securities Risk&lt;/div&gt;. Because the Fund may purchase securities that are not rated by any rating organization, the Advisors may, after assessing their credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations.&#160;Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund&#x2019;s ability to achieve its investment objectives will be more dependent on the Advisors&#x2019; credit analysis than would be the case when the Fund invests in rated securities. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_DebtorinpossessionDipFinancingRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Debtor-In-Possession (DIP) Financing Risk&lt;/div&gt;. The Fund&#x2019;s participation in DIP financings is subject to risks. DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code and must be approved by the bankruptcy court. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. DIP financings are typically fully secured by a lien on the debtor&#x2019;s otherwise unencumbered assets or secured by a junior lien on the debtor&#x2019;s encumbered assets (so long as the loan is fully secured based on the most recent current valuation or appraisal report of the debtor). DIP financings are often required to close with certainty and in a rapid manner in order to satisfy existing creditors and to enable the issuer to emerge from bankruptcy or to avoid a bankruptcy proceeding. There is a risk that the borrower will not emerge from Chapter 11 bankruptcy proceedings and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Fund&#x2019;s only recourse will be against the property securing the DIP financing. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_MortgageRelatedSecuritiesRisksMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Mortgage Related Securities Risks&lt;/div&gt;. Investing in MBS entails various risks. MBS represent an interest in a pool of mortgages. The risks associated with MBS include: credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning these properties; risks associated with their structure and execution (including the collateral, the process by which principal and interest payments are allocated and distributed to investors and how credit losses affect issuing vehicles and the return to investors in such MBS); whether the collateral represents a fixed set of specific assets or accounts, whether the underlying collateral assets are revolving or&#160;closed-end,&#160;under what terms (including maturity of the MBS) any remaining balance in the accounts may revert to the issuing entity and the extent to which the entity that is the actual source of the collateral assets is obligated to provide support to the issuing vehicle or to the investors in such MBS; risks associated with the servicer of the underlying mortgages; adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on MBS secured by loans on certain types of commercial properties than on those secured by loans on residential properties; prepayment risk, which can lead to significant fluctuations in the value of the MBS; loss of all or part of the premium, if any, paid; and decline in the market value of the security, whether resulting from changes in interest rates, prepayments on the underlying mortgage collateral or perceptions of the credit risk associated with the underlying mortgage collateral. In addition, the Fund&#x2019;s level of investment in MBS of a particular type or in MBS issued or guaranteed by affiliated obligors, serviced by the same servicer or backed by underlying collateral located in a specific geographic region, may subject the Fund to additional risk. To the extent the Fund invests in junior tranches of MBS, it will be subject to additional risks, such as the risk that the proceeds that would otherwise be distributed to the Fund will be used to pay down more senior tranches. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;When market interest rates decline, more mortgages are refinanced and the securities are paid off earlier than expected. Prepayments may also occur on a scheduled basis or due to foreclosure. During such periods, the reinvestment of prepayment proceeds by the Fund will generally be at lower rates than the rates that were carried by the obligations that have been prepaid. When market interest rates increase, the market values of MBS decline. At the same time, however, mortgage refinancings and prepayments slow, lengthening the effective maturities of these securities. As a result, the negative effect of the rate increase on the market value of MBS is usually more pronounced than it is for other types of fixed-income securities. Moreover, the relationship between borrower prepayments and changes in interest rates may mean some high-yielding mortgage-related and other asset-backed securities have less potential for increases in value if market interest rates were to fall than conventional bonds with comparable maturities. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In general, losses on a mortgaged property securing a mortgage loan included in a securitization will be borne first by the equity holder of the property, then by a cash reserve fund or letter of credit, if any, then by the holder of a mezzanine loan or&#160;B-Note,&#160;if any, then by the &#x201c;first loss&#x201d; subordinated security holder (generally, the&#160;&#x201c;B-Piece&#x201d;&#160;buyer) and then by the holder of a higher rated security. The Fund could invest in any class of security included in a securitization. In the event of default and the exhaustion of any equity support, reserve fund, letter of credit, mezzanine loans or&#160;B-Notes,&#160;and any classes of securities junior to those in which the Fund invests, the Fund will not be able to recover all of its investment in the MBS it purchases. MBS in which the Fund invests may not contain reserve funds, letters of credit, mezzanine loans and/or junior classes of securities. The prices of lower credit quality securities are generally less sensitive to interest rate changes than more highly rated investments, but more sensitive to adverse economic downturns or individual issuer developments. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;MBS generally are classified as either RMBS or CMBS, each of which are subject to certain specific risks as further described below.&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_RmbsRisksMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;RMBS Risks&lt;/div&gt;.&#160;RMBS are securities the payments on which depend primarily on the cash flow from residential mortgage loans made to borrowers that are secured by residential real estate.&#160;Non-agency&#160;residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan secured by residential property is dependent upon the income or assets of the borrower. A number of factors, including general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower&#x2019;s ability to repay its loans. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_AgencyRmbsRisksMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Agency RMBS Risks&lt;/div&gt;&lt;/div&gt;. MBS issued by FNMA or FHLMC are guaranteed as to timely payment of principal and interest by FNMA or FHLMC, but are not backed by the full faith and credit of the U.S. Government. In 2008, FHFA placed FNMA and FHLMC into conservatorship. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its MBS. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. In connection with the conservatorship, the U.S. Treasury entered into an agreement with each of FNMA and FHLMC that contains various covenants that severely limit each enterprise&#x2019;s operations. There is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Under the Reform Act, FHFA, as conservator or receiver, has the power to repudiate any contract entered into by FNMA or FHLMC prior to FHFA&#x2019;s appointment as conservator or receiver, as applicable, if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the contract promotes the orderly administration of FNMA&#x2019;s or FHLMC&#x2019;s affairs. In the event that FHFA, as conservator of, or if it is later appointed as receiver for, FNMA or FHLMC, were to repudiate any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only to the extent of FNMA&#x2019;s or FHLMC&#x2019;s assets available therefor. In the event of repudiation, the payments of interest to holders of FNMA or FHLMC MBS would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such MBS are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such MBS holders. Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. If FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC MBS would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. In addition, certain rights provided to holders of MBS issued by FNMA and FHLMC under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and FHLMC MBS may provide (or with respect to securities issued prior to the date of the appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such MBS have the right to replace FNMA or FHLMC as trustee if the requisite percentage of MBS holders consent. The Reform Act prevents MBS holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_NonagencyRmbsRisksMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Non-Agency RMBS Risks&lt;/div&gt;&lt;/div&gt;. Non-agency&#160;RMBS are securities issued by&#160;non-governmental&#160;issuers.&#160;Non-agency&#160;RMBS have no direct or indirect government guarantees of payment and are subject to various risks as described herein. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_BorrowerCreditRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Borrower Credit Risk&lt;/div&gt;&lt;/div&gt;&lt;div style="font-style:italic;display:inline;"&gt;.&lt;/div&gt; Credit-related risk on RMBS arises from losses due to delinquencies and defaults by the borrowers in payments on the underlying mortgage loans and breaches by originators and servicers of their obligations under the underlying documentation pursuant to which the RMBS are issued.&#160;Non-agency&#160;residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The rate of delinquencies and defaults on residential mortgage loans and the aggregate amount of the resulting losses will be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged property is located, the level of the borrower&#x2019;s equity in the mortgaged property and the individual financial circumstances of the borrower. If a residential mortgage loan is in default, foreclosure on the related residential property may be a lengthy and difficult process involving significant legal and other expenses. The net proceeds obtained by the holder on a residential mortgage loan following the foreclosure on the related property may be less than the total amount that remains due on the loan. The prospect of incurring a loss upon the foreclosure of the related property may lead the holder of the residential mortgage loan to restructure the residential mortgage loan or otherwise delay the foreclosure process &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_RmbsLegalRisksMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;RMBS Legal Risks&lt;/div&gt;&lt;/div&gt;. Legal risks associated with RMBS can arise as a result of the procedures followed in connection with the origination of the mortgage loans or the servicing thereof, which may be subject to various federal and state laws (including, without limitation, predatory lending laws), public policies and principles of equity that regulate interest rates and other charges, require certain disclosures, require licensing of originators, prohibit discriminatory lending practices, regulate the use of consumer credit information and debt collection practices and may limit the servicer&#x2019;s ability to collect all or part of the principal of or interest on a residential mortgage loan, entitle the borrower to a refund of amounts previously paid by it or subject the servicer to damages and sanctions. Specifically, provisions of federal predatory lending laws, such as the federal&#160;Truth-in-Lending&#160;Act (as supplemented by the Home Ownership and Equity Protection Act of 1994) and Regulation Z, and various recently enacted state predatory lending laws provide that a purchaser or assignee of specified types of residential mortgage loans (including an issuer of RMBS) may be held liable for violations by the originator of such mortgage loans. Under such assignee liability provisions, a borrower is generally given the right to assert against a purchaser of its mortgage loan any affirmative claims and defenses to payment that such borrower could assert against the originator of the loan or, where applicable, the home improvement contractor that arranged the loan. Liability under such assignee liability provisions could, therefore, result in a disruption of cash flows allocated to the holders of RMBS where either the issuer of such RMBS is liable for damages or is unable to enforce payment by the borrower. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In most but not all cases, the amount recoverable against a purchaser or assignee under such assignee liability provisions is limited to amounts previously paid and still owed by the borrower. Moreover, sellers of residential mortgage loans to an issuer of RMBS typically represent that the loans have been originated in accordance with all applicable laws and in the event such representation is breached, the seller typically must repurchase the offending loan. Notwithstanding these protections, an issuer of RMBS may be exposed to an unquantifiable amount of potential assignee liability because, first, the amount of potential assignee liability under certain predatory lending laws is unclear and has yet to be litigated, and, second, in the event a predatory lending law does not prohibit class action lawsuits, it is possible that an issuer of RMBS could be liable for damages for more than the original principal amount of the offending loans held by it. In such circumstances the issuer of RMBS may be forced to seek contribution from other parties, who may no longer exist or have adequate funds available to fund such contribution. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition, structural and legal risks of RMBS include the possibility that, in a bankruptcy or similar proceeding involving the originator or the servicer (often the same entity or affiliates), the assets of the issuer could be treated as never having been truly sold by the originator to the issuer and could be substantively consolidated with those of the originator, or the transfer of such assets to the issuer could be voided as a fraudulent transfer. Challenges based on such doctrines could result also in cash flow delays and losses on the related issue of RMBS. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_MortgageLoanMarketRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Mortgage Loan Market Risk&lt;/div&gt;&lt;/div&gt;. In the recent past, the residential mortgage market in the United States experienced difficulties that adversely affected the performance and market value of certain mortgages and mortgage related securities. Delinquencies and losses on residential mortgage loans (especially sub-prime and second lien mortgage loans) generally increased during this period and declines in or flattening of housing values in many housing markets were generally viewed as exacerbating such delinquencies and losses. Borrowers with adjustable rate mortgages (&#x201c;ARMs&#x201d;) 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. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;At any one time, a portfolio of RMBS may be backed by residential mortgage loans that are highly concentrated in only a few states or regions. As a result, the performance of such residential mortgage loans may be more susceptible to a downturn in the economy, including in particular industries that are highly represented in such states or regions, natural calamities and other adverse conditions affecting such areas. The economic downturn experienced in the recent past at the national level, and the more serious economic downturn experienced in the recent past in certain geographic areas of the United States, including in particular areas of the United States where rates of delinquencies and defaults on residential mortgage loans were particularly high, is generally viewed as having contributed to the higher rates of delinquencies and defaults on the residential mortgage loans underlying RMBS during this period. There also can be no assurance that areas of the United States that mostly avoided higher rates of delinquencies and defaults on residential mortgage loans during this period would continue to do so if an economic downturn were to reoccur at the national level. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Another factor that may contribute to, and may in the future result in, higher delinquency and default rates is the increase in monthly payments on ARMs. Any increase in prevailing market interest rates, which are currently at historical lows, may result in increased payments for borrowers who have ARMs. Moreover, with respect to hybrid mortgage loans (which are mortgage loans combining fixed and adjustable rate features) after their initial fixed rate period or other adjustable-rate mortgage loans, interest-only products or products having a lower rate, and with respect to mortgage loans with a negative amortization feature which reach their negative amortization cap, borrowers may experience a substantial increase in their monthly payment even without an increase in prevailing market interest rates. Increases in payments for borrowers may result in increased rates of delinquencies and defaults on residential mortgage loans underlying the non-agency RMBS. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;As a result of rising concerns about increases in delinquencies and defaults on residential mortgage loans (particularly on sub-prime and adjustable-rate mortgage loans) and as a result of increasing concerns about the financial strength of originators and servicers and their ability to perform their obligations with respect to non-agency RMBS, there may be an adverse change in the market sentiments of investors about the market values and volatility and the degree of risk of non-agency RMBS generally. Some or all of the underlying residential mortgage loans in an issue of non-agency RMBS may have balloon payments due on their respective maturity dates. Balloon residential mortgage loans involve a greater risk to a lender than fully amortizing loans, because the ability of a borrower to pay such amount will normally depend on its ability to obtain refinancing of the related mortgage loan or sell the related mortgaged property at a price sufficient to permit the borrower to make the balloon payment, which will depend on a number of factors prevailing at the time such refinancing or sale is required, including, without limitation, the strength of the local or national residential real estate markets, interest rates and general economic conditions and the financial condition of the borrower. If borrowers are unable to make such balloon payments, the related issue of non-agency RMBS may experience losses. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may acquire RMBS backed by collateral pools of mortgage loans that have been originated using underwriting standards that are less restrictive than those used in underwriting &#x201c;prime mortgage loans&#x201d; and&#160;&#x201c;Alt-A&#160;mortgage loans.&#x201d; These lower standards include mortgage loans made to borrowers having imperfect or impaired credit histories, mortgage loans where the amount of the loan at origination is 80% or more of the value of the mortgage property, mortgage loans made to borrowers with low credit scores, mortgage loans made to borrowers who have other debt that represents a large portion of their income and mortgage loans made to borrowers whose income is not required to be disclosed or verified and are commonly referred to as&#160;&#x201c;sub-prime&#x201d;&#160;mortgage loans.&#160;Sub-prime&#160;mortgage loans have in recent periods experienced increased rates of delinquency, foreclosure, bankruptcy and loss, and they are likely to continue to experience delinquency, foreclosure, bankruptcy and loss rates that are higher, and that may be substantially higher, than those experienced by mortgage loans underwritten in a more traditional manner. Certain categories of RMBS, such as option ARM RMBS and&#160;sub-prime&#160;RMBS, have been referred to by the financial media as &#x201c;toxic assets.&#x201d; &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Although the United States economy has been slowly improving in recent years, the impact of the coronavirus pandemic on the United States has caused the economy to deteriorate again and led to a high incidence of missed mortgage payments, which could result in the incidence of mortgage foreclosures, especially&#160;sub-prime&#160;mortgages, beginning to increase again, which could adversely affect the value of any RMBS owned by the Fund. &lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_LegislationAndRegulationRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Legislation and Regulation Risk&lt;/div&gt;&lt;/div&gt;. The significance of the mortgage crisis and loan defaults in residential mortgage loan sectors led to the enactment in July 2008 of the Housing and Economic Recovery Act of 2008, a wide-ranging housing rescue bill that offers up to $300 billion in assistance to troubled homeowners and emergency assistance to FNMA and FHLMC. This bill could potentially have a material adverse effect on the Fund&#x2019;s investment program as the bill, among other things, provides approximately $180 million for &#x201c;pre-foreclosure&#x201d; housing counseling and legal services for distressed borrowers. In 2007, U.S. Treasury then-Secretary Henry Paulson and HUD then-Secretary Alphonso Jackson and the mortgage industry worked to develop HOPE NOW, an alliance of participants in the mortgage industry intended to work with borrowers with sub-prime mortgages facing interest rate increases and increasing payments. The Congressional Research Service reports that HOPE NOW has undertaken an initiative to provide homeowners with free telephone consultations with HUD-approved credit counselors, who can help homeowners contact their lenders and credit&#160;counselors&#160;to work out a plan to avoid foreclosure. Certain borrowers may also seek relief through the &#x201c;FHA Secure&#x201d; refinancing option that gives homeowners with non-FHA ARMs, current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. The Helping Families Save Their Homes Act of 2009, which was enacted on May&#160;20, 2009, provides a safe harbor for servicers entering into &#x201c;qualified loss mitigation plans&#x201d; with respect to residential mortgages originated before the act was enacted. By protecting servicers from certain liabilities, this safe harbor may encourage loan modifications and reduce the likelihood that investors in securitizations will be paid on a timely basis or will be paid in full. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition, the mortgage crisis has led public advocacy groups to demand, and governmental officials and federal and state regulatory agencies to propose and consider, a variety of other &#x201c;bailout&#x201d; and &#x201c;rescue&#x201d; plans that could potentially have a material adverse effect on the Fund&#x2019;s investment program. Some members of the U.S. Congress have expressed concern that the downturn in the housing market played a role in the rise of late mortgage payments and foreclosures and&#160;expressed an expectation that these conditions&#160;would lead to increased filings for bankruptcy. The terms of other proposed legislation or other plans may include, by way of example and not limitation, the following: &lt;/div&gt; &lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:5%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;moratoriums on interest rate increases for certain mortgage loans and on foreclosure proceedings; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:5%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;conversions of ARMs to fixed-rate mortgages (including in connection with government-backed refinancings of individual mortgage loans), with potential workouts to provide borrowers with equity stakes in their homes; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:5%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;increased scrutiny of mortgage originations (including mortgage loans in which the Fund may own an interest through non-agency RMBS) and foreclosure proceedings; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:5%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;additional registration and licensing requirements for mortgage brokers, lenders and others involved in the mortgage industry; and &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:5%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;greater relief to homeowners under the U.S. Bankruptcy Code or other federal or state laws, including relief to stay or delay the foreclosure of residential mortgage loans or to modify payment terms, including interest rates and repayment periods, of residential mortgage loans, over a lender&#x2019;s objections, as the result of a &#x201c;cramdown,&#x201d; which decreases the debt&#x2019;s value to as low as the collateral&#x2019;s fair market value. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;A significant number of loan modifications could result in a significant reduction in cash flows to the holders of the mortgage securities on an ongoing basis. These loan modification programs, as well as future legislative or regulatory actions, including amendments to the bankruptcy laws, that result in the modification of outstanding mortgage loans may adversely affect the value of, and the returns on, the assets in which the Fund may invest. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;New laws, legislation or other government regulations, including those promulgated in furtherance of a &#x201c;bailout&#x201d; or &#x201c;rescue&#x201d; plan to address any potential crisis and distress in the residential mortgage loan sector, may result in a reduction of available transactional opportunities for the Fund, or an increase in the cost associated with such transactions. Any such law, legislation or regulation may adversely affect the market value of RMBS. &lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_CmbsRisksMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;CMBS Risks&lt;/div&gt;.&#160;CMBS are, generally, securities backed by obligations (including certificates of participation in obligations) that are principally secured by mortgages on real property or interests therein having a multifamily or commercial use, such as regional malls, other retail space, office buildings, industrial or warehouse properties, hotels, nursing homes and senior living centers. The market for CMBS developed more recently and, in terms of total outstanding principal amount of issues, is relatively small compared to the market for single-family RMBS. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;CMBS are subject to particular risks, including lack of standardized terms, shorter maturities than residential mortgage loans and payment of all or substantially all of the principal only at maturity rather than regular amortization of principal. Additional risks may be presented by the type and use of a particular commercial property. Special risks are presented by hospitals, nursing homes, hospitality properties and certain other property types. Commercial property values and net operating income are subject to volatility, which may result in net operating income becoming insufficient to cover debt service on the related mortgage loan. The repayment of loans secured by income-producing properties is typically dependent upon the successful operation of the related real estate project rather than upon the liquidation value of the underlying real estate. Furthermore, the net operating &lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;income from and value of any commercial property is subject to various risks, including changes in general or local economic conditions and/or specific industry segments; the solvency of the related tenants; declines in real estate values; declines in rental or occupancy rates; increases in interest rates, real estate tax rates and other operating expenses; changes in governmental rules, regulations and fiscal policies; acts of God; new and ongoing epidemics and pandemics of infectious diseases and other global health events; natural/environmental disasters; terrorist threats and attacks and social unrest and civil disturbances. Consequently, adverse changes in economic conditions and circumstances are more likely to have an adverse impact on MBS secured by loans on commercial properties than on those secured by loans on residential properties. In addition, commercial lending generally is viewed as exposing the lender to a greater risk of loss than&#160;one-&#160;to four- family residential lending. Commercial lending, for example, typically involves larger loans to single borrowers or groups of related borrowers than residential&#160;one-&#160;to four- family mortgage loans. In addition, the repayment of loans secured by income producing properties typically is dependent upon the successful operation of the related real estate project and the cash flow generated therefrom. The coronavirus pandemic in the United States has had a severe adverse effect on many commercial businesses, resulting in them not paying rent, which in turn will likely result in the owners of the underlying properties being impaired in their ability to make mortgage payments. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The exercise of remedies and successful realization of liquidation proceeds relating to CMBS is also highly dependent on the performance of the servicer or special servicer. In many cases, overall control over the special servicing of related underlying mortgage loans will be held by a &#x201c;directing certificateholder&#x201d; or a &#x201c;controlling class representative,&#x201d; which is appointed by the holders of the most subordinate class of CMBS in such series. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may not have the right to appoint the directing certificateholder. In connection with the servicing of the specially serviced mortgage loans, the related special servicer may, at the direction of the directing certificateholder, take actions with respect to the specially serviced mortgage loans that could adversely affect the Fund&#x2019;s interests. There may be a limited number of special servicers available, particularly those that do not have conflicts of interest. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may invest in Subordinated CMBS issued or sponsored by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other&#160;non-governmental&#160;issuers. Subordinated CMBS have no governmental guarantee and are subordinated in some manner as to the payment of principal and/or interest to the holders of more senior CMBS arising out of the same pool of mortgages. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Subordinated CMBS are often referred to as&#160;&#x201c;B-Pieces.&#x201d;&#160;The holders of Subordinated CMBS typically are compensated with a higher stated yield than are the holders of more senior CMBS. On the other hand, Subordinated CMBS typically subject the holder to greater risk than senior CMBS and tend to be rated in a lower rating category (frequently a substantially lower rating category) than the senior CMBS issued in respect of the same mortgage pool. Subordinated CMBS generally are likely to be more sensitive to changes in prepayment and interest rates and the market for such securities may be less liquid than is the case for traditional income securities and senior CMBS. &lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_CreditRiskAssociatedWithOriginatorsAndServicersOfMortgageLoansMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Credit Risk Associated With Originators and Servicers of Mortgage Loans&lt;/div&gt;&lt;div style="font-style:italic;display:inline;"&gt;.&lt;/div&gt;&#160;A number of originators and servicers of residential and commercial mortgage loans, including some of the largest originators and servicers in the residential and commercial mortgage loan market, have experienced serious financial difficulties, including some that are now or were subject to federal insolvency proceedings. These difficulties have resulted from many factors, including increased competition among originators for borrowers, decreased originations by such originators of mortgage loans and increased delinquencies and defaults on such mortgage loans, as well as from increases in claims for repurchases of mortgage loans previously sold by them under agreements that require repurchase in the event of breaches of representations regarding loan quality and characteristics. Such difficulties may affect the performance of MBS backed by mortgage loans. Furthermore, the inability of the originator to repurchase such mortgage loans in the event of loan representation breaches or the servicer to repurchase such mortgage loans upon a breach of its servicing obligations also may affect the performance of related MBS. Delinquencies and losses on, and, in some cases, claims for repurchase by the originator of, mortgage loans originated by some mortgage lenders have recently increased as a result of inadequate underwriting procedures and policies, including inadequate due diligence, failure to comply with predatory and other lending laws and, particularly in the case of any &#x201c;no documentation&#x201d; or &#x201c;limited documentation&#x201d; mortgage loans that may support&#160;non-agency&#160;RMBS, inadequate verification of income and employment history. Delinquencies and losses &lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;on, and claims for repurchase of, mortgage loans originated by some mortgage lenders have also resulted from fraudulent activities of borrowers, lenders, appraisers, and other residential mortgage industry participants such as mortgage brokers, including misstatements of income and employment history, identity theft and overstatements of the appraised value of mortgaged properties. Many of these originators and servicers are very highly leveraged. These difficulties may also increase the chances that these entities may default on their warehousing or other credit lines or become insolvent or bankrupt and thereby increase the likelihood that repurchase obligations will not be fulfilled and the potential for loss to holders of&#160;non-agency&#160;MBS and subordinated security holders. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The servicers of&#160;non-agency&#160;MBS are often the same entities as, or affiliates of, the originators of these mortgage loans. Accordingly, the financial risks relating to originators of MBS described immediately above also may affect the servicing of MBS. In the case of such servicers, and other servicers, financial difficulties may have a negative effect on the ability of servicers to pursue collection on mortgage loans that are experiencing increased delinquencies and defaults and to maximize recoveries on sale of underlying properties following foreclosure. In recent years, a number of lenders specializing in residential mortgages have sought bankruptcy protection, shut down or been refused further financings from their lenders. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;MBS typically provide that the servicer is required to make advances in respect of delinquent mortgage loans. However, servicers experiencing financial difficulties may not be able to perform these obligations or obligations that they may have to other parties of transactions involving these securities. Like originators, these entities are typically very highly leveraged. Such difficulties may cause servicers to default under their financing arrangements. In certain cases, such entities may be forced to seek bankruptcy protection. Due to the application of the provisions of bankruptcy law, servicers who have sought bankruptcy protection may not be required to advance such amounts. Even if a servicer were able to advance amounts in respect of delinquent mortgage loans, its obligation to make such advances may be limited to the extent that it does not expect to recover such advances due to the deteriorating credit of the delinquent mortgage loans or declining value of the related mortgaged properties. Moreover, servicers may overadvance against a particular mortgage loan or charge too many costs of resolution or foreclosure of a mortgage loan to a securitization, which could increase the potential losses to holders of MBS. In such transactions, a servicer&#x2019;s obligation to make such advances may also be limited to the amount of its servicing fee. In addition, if an issue of MBS provides for interest on advances made by the servicer, in the event that foreclosure proceeds or payments by borrowers are not sufficient to cover such interest, such interest will be paid to the servicer from available collections or other mortgage income, thereby reducing distributions made on the MBS and, in the case of senior-subordinated MBS described below, first from distributions that would otherwise be made on the most subordinated MBS of such issue. Any such financial difficulties may increase the possibility of a servicer termination and the need for a transfer of servicing and any such liabilities or inability to assess such liabilities may increase the difficulties and costs in affecting such transfer and the potential loss, through the allocation of such increased cost of such transfer, to subordinated security holders. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;There can be no assurance that originators and servicers of mortgage loans will not continue to experience serious financial difficulties or experience such difficulties in the future, including becoming subject to bankruptcy or insolvency proceedings, or that underwriting procedures and policies and protections against fraud will be sufficient in the future to prevent such financial difficulties or significant levels of default or delinquency on mortgage loans. Because the recent financial difficulties experienced by such originators and servicers is unprecedented and unpredictable, the past performance of the residential and commercial mortgage loans originated and serviced by them (and the corresponding performance of the related MBS) is not a reliable indicator of the future performance of such residential mortgage loans (or the related MBS). &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In some cases, servicers of MBS have been the subject of legal proceedings involving the origination and/or servicing practices of such servicers. Large groups of private litigants and states&#x2019; attorneys general have brought such proceedings. Because of the large volume of mortgage loans originated and serviced by such servicers, such litigation can cause heightened financial strain on servicers. In other cases, origination and servicing practices may cause or contribute to such strain, because of representation and warranty repurchase liability arising in MBS and mortgage loan sale transactions. Any such financial strain could cause servicers to service below required standards, causing delinquencies and losses in any related MBS transaction to rise, and in extreme cases could cause the servicer to seek the protection of any applicable bankruptcy or insolvency law. In any such proceeding, it is unclear whether the fees that the servicer charges in such transactions would be sufficient to permit that servicer or a successor servicer to service the mortgage loans in such transaction adequately. If such fees had to be increased, it is likely that the most subordinated security holders in such transactions would be effectively required to pay such increased fees. Finally, these entities may be the subject of future laws designed to protect consumers from defaulting on their mortgage loans. Such laws may have an adverse effect on the cash flows paid under such MBS. &lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_AdjustableRateMortgageRiskMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Adjustable Rate Mortgage Risk&lt;/div&gt;. 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. Alternatively, certain ARMs contain limitations on changes in the required monthly payment. 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. If the monthly payment for such an instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the excess is used to reduce the then-outstanding principal balance of the ARM. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition, certain ARMs may provide for an initial fixed, below-market or &#x201c;teaser&#x201d; 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 &#x201c;teaser&#x201d; 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 MBS into which that loan has been bundled. This risk may be increased as increases in prevailing market interest rates, which are currently near historical lows, may result in increased payments for borrowers with ARMs. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_StrippedMbsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Stripped MBS Risk&lt;/div&gt;.&#160;Stripped MBS may be subject to additional risks. One type of stripped MBS pays to one class all of the interest form the mortgage assets (the &#x201c;IO class&#x201d;), while the other class will receive all of the principal (the &#x201c;PO class&#x201d;). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets and a rapid rate of principal payments may have a material adverse effect on the Fund&#x2019;s yield to maturity from these securities. 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. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_CmoRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;CMO Risk&lt;/div&gt;.&#160;There are certain risks associated specifically with CMOs. CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities. The average life of a CMO is determined using mathematical models that incorporate prepayment assumptions and other factors that involve estimates of future economic and market conditions. Actual future results may vary from these estimates, particularly during periods of extreme market volatility. Further, under certain market conditions, such as those that occurred during the recent downturn in the mortgage markets, the weighted average life of certain CMOs may not accurately reflect the price volatility of such securities. For example, in periods of supply and demand imbalances in the market for such securities and/or in periods of sharp interest rate movements, the prices of CMOs may fluctuate to a greater extent than would be expected from interest rate movements alone. CMOs issued by private entities are not obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and are not guaranteed by any government agency, although the securities underlying a CMO may be subject to a guarantee. Therefore, if the collateral securing the CMO, as well as any third party credit support or guarantees, is insufficient to make payments when due, the holder could sustain a loss. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Inverse floating rate CMOs are typically more volatile than fixed or floating rate tranches of CMOs. Many inverse floating rate CMOs have coupons that move inversely to a multiple of an index. The effect of the coupon varying inversely to a multiple of an applicable index creates a leverage factor. Inverse floaters based on multiples of a stated index are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and loss of principal. The market for inverse floating rate CMOs with highly leveraged characteristics at times may be very thin. The Fund&#x2019;s ability to dispose of its positions in such securities will depend on the degree of liquidity in the markets for such securities. It is impossible to predict the amount of trading interest that may exist in such securities, and therefore the future degree of liquidity. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may also invest in REMICs, which are CMOs that qualify for special tax treatment under the Code and invest in certain mortgages principally secured by interests in real property and other permitted investments. &lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_AdditionalRisksOfMortgageRelatedSecuritiesMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Additional Risks of Mortgage Related Securities&lt;/div&gt;.&#160;Additional risks associated with investments in MBS &lt;div style="display:inline;"&gt;include&lt;/div&gt;: &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_InterestRateRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Interest Rate Risk&lt;/div&gt;&lt;/div&gt;.&#160;In addition to the interest rate risks described above, certain MBS may be subject to additional risks as the rate of interest payable on certain MBS may be set or effectively capped at the weighted average net coupon of the underlying mortgage loans themselves, often referred to as an &#x201c;available funds cap.&#x201d; As a result of this cap, the return to the holder of such MBS is dependent on the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. In general, early prepayments will have a greater negative impact on the yield to the holder of such MBS. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_StructuralRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Structural Risk&lt;/div&gt;&lt;/div&gt;. Because MBS generally are ownership or participation interests in pools of mortgage loans secured by a pool of properties underlying the mortgage loan pool, the MBS are entitled to payments provided for in the underlying agreement only when and if funds are generated by the underlying mortgage loan pool. This likelihood of the return of interest and principal may be assessed as a credit matter. However, the holders of MBS do not have the legal status of secured creditors, and cannot accelerate a claim for payment on their securities, or force a sale of the mortgage loan pool in the event that insufficient funds exist to pay such amounts on any date designated for such payment. The holders of MBS do not typically have any right to remove a servicer solely as a result of a failure of the mortgage pool to perform as expected. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_SubordinationRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Subordination Risk&lt;/div&gt;&lt;/div&gt;. MBS may be subordinated to one or more other senior classes of securities of the same series for purposes of, among other things, offsetting losses and other shortfalls with respect to the related underlying mortgage loans. For example, in the case of certain MBS, no distributions of principal will generally be made with respect to any class until the aggregate principal balances of the corresponding senior classes of securities have been reduced to zero. As a result, MBS may be more sensitive to risk of loss, writedowns, the&#160;non-fulfillment&#160;of repurchase obligations, overadvancing on a pool of loans and the costs of transferring servicing than senior classes of securities. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_PrepaymentExtensionAndRedemptionRisksMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Prepayment, Extension and Redemption Risks&lt;/div&gt;&lt;/div&gt;&lt;div style="font-style:italic;display:inline;"&gt;.&lt;/div&gt;&#160;MBS may reflect an interest in monthly payments made by the borrowers who receive the underlying mortgage loans. Although the underlying mortgage loans are for specified periods of time, such as 20 or 30 years, the borrowers can, and historically have paid them off sooner. When a prepayment happens, a portion of the MBS which represents an interest in the underlying mortgage loan will be prepaid. A borrower is more likely to prepay a mortgage which bears a relatively high rate of interest. This means that in times of declining interest rates, a portion of the Fund&#x2019;s higher yielding securities are likely to be redeemed and the Fund will probably be unable to replace them with securities having as great a yield. In addition to reductions in the level of market interest rates and the prepayment provisions of the mortgage loans, repayments on the residential mortgage loans underlying an issue of RMBS may also be affected by a variety of economic, geographic and other factors, including the size difference between the interest rates on the underlying residential mortgage loans (giving consideration to the cost of refinancing) and prevailing mortgage rates and the availability of refinancing. Prepayments can result in lower yields to shareholders. The increased likelihood of prepayment when interest rates decline also limits market price appreciation of MBS. This is known as prepayment risk. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Except in the case of certain types of RMBS, the mortgage loans underlying RMBS generally do not contain prepayment penalties and a reduction in market interest rates will increase the likelihood of prepayments on the related RMBS. In the case of certain home equity loan securities and certain types of RMBS, even though the underlying mortgage loans often contain prepayment premiums, such prepayment premiums may not be sufficient to discourage borrowers from prepaying their mortgage loans in the event of a reduction in market interest rates, resulting in a reduction in the yield to maturity for holders of the related RMBS. RMBS typically contain provisions that require repurchase of mortgage loans by the originator or other seller in the event of a breach of a representation or warranty regarding loan quality and characteristics of such loan. Any repurchase of a mortgage loan as a result of a breach has the same effect on the yield received on the related issue of RMBS as a prepayment of such mortgage loan. Any increase in breaches of representations and the consequent repurchases of mortgage loans that result from inadequate underwriting procedures and policies and protections against fraud will have the same effect on the yield on the related RMBS as an increase in prepayment rates. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Risk of prepayment may be reduced for commercial real estate property loans containing significant prepayment penalties or prohibitions on principal payments for a period of time following origination. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;MBS also are subject to extension risk. 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. The values of long-term securities generally fluctuate more widely in response to changes in interest rates than short or intermediate-term securities. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition, MBS may be subject to redemption at the option of the issuer. If a MBS held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem or&#160;&#x201c;pay-off&#x201d;&#160;the security, which could have an adverse effect on the Fund&#x2019;s ability to achieve its investment objectives. &lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_SpreadWideningRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Spread Widening Risk&lt;/div&gt;&lt;/div&gt;. The prices of MBS may decline substantially, for reasons that may not be attributable to any of the other risks described in this Prospectus. In particular, purchasing assets at what may appear to be &#x201c;undervalued&#x201d; levels is no guarantee that these assets will not be trading at even more &#x201c;undervalued&#x201d; levels at a time of valuation or at the time of sale. It may not be possible to predict, or to protect against, such &#x201c;spread widening&#x201d; risk. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_IlliquidityRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Illiquidity Risk&lt;/div&gt;&lt;/div&gt;. The liquidity of MBS varies by type of security; at certain times the Fund may encounter difficulty in disposing of such investments. Because MBS have the potential to be less liquid than other securities, the Fund may be more susceptible to illiquidity risk than funds that invest in other securities. In the past, in stressed markets, certain types of MBS suffered periods of illiquidity when disfavored by the market. Due to increased instability in the credit markets, the market for some MBS has experienced reduced liquidity and greater volatility with respect to the value of such securities, making it more difficult to value such securities. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_AssetBackedSecuritiesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Asset-Backed Securities Risk&lt;/div&gt;. ABS involve certain risks in addition to those presented by MBS. There is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. Relative to MBS, ABS may provide the Fund with a less effective security interest in the underlying collateral and are more dependent on the borrower&#x2019;s ability to pay. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in an ABS transaction. Finally, ABS have structure risk due to a unique characteristic known as early amortization, or early payout, risk. Built into the structure of most ABS are triggers for early payout, designed to protect investors from losses. These triggers are unique to each transaction and can include a significant rise in defaults on the underlying loans, a sharp drop in the credit enhancement level or the bankruptcy of the originator. Once early amortization begins, all incoming loan payments (after expenses are paid) are used to pay investors as quickly as possible based upon a predetermined priority of payment. As a result, proceeds that would otherwise be distributed to holders of a junior tranche may be diverted to pay down more senior tranches. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The collateral underlying ABS may constitute assets related to a wide range of industries and sectors, such as credit card and automobile receivables. 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 debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Most 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. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have an effective security interest in all of the obligations backing such receivables. If the economy of the United States deteriorates, defaults on securities backed by credit card, automobile and other receivables may increase, which may adversely affect the value of any ABS owned by the Fund. There is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. In recent years, certain automobile manufacturers have been granted access to emergency loans from the U.S. Government and have experienced bankruptcy. As a result of these events, the value of securities backed by receivables from the sale or lease of automobiles may be adversely affected. &lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Some ABS, particularly home equity loan transactions, are subject to interest rate risk and prepayment risk. A change in interest rates can affect the pace of payments on the underlying loans, which in turn, affects total return on the securities. &lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_CollateralizedDebtObligationRisksMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Collateralized Debt Obligation Risks&lt;/div&gt;. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and ABS generally discussed in this Prospectus, CDOs carry additional risks including, but not limited to: (i)&#160;the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii)&#160;the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii)&#160;the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv)&#160;the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v)&#160;the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi)&#160;the lack of a readily available secondary market for CDOs; (vii)&#160;the risk of forced &#x201c;fire sale&#x201d; liquidation due to technical defaults such as coverage test failures; and (viii)&#160;the CDO&#x2019;s manager may perform poorly. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_ReitsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;REITs Risk&lt;/div&gt;.&#160;To the extent that the Fund invests in real estate related investments, including REITs, it will be subject to the risks associated with owning real estate and with the real estate industry generally. These include difficulties in valuing and disposing of real estate, the possibility of declines in the value of real estate, risks related to general and local economic conditions, the possibility of adverse changes in the climate for real estate, environmental liability risks, the risk of increases in property taxes and operating expenses, possible adverse changes in zoning laws, the risk of casualty or condemnation losses, limitations on rents, the possibility of adverse changes in interest rates and in the credit markets and the possibility of borrowers paying off mortgages sooner than expected, which may lead to reinvestment of assets at lower prevailing interest rates. To the extent that the Fund invests in REITs, it will also be subject to the risk that a REIT may default on its obligations or go bankrupt. REITs are generally not taxed on income timely distributed to shareholders, provided they comply with the applicable requirements of the Code. By investing in REITs indirectly through the Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. Mortgage REITs are pooled investment vehicles that invest the majority of their assets in real property mortgages and which generally derive income primarily from interest payments thereon. Investing in mortgage REITs involves certain risks related to investing in real property mortgages. In addition, mortgage REITs must satisfy highly technical and complex requirements in order to qualify for the favorable tax treatment accorded to REITs under the Code. No assurances can be given that a mortgage REIT in which the Fund invests will be able to continue to qualify as a REIT or that complying with the REIT requirements under the Code will not adversely affect such REIT&#x2019;s ability to execute its business plan. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Many REITs focus on particular types of properties or properties which are especially suited for certain uses, and those REITs are affected by the risks which impact the users of their properties. For REITs that own healthcare facilities, for example, the physical characteristics of these properties and their operations are highly regulated, and those regulations often require capital expenditures or restrict the profits realizable from these properties. Some of these properties are also highly dependent upon Medicare and Medicaid payments, which are subject to changes in governmental budgets and policies. These properties may experience losses if their tenants receive lower Medicare or Medicaid rates. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_U.s.GovernmentSecuritiesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;U.S. Government Securities Risk&lt;/div&gt;. U.S. Government debt securities generally involve lower levels of credit risk than other types of fixed-income securities of similar maturities, although, as a result, the yields available from U.S. Government debt securities are generally lower than the yields available from such other securities. Like other fixed-income securities, the values of U.S. Government securities change as interest rates fluctuate. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_ZeroCouponSecuritiesRiskMembercefRiskAxis">&lt;div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Zero-Coupon Securities Risk&lt;/div&gt;. Zero coupon securities are securities that are sold at a discount to par value and do not pay interest during the life of the security. The discount approximates the total amount of interest the security will accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the security. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;While interest payments are not made on zero coupon securities, holders of such securities are deemed to have received income (&#x201c;phantom income&#x201d;) annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon security, but at the same time eliminates the holder&#x2019;s ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero coupon securities are more exposed to interest rate risk than shorter term zero coupon securities. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund accrues income with respect to these securities for Federal income tax and accounting purposes prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular intervals. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Further, to maintain its qualification for pass-through treatment under the Federal tax laws, the Fund is required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to generate the cash to satisfy these distributions. The required distributions may result in an increase in the Fund&#x2019;s exposure to zero coupon securities. &lt;/div&gt; &lt;div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition to the above-described risks, there are certain other risks related to investing in zero coupon securities. During a period of severe market conditions, the market for such securities may become even less liquid. In addition, as these securities do not pay cash interest, the Fund&#x2019;s investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Fund&#x2019;s portfolio. &lt;/div&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_PayInKindBondsRisksMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Pay-In-Kind Bonds Risks&lt;/div&gt;. The Fund may invest in PIK bonds. PIK bonds are bonds that pay interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, PIK bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date unless a portion of such securities is sold and, if the issuer defaults, the Fund may obtain no return at all on its investment. The market price of PIK bonds is affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that of securities that pay interest in cash. Additionally, current federal tax law requires the holder of certain PIK bonds to accrue income with respect to these securities prior to the receipt of cash payments. To maintain its qualification as a RIC and avoid liability for federal income and excise taxes, the Fund may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_InsolvencyOfIssuersOfIndebtednessRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Insolvency of Issuers of Indebtedness Risk&lt;/div&gt;. Various laws enacted for the protection of creditors may apply to indebtedness in which the Fund invests. The information in this and the following paragraph is applicable with respect to U.S. issuers subject to U.S. federal bankruptcy law. Insolvency considerations may differ with respect to other issuers. If, in a lawsuit brought by an unpaid creditor or representative of creditors of an issuer of indebtedness, a court were to find that the issuer did not receive fair consideration or reasonably equivalent value for incurring the indebtedness and that, after giving effect to such indebtedness, the issuer (i)&#160;was insolvent, (ii)&#160;was engaged in a business for which the remaining assets of such issuer constituted unreasonably small capital or (iii)&#160;intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could determine to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of such issuer, or to recover amounts previously paid by such issuer in satisfaction of such indebtedness. The measure of insolvency for purposes of the foregoing will vary. Generally, an issuer would be considered insolvent at a particular time if the sum of its debts was then greater than all of its property at a fair valuation, or if the present fair saleable value of its assets was then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and &lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;matured. There can be no assurance as to what standard a court would apply in order to determine whether the issuer was &#x201c;insolvent&#x201d; after giving effect to the incurrence of the indebtedness in which the Fund invested or that, regardless of the method of valuation, a court would not determine that the issuer was &#x201c;insolvent&#x201d; upon giving effect to such incurrence. In addition, in the event of the insolvency of an issuer of indebtedness in which the Fund invests, payments made on such indebtedness could be subject to avoidance as a &#x201c;preference&#x201d; if made within a certain period of time (which may be as long as one year) before insolvency. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund does not anticipate that it will engage in conduct that would form the basis for a successful cause of action based upon fraudulent conveyance, preference or subordination. There can be no assurance, however, as to whether any lending institution or other party from which the Fund may acquire such indebtedness engaged in any such conduct (or any other conduct that would subject such indebtedness and the Fund to insolvency laws) and, if it did, as to whether such creditor claims could be asserted in a U.S. court (or in the courts of any other country) against the Fund. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Indebtedness consisting of obligations of&#160;non-U.S.&#160;issuers may be subject to various laws enacted in the countries of their issuance for the protection of creditors. These insolvency considerations will differ depending on the country in which each issuer is located or domiciled and may differ depending on whether the issuer is a&#160;non-sovereign&#160;or a sovereign entity. &lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_RightsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Rights Risk&lt;/div&gt;. The failure to exercise subscription rights to purchase common stock would result in the dilution of the Fund&#x2019;s interest in the issuing company. The market for such rights is not well developed, and, accordingly, the Fund may not always realize full value on the sale of rights. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_MunicipalSecuritiesRisksMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Municipal Securities Risks&lt;/div&gt;. Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. These risks include: &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_GeneralObligationBondsRisksMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;General Obligation Bonds Risks&lt;/div&gt;&lt;/div&gt;. The full faith, credit and taxing power of the municipality that issues a general obligation bond secures payment of interest and repayment of principal. Timely payments depend on the issuer&#x2019;s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_RevenueBondsRisksMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Revenue Bonds Risks&lt;/div&gt;&lt;/div&gt;. Revenue bonds issued by state or local agencies to finance the development of&#160;low-income,&#160;multi-family housing involve special risks in addition to those associated with municipal bonds generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. Payments of interest and principal on revenue bonds are made only from the revenues generated by a particular facility, class of facilities or the proceeds of a special tax or other revenue source. These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. Such bonds are generally nonrecourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for issuers to meet payment obligations on subordinated bonds. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_PrivateActivityBondsRisksMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Private Activity Bonds Risks&lt;/div&gt;&lt;/div&gt;. Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. If the private enterprise defaults on its payments, the Fund may not receive any income or get its money back from the investment. These bonds may subject certain investors in the Fund to the federal alternative minimum tax. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_MoralObligationBondsRisksMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Moral Obligation Bonds Risks&lt;/div&gt;&lt;/div&gt;. Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_MunicipalNotesRisksMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Municipal Notes Risks&lt;/div&gt;&lt;/div&gt;. Municipal notes are shorter term municipal debt obligations. They may provide interim financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_MunicipalLeaseObligationsRisksMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Municipal Lease Obligations Risks&lt;/div&gt;&lt;/div&gt;. In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not obligated to do so. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. However, if the issuer does not fulfill its payment obligation it may be difficult to sell the property and the proceeds of a sale may not cover the Fund&#x2019;s loss. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of &#x201c;nonappropriation&#x201d; clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the lease premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of nonappropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover ownership of the assets. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Certificates of participation, which represent interests in unmanaged pools of municipal leases or installment contracts, involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificate of participation to exercise remedies with respect to the underlying securities. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of &lt;div style="display:inline;"&gt;participation&lt;/div&gt;. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_LiquidityOfInvestmentsMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Liquidity of Investments&lt;/div&gt;&lt;/div&gt;. Certain municipal bonds in which the Fund invests may lack an established secondary trading market or are otherwise considered illiquid. Liquidity of a security relates to the ability to easily dispose of the security and the price to be obtained and does not generally relate to the credit risk or likelihood of receipt of cash at maturity. Illiquid securities may trade at a discount from comparable, more liquid investments. &lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The financial markets in general, and certain segments of the municipal securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods some securities could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may&#160;occur again at any time. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Because the Fund does not expect that it will invest more 50% of its assets in&#160;tax-exempt&#160;municipal securities, the Fund will not be eligible to pass&#160;tax-exempt&#160;interest through to its shareholders in the form of &#x201c;exempt-interest dividends.&#x201d;&#160;The amount of&#160;tax-exempt&#160;interest earned by the Fund will, however, generally increase the Fund&#x2019;s earnings and profits for U.S. federal income tax purposes.&#160;Accordingly, distributions of the Fund attributable to&#160;tax-exempt&#160;interest will generally be taxable to shareholders as ordinary dividend income that is not eligible for the preferential tax rates applicable to &#x201c;qualified dividend income,&#x201d; even though the&#160;tax-exempt&#160;income, if earned directly by the shareholder, would not have been subject to U.S. federal income tax. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_EmergingMarketsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Emerging Markets Risk&lt;/div&gt;. The Fund may invest in&#160;Non-U.S.&#160;Securities of issuers in&#160;so-called&#160;&#x201c;emerging markets&#x201d; (or lesser developed countries). Such investments are particularly speculative and entail all of the risks of investing in&#160;Non-U.S.&#160;Securities but to a heightened degree. &#x201c;Emerging market&#x201d; countries generally include every nation in the world except developed countries, that is, the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i)&#160;low or&#160;non-existent&#160;trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;more developed capital markets; (ii)&#160;uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii)&#160;possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments; (iv)&#160;national policies that may limit the Fund&#x2019;s investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests; and (v)&#160;the lack or relatively early development of legal structures governing private and foreign investments and private property. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Foreign investment in certain emerging market countries may be restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in certain emerging market issuers and increase the costs and expenses of the Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons in a particular issuer, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries and/or impose additional taxes on foreign investors. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Many emerging markets have histories of political instability and abrupt changes in policies and these countries may lack the social, political and economic stability characteristic of more developed countries. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments in the affected market. Some countries have pervasiveness of corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that may limit the Fund&#x2019;s investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests. In such a dynamic environment, there can be no assurance that any or all of these capital markets will continue to present viable investment opportunities for the Fund. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_ForeignCurrencyRiskMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Foreign Currency Risk&lt;/div&gt;. Because the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund&#x2019;s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Advisors may, but are not required to, elect for the Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. In addition, certain countries, particularly emerging market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation or convertibility of currency. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_SovereignGovernmentalAndSupranationalDebtRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Sovereign Governmental and Supranational Debt Risk&lt;/div&gt;. Investments in sovereign debt involve special risks. Foreign governmental issuers of debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or pay interest when due. In the event of default, there may be limited or no legal recourse in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Political conditions, especially a sovereign entity&#x2019;s willingness to meet the terms of its debt obligations, are of considerable significance. The ability of a foreign sovereign issuer, especially an emerging market country, to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer&#x2019;s balance of payments, including export performance, its access to international credit facilities and investments, fluctuations of interest rates and the extent of its foreign reserves. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Also, there can be no assurances that the holders of commercial bank loans to the same sovereign entity may not contest payments to the holders of sovereign debt in the event of default under commercial bank loan agreements. In addition, there is no bankruptcy proceeding with respect to sovereign debt on which a sovereign has defaulted and the Fund may be unable to collect all or any part of its investment in a particular issue. Foreign investment in certain sovereign debt is restricted or controlled to varying degrees, including requiring governmental approval for the repatriation of income, capital or proceeds of sales by foreign investors. These restrictions or controls may at times limit or preclude foreign investment in certain sovereign debt and increase the costs and expenses of the Fund. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_LIBORRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;LIBOR Risk&lt;/div&gt;. The Fund may be exposed to financial instruments that are tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The Fund&#x2019;s investments may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing at floating rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The United Kingdom&#x2019;s Financial Conduct Authority announced a phase out of LIBOR such that after June&#160;30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average (&#x201c;EONIA&#x201d;), ceased to be published or representative after December&#160;31, 2021. The Fund may have investments linked to other interbank offered rates that may also cease to be published in the future. Various financial industry groups have been planning for the transition away from LIBOR, but there remain challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (&#x201c;SOFR&#x201d;), which is intended to replace the U.S. dollar LIBOR). &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. In addition, a liquid market for newly issued instruments that use a reference rate other than LIBOR still may be developing. There may also be challenges for the Fund to enter into hedging transactions against such newly issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund&#x2019;s performance or NAV. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_EventRiskMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Event Risk&lt;/div&gt;. Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company&#x2019;s securities may decline significantly. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_InverseFloaterAndRelatedSecuritiesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Inverse Floater and Related Securities Risk&lt;/div&gt;. Investments in inverse floaters, residual interest tender option bonds and similar instruments expose the Fund to the same risks as investments in fixed-income securities and derivatives, as well as other risks, including those associated with leverage and increased volatility. An investment in these securities typically will involve greater risk than an investment in a fixed rate security. Distributions on inverse floaters, residual interest tender option bonds and similar instruments will typically bear an inverse relationship to short term interest rates and typically will be reduced or, potentially, eliminated as interest rates rise. Inverse floaters, residual interest tender option bonds and similar instruments will underperform the market for fixed rate securities in a rising interest rate environment. Inverse floaters may be considered to be leveraged to the extent that their interest rates vary by a magnitude that exceeds the magnitude of the change in a reference rate of interest (typically a short term interest rate). The leverage inherent in inverse floaters is associated with greater volatility in their market values. Investments in inverse floaters, residual interest tender option bonds and similar instruments that have fixed-income&#160;securities underlying them will expose the Fund to the risks associated with those fixed-income securities and the values of those investments may be especially sensitive to changes in prepayment rates on the underlying fixed-income securities. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_InflationIndexedBondsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Inflation-Indexed Bonds Risk&lt;/div&gt;. Inflation-indexed securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPs, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Thus generally, during periods of rising inflation, the value of inflation-indexed securities will tend to increase and during periods of deflation, their value will tend to decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used (e.g., the Consumer Price Index for All Urban Consumers) will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity. In order to receive the special treatment accorded to RICs and their shareholders under the Code and to avoid U.S. federal income and/or excise taxes at the Fund level, the Fund may be required to distribute this income to shareholders in the tax year in which the income is recognized (without a corresponding receipt of cash). Therefore, the Fund may be required to pay out as an income distribution in any such tax year an amount greater than the total amount of cash income the Fund actually received and to sell portfolio securities, including at potentially disadvantageous times or prices, to obtain cash needed for these income distributions. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issues pay out the Consumer Price Index (&#x201c;CPI&#x201d;) accruals as part of a semi-annual coupon. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over the first six months was 1%, the&#160;mid-year&#160;par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year&#x2019;s inflation equaling 3%, the&#160;end-of-year&#160;par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%). &lt;/div&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds that may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation index may not be correlated to the rate of inflation in the United States. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond&#x2019;s inflation measure. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the Consumer Price Index for Urban Consumers&#160;(&#x201c;CPI-U&#x201d;),&#160;which is calculated monthly by the U.S. Bureau of Labor Statistics. The&#160;CPI-U&#160;is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the&#160;CPI-U&#160;or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_DefensiveInvestingRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defensive Investing Risk&lt;/div&gt;. For defensive purposes, the Fund may allocate assets into cash or short-term fixed-income securities without limitation. In doing so, the Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objectives. Further, the value of short-term fixed-income securities may be affected by changing interest rates and by changes in credit ratings of the investments. If the Fund holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_StructuredInvestmentsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Structured Investments Risk&lt;/div&gt;. The Fund may invest in structured products, including structured notes, ELNs and other types of structured products. Holders of structured products bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may have the right to receive payments only from the structured product and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product&#x2019;s administrative and other expenses. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining such financing, which may adversely affect the value of the structured products owned by the Fund. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_StructuredNotesRiskMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Structured Notes Risk&lt;/div&gt;&lt;/div&gt;. Investments in structured notes involve risks, including credit risk and market risk. Where the Fund&#x2019;s investments in structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the note. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_EventLinkedSecuritiesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Event-Linked Securities Risk&lt;/div&gt;&lt;/div&gt;. Event-linked securities are a form of derivative issued by insurance companies and insurance-related special purpose vehicles that apply securitization techniques to catastrophic property and casualty damages. Unlike other insurable&#160;low-severity,&#160;high-probability events, the insurance risk of which can be diversified by writing large numbers of similar policies, the holders of a typical event-linked securities are exposed to the risks from high-severity,&#160;low-probability&#160;events such as that posed by major earthquakes or hurricanes. If a catastrophe occurs that &#x201c;triggers&#x201d; the event-linked security, investors in such security may lose some or all of the capital invested. In the case of an event, the funds are paid to the bond sponsor&#x2014;an insurer, reinsurer or corporation&#x2014;to cover losses. In return, the bond sponsors pay interest to investors for this catastrophe protection. Event-linked securities can be structured to&#160;pay-off&#160;on three types of variables&#x2014;insurance-industry catastrophe loss indices, insured-specific catastrophe losses and parametric indices based on the physical characteristics of catastrophic events. Such variables are difficult to predict or model, and the risk and potential return profiles of event-linked securities may be difficult to assess. Catastrophe-related event-linked securities have been in use since the 1990s, and the securitization and risk-transfer aspects of such event-linked securities are beginning to be employed in other insurance and risk-related areas. No active trading market may exist for certain event-linked securities, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_EquityLinkedNotesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Equity-Linked Notes Risk&lt;/div&gt;&lt;/div&gt;.&#160;ELNs are hybrid securities with characteristics of both fixed-income and equity securities. An ELN is a debt instrument, usually a bond, that pays interest based upon the performance of an underlying equity, which can be a single stock, basket of stocks or an equity index. The interest payment on an ELN may in some cases be leveraged so that, in percentage terms, it exceeds the relative performance of the market. ELNs generally are subject to the risks associated with the securities of equity issuers, default risk and counterparty risk. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_CreditLinkedNotesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Credit-Linked Notes Risk&lt;/div&gt;&lt;/div&gt;. A credit-linked note is a derivative instrument. It is a synthetic obligation between two or more parties where the payment of principal and/or interest is based on the performance of some obligation (a reference obligation). In addition to the credit risk of the reference obligations and interest rate risk, the buyer/seller of the credit-linked note is subject to counterparty risk. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_RepurchaseAgreementsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Repurchase Agreements Risk&lt;/div&gt;. Subject to its investment objectives and policies, the Fund may invest in repurchase agreements for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; possible lack of access to income on the underlying security during this period; and expenses of enforcing its rights. While repurchase agreements involve certain risks not associated with direct investments in debt securities, the Fund follows procedures approved by the Fund&#x2019;s Board that are designed to minimize such risks. In addition, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund&#x2019;s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_DollarRollTransactionsRiskMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Dollar Roll Transactions Risk&lt;/div&gt;. Dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the Fund sells securities becomes insolvent, the Fund&#x2019;s right to purchase or repurchase securities may be restricted. Successful use of dollar rolls may depend upon the Advisors&#x2019; ability to predict correctly interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed. These transactions may involve leverage. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_WhenIssuedForwardCommitmentAndDelayedDeliveryTransactionsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;When-Issued, Forward Commitment and Delayed Delivery Transactions Risk&lt;/div&gt;. The Fund may purchase securities on a &#x201c;when-issued&#x201d; basis and may purchase or sell securities on a &#x201c;forward commitment&#x201d; basis in order to acquire the security or to offset against anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The value of these assets will be monitored daily to ensure that their marked to market value will at all times equal or exceed the corresponding obligations of the Fund. There is always a risk that the securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions and, accordingly, are not subject to the foregoing restrictions. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Rule 18f-4 under the Investment Company Act permits the Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section&#160;18 of the Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the &#x201c;Delayed-Settlement Securities Provision&#x201d;). If a when-issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule 18f-4. See &#x201c;Additional Risk Factors&#x2014;Risk Factors in Strategic Transactions and Derivatives&#x2014;Rule 18f-4 Under the Investment Company Act&#x201d; below. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_SecuritiesLendingRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Securities Lending Risk&lt;/div&gt;. The Fund may lend securities to financial institutions. Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), &#x201c;gap&#x201d; risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Fund has agreed to pay a borrower), foreign exchange risk (i.e., the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and market risks. If a securities lending counterparty were to default, the Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return the Fund&#x2019;s securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for the Fund. The Fund could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute payments for dividends received by the Fund for securities loaned out by the Fund will generally not be considered qualified dividend income. The securities lending agent will take the tax effects on shareholders of this difference into account in connection with the Fund&#x2019;s securities lending program. Substitute payments received on&#160;tax-exempt&#160;securities loaned out will not be&#160;tax-exempt&#160;income. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_InflationRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Inflation Risk&lt;/div&gt;. Inflation risk is the risk that the value of assets or income from investment will be worth less in the future, as inflation decreases the value of money. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy. As inflation increases, the real value of the common shares and distributions on those shares can decline. In addition, during any periods of rising inflation, interest rates on any borrowings by the Fund would likely increase, which would tend to further reduce returns to the holders of common shares. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_DeflationRiskMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Deflation Risk&lt;/div&gt;. Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#x2019;s portfolio. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_RiskAssociatedWithRecentMarketEventsMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Risk Associated with Recent Market Events&lt;/div&gt;.&#160;While interest rates have been historically low in recent years in the United States and abroad, inflation rates have recently risen significantly and the Federal Reserve and other central banks have recently begun raising interest rates to address inflation which, among other factors, has led to markets to experiencing high volatility. A significant increase in interest rates may cause a further decline in the market for equity securities and could lead to a recession. Further, regulators have expressed concern that rate increases may contribute to price volatility. The impact of inflation and the recent actions of the Federal Reserve have led to market volatility and may negatively affect the value of debt instruments held by the Fund and result in a negative impact on the Fund&#x2019;s performance. See &#x201c;Risks&#x2014;Inflation Risk.&#x201d; &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In addition, the current contentious domestic political environment, as well as political and diplomatic events in the United States and abroad, such as presidential elections in the United States or the U.S. government&#x2019;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in adverse consequences (including a government shutdown) to the U.S. regulatory landscape, the general market environment and/or investment sentiment, which could negatively impact the Fund&#x2019;s investments and operations. Such adverse consequences may affect investor and/or consumer confidence and may adversely impact financial markets and the broader economy, potentially to a significant degree. In recent years, some countries, including the United States, have adopted and/or are considering the adoption of more protectionist trade policies. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health, may add to instability in world economies and markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund&#x2019;s investments may be negatively affected by such events. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_EmuAndRedenominationRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;EMU and Redenomination Risk&lt;/div&gt;.&#160;As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the EMU, or even the collapse of the Euro as a common currency, arose, creating significant volatility at times in currency and financial markets generally. The effects of the collapse of the Euro, or of the exit of one or more countries from the EMU, on the U.S. and global economy and securities markets are impossible to predict and any such events could have a significant adverse impact on the value and risk profile of the Fund&#x2019;s portfolio. Any partial or complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#x2019;s portfolio investments. If one or more EMU countries were to stop using the Euro as its primary currency, the Fund&#x2019;s investments in such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to foreign currency risk, illiquidity risk and valuation risk to a greater extent than similar investments currently denominated in Euros. To the extent a currency used for redenomination purposes is not specified in respect of certain&#160;EMU-related&#160;investments, or should the Euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required to seek judicial or other clarification of the denomination or value of such securities.&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_MarketDisruptionAndGeopoliticalRiskMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Market Disruption and Geopolitical Risk&lt;/div&gt;&lt;div style="font-style:italic;display:inline;"&gt;.&#160;&lt;/div&gt;The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, new and ongoing epidemics and pandemics of infectious diseases and other global health events, natural/environmental disasters, terrorist attacks in the United States and around the world, social and political discord, debt crises (such as the Greek crisis), sovereign debt downgrades, the Russian invasion of Ukraine, increasingly strained relations between the United States and a number of foreign countries, including historical adversaries, such as North Korea, Iran, China and Russia, and the international community generally, new and continued political unrest in various countries, such as Venezuela and Spain, the exit or potential exit of one or more countries from the European Union (&#x201c;EU&#x201d;) or the European Monetary Union, continued changes in the balance of political power among and within the branches of the U.S. government, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Russia launched a large-scale invasion of Ukraine on February&#160;24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, in the region are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, could have a severe adverse effect on Russia and the European region, including significant negative impacts on the Russian economy, the European economy and the markets for certain securities and commodities, such as oil and natural gas, and may likely have collateral impacts on such sectors globally as well as other sectors. How long such military action and related events will last cannot be predicted. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;China and the United States have each imposed tariffs on the other country&#x2019;s products. These actions may cause a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China&#x2019;s export industry, which could have a negative impact on the Fund&#x2019;s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;On January&#160;31, 2020, the United Kingdom (&#x201c;UK&#x201d;) officially withdrew from the EU (commonly known as &#x201c;Brexit&#x201d;). The UK and EU reached a preliminary trade agreement, which became effective on January&#160;1, 2021, regarding the terms of their future trading relationship relating principally to the trading of goods; however, negotiations are ongoing for matters not covered by the agreement, such as the trade of financial services. Due to uncertainty of the current political environment, it is not possible to foresee the form or nature of the future trading relationship between the UK and the EU. The longer term economic, legal, political and social framework to be put in place between the UK and the EU remains unclear and the ongoing political and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets may continue for some time. In particular, Brexit may lead to a call for similar referendums in other European jurisdictions which may cause increased economic volatility in the European and global markets and may destabilize some or all of the other EU member countries. This uncertainty may have an adverse effect on the economy generally and on the ability of the Fund and its investments to execute their respective strategies, to receive attractive returns and/or to exit certain investments at an advantageous time or price. In particular, currency volatility may mean that the returns of the Fund and its investments are adversely affected by market movements and may make it more difficult, or more expensive, if the Fund elects to execute currency hedges. Potential decline in the value of the British Pound and/or the Euro against other currencies, along with the potential downgrading of the UK&#x2019;s sovereign credit rating, may also have an impact on the performance of portfolio companies or investments located in the UK or Europe. In light of the above, no definitive assessment can currently be made regarding the impact that Brexit will have on the Fund, its investments or its organization more generally. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;Cybersecurity incidents affecting particular companies or industries may adversely affect the economies of particular countries, regions or parts of the world in which the Fund invests. &lt;/div&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The occurrence of any of these above events could have a significant adverse impact on the value and risk profile of the Fund&#x2019;s portfolio. The Fund does not know how long the securities markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. economy and securities markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_RegulationAndGovernmentInterventionRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Regulation and Government Intervention Risk&lt;/div&gt;&lt;div style="font-style:italic;display:inline;"&gt;.&#160;&lt;/div&gt;Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take actions that affect the regulation of the issuers in which the Fund invests in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund is regulated. Such legislation or regulation could limit or preclude the Fund&#x2019;s ability to achieve its investment objectives. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;In light of popular, political and judicial focus on finance related consumer protection, financial institution practices are also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors holding common shares of a closed-end investment company such as the Fund and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Fund and its ability to achieve its investment objectives. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_InvestmentCompanyActRegulationsMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Investment Company Act Regulations&lt;/div&gt;&lt;/div&gt;. The Fund is a registered closed-end management investment company and as such is subject to regulations under the Investment Company Act. Generally speaking, any contract or provision thereof that is made, or where performance involves a violation of the Investment Company Act or any rule or regulation thereunder is unenforceable by either party unless a court finds otherwise. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_RegulationAsACommodityPoolMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Regulation as a &#x201c;Commodity Pool&#x201d;&lt;/div&gt;. The CFTC subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i)&#160;invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps (&#x201c;CFTC Derivatives&#x201d;), or (ii)&#160;markets itself as providing investment exposure to such instruments. To the extent the Fund uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a &#x201c;commodity pool&#x201d; or a vehicle for trading such instruments. Accordingly, the Advisors have claimed an exclusion from the definition of the term &#x201c;commodity pool operator&#x201d; under the Commodity Exchange Act (the &#x201c;CEA&#x201d;) pursuant to Rule 4.5 under the CEA. The Advisors are not, therefore, subject to registration or regulation as a &#x201c;commodity pool operator&#x201d; under the CEA in respect of the Fund. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_FailuresOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Failures of Futures Commission Merchants and Clearing Organizations Risk. &lt;/div&gt;The Fund is required to deposit funds to margin open positions in cleared derivative instruments (both futures and swaps) with a clearing broker registered as a &#x201c;futures commission merchant&#x201d; (&#x201c;FCM&#x201d;). The CEA requires an FCM to segregate all funds received from customers with respect to any orders for the purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM&#x2019;s proprietary assets. Similarly, the CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any orders for the purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures contracts. However, all funds and other property received by an FCM from its customers are held by an FCM on a commingled basis in an omnibus account and amounts in excess of assets posted to the clearing organization may be invested by an FCM in certain instruments permitted under the applicable regulation. There is a risk that assets deposited by the Fund with any FCM as margin for futures contracts or commodity options may, in certain circumstances, be used to satisfy losses of other clients of the Fund&#x2019;s FCM. In addition, the assets of the Fund posted as margin against both swaps and futures contracts may not be fully protected in the event of the FCM&#x2019;s bankruptcy. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_LegalTaxAndRegulatoryRisksMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Legal, Tax and Regulatory Risks&lt;/div&gt;. Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its &#x201c;investment company taxable income&#x201d; (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). If for any taxable year the Fund does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&#x2019;s current and accumulated earnings and profits. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Biden presidential administration has called for significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and&#160;difficult-to-quantify&#160;macroeconomic and political risks with potentially&#160;far-reaching&#160;implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Fund cannot predict the impact, if any, of these changes to the Fund&#x2019;s business, they could adversely affect the Fund&#x2019;s business, financial condition, operating results and cash flows. Until the Fund knows what policy changes are made and how those changes impact the Fund&#x2019;s business and the business of the Fund&#x2019;s competitors over the long term, the Fund will not know if, overall, the Fund will benefit from them or be negatively affected by them. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_PotentialConflictsOfInterestOfTheAdvisorSubadvisorAndOthersMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Potential Conflicts of Interest of the Advisor, Sub-Advisor and Others&lt;/div&gt;. The investment activities of BlackRock, Inc. (&#x201c;BlackRock&#x201d;), the ultimate parent company of the Advisors, and its affiliates (including BlackRock and its subsidiaries (collectively, the &#x201c;Affiliates&#x201d;), and their respective directors, officers or employees, in the management of, or their interest in, their own accounts and other accounts they manage, may present conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock and its Affiliates provide investment management services to other funds and discretionary managed accounts that may follow investment programs similar to that of the Fund. Subject to the requirements of the Investment Company Act, BlackRock and its Affiliates intend to engage in such activities and may receive compensation from third parties for their services. Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of the Fund&#x2019;s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by BlackRock or an Affiliate, and it is possible that the Fund could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. BlackRock has adopted policies and procedures designed to address potential conflicts of&#160;interest. For additional information about potential conflicts of interest and the way in which BlackRock addresses such conflicts, please see &#x201c;Conflicts of Interest&#x201d; and &#x201c;Management of the Fund&#x2014;Portfolio Management&#x2014;Potential Material Conflicts of Interest&#x201d; in the SAI. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_DecisionMakingAuthorityRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Decision-Making Authority Risk&lt;/div&gt;. Investors have no authority to make decisions or to exercise business discretion on behalf of the Fund, except as set forth in the Fund&#x2019;s governing documents. The authority for all such decisions is generally delegated to the Board, which in turn, has delegated the&#160;day-to-day&#160;management of the Fund&#x2019;s investment activities to the Advisors, subject to oversight by the Board. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_ManagementRiskMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Management Risk&lt;/div&gt;. The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisors and the individual portfolio managers will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund may be subject to a relatively high level of management risk because the Fund may invest in derivative instruments, which may be highly specialized instruments that require investment techniques and risk analyses different from those associated with equities and bonds. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_ValuationRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Valuation Risk&lt;/div&gt;. The Fund is subject to valuation risk, which is the risk that one or more of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability or human error. The Advisors may use an independent pricing service or prices provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. See &#x201c;Net Asset Value.&#x201d; When market quotations are not available, the Advisors may price such investments pursuant to a number of methodologies, such as computer-based analytical modeling or individual security evaluations. These methodologies generate approximations of market values, and there may be significant professional disagreement about the best methodology for a particular type of financial instrument or different methodologies that might be used under different circumstances. In the absence of an actual market transaction, reliance on such methodologies is essential, but may introduce significant variances in the ultimate valuation of the Fund&#x2019;s investments. Technological issues and/or errors by pricing services or other third-party service providers may also impact the Fund&#x2019;s ability to value its investments and the calculation of the Fund&#x2019;s NAV. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;When market quotations are not readily available or are believed by the Advisor to be unreliable, the Advisor will fair value the Fund&#x2019;s investments in accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset or the cost to extinguish that liability in an arm&#x2019;s-length transaction. Fair value pricing may require determinations that are inherently subjective and inexact about the value of a security or other asset. As a result, there can be no assurance that fair value priced assets will not result in future adjustments to the prices of securities or other assets, or that fair value pricing will reflect a price that the Fund is able to obtain upon sale, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. For example, the Fund&#x2019;s NAV could be adversely affected if the Fund&#x2019;s determinations regarding the fair value of the Fund&#x2019;s investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments. Where market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available. The Advisors anticipate that up to approximately 25% of the Fund&#x2019;s net assets (calculated at the time of investment) may be valued using fair value. This percentage may increase over the life of the Fund and may exceed 25% of the Fund&#x2019;s net assets due to a number of factors, such as when the Fund nears dissolution; outflows of cash from time to time; and changes in the valuation of these investments. The Fund prices its shares daily and therefore all assets, including assets valued at fair value, are valued daily. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund&#x2019;s NAV per common share is a critical component in several operational matters including computation of advisory and services fees. Consequently, variance in the valuation of the Fund&#x2019;s investments will impact, positively or negatively, the fees and expenses shareholders will pay. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_RelianceOnTheAdvisorAndSubadvisorRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Reliance&#160;on the Advisor and Sub-Advisor Risk&lt;/div&gt;. The Fund is dependent upon services and resources provided by the Advisors, and therefore the Advisors&#x2019; parent, BlackRock. The Advisors are not required to devote their full time to the business of the Fund and there is no guarantee or requirement that any investment professional or other employee of the Advisors will allocate a substantial portion of his or her time to the Fund. The loss of one or more individuals involved with the Advisors could have a material adverse effect on the performance or the continued operation of the Fund. For additional information on the Advisor,&#160;the&#160;Sub-Advisor&#160;and&#160;BlackRock, see &#x201c;Management of the Fund&#x2014;Investment Advisor&#160;and&#160;Sub-Advisor.&#x201d; &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_RelianceOnServiceProvidersRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Reliance on Service Providers Risk&lt;/div&gt;. The Fund must rely upon the performance of service providers to perform certain functions, which may include functions that are integral to the Fund&#x2019;s operations and financial performance. Failure by any service provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill or to perform its obligations to the Fund at all as a result of &lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;insolvency, bankruptcy or other causes could have a material adverse effect on the Fund&#x2019;s performance and returns to shareholders. The termination of the Fund&#x2019;s relationship with any service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of the Fund and could have a material adverse effect on the Fund&#x2019;s performance and returns to shareholders. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_InformationTechnologySystemsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Information Technology Systems Risk&lt;/div&gt;. The Fund is dependent on the Advisors for certain management services as well as back-office functions. The Advisors depend on information technology systems in order to assess investment opportunities, strategies and markets and to monitor and control risks for the Fund. It is possible that a failure of some kind which causes disruptions to these information technology systems could materially limit the Advisors&#x2019; ability to adequately assess and adjust investments, formulate strategies and provide adequate risk control. Any such information technology-related difficulty could harm the performance of the Fund. Further, failure of the back-office functions of the Advisors to process trades in a timely fashion could prejudice the investment performance of the Fund. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_CyberSecurityRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cyber Security Risk&lt;/div&gt;. With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through &#x201c;hacking&#x201d; or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as&#160;causing&#160;denial-of-service&#160;attacks&#160;on websites (i.e., efforts to make network services unavailable to intended users). Cyber security failures by or breaches of the Advisors and other service providers (including, but not limited to, fund accountants, custodians, transfer agents and administrators), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund&#x2019;s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Fund has established business continuity plans in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund and issuers in which the Fund invests. As a result, the Fund or its shareholders could be negatively impacted. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_MisconductOfEmployeesAndOfServiceProvidersRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Misconduct of Employees and of Service Providers Risk&lt;/div&gt;. Misconduct or misrepresentations by employees of the Advisor,&#160;the&#160;Sub-Advisor&#160;or&#160;the Fund&#x2019;s service providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund&#x2019;s service providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Fund&#x2019;s business prospects or future marketing activities. Despite the Advisors&#x2019; due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Advisors&#x2019; due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Advisors will identify or prevent any such misconduct. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_SpecialRisksForHoldersOfRightsMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Special Risks for Holders of Rights.&lt;/div&gt; There is a risk that performance of the Fund may result in the common shares purchasable upon exercise of the rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the rights. Investors who receive rights may find that there is no market to sell rights they do not wish to exercise. If investors exercise only a portion of the rights, common shares may trade at less favorable prices than larger offerings for similar securities. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_AllocationRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Allocation Risk&lt;/div&gt;. The Fund&#x2019;s ability to achieve its investment objective depends upon the Advisors&#x2019; skill in determining the Fund&#x2019;s allocation of its assets and in selecting the best mix of investments. There is a risk that the Advisors&#x2019; evaluation and assumptions regarding asset classes or investments may be incorrect in view of actual market conditions. &lt;/div&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund&#x2019;s allocation of its investments across various segments of the securities markets and various countries, regions, asset classes and sectors may vary significantly over time based on the Advisors&#x2019; analysis and judgment. As a result, the particular risks most relevant to an investment in the Fund, as well as the overall risk profile of the Fund&#x2019;s portfolio, may vary over time. The Advisors employ an active approach to the Fund&#x2019;s investment allocations, but there is no guarantee that the Advisors&#x2019; allocation strategy will produce the desired results. The percentage of the Fund&#x2019;s total assets allocated to any category of investment may at any given time be significantly less than the maximum percentage permitted pursuant to the Fund&#x2019;s investment policies. It is possible that the Fund will focus on an investment that performs poorly or underperforms other investments under various market conditions. The flexibility of the Fund&#x2019;s investment policies and the discretion granted to the Advisors to invest the Fund&#x2019;s assets across various segments, classes and geographic regions of the securities markets and in securities with various characteristics means that the Fund&#x2019;s ability to achieve its investment objective may be more dependent on the success of its investment advisers than other investment companies. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_PortfolioTurnoverRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Portfolio Turnover Risk&lt;/div&gt;. The Fund&#x2019;s annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. High portfolio turnover may result in an increased realization of net short-term capital gains by the Fund which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio turnover may create realized capital losses. &lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P12_28_2022To12_28_2022_AntiTakeoverProvisionsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Anti-Takeover Provisions Risk&lt;/div&gt;. The Fund&#x2019;s Charter and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to&#160;open-end&#160;status or to change the composition of the Board. Such provisions could limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. See &#x201c;Certain Provisions of the Charter and Bylaws.&#x201d; &lt;/div&gt;</cef:RiskTextBlock>
    <cef:OtherSecurityDescriptionTextBlock contextRef="P12_28_2022To12_28_2022">&lt;div id="toc320889_65" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center"&gt;RIGHTS OFFERINGS &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase common shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, we would distribute certificates or other documentation (&lt;div style="font-style:italic;display:inline;"&gt;i.e.&lt;/div&gt;, rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to our shareholders as of the record date that we set for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the Investment Company Act. Under the laws of Maryland, the Board is authorized to approve rights offerings without obtaining shareholder approval. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The staff of the SEC has interpreted the Investment Company Act as not requiring shareholder approval of a transferable rights offering to purchase common shares at a price below the then current NAV so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#x2019;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#x2019; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&#160;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held. &lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"&gt;The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered: &lt;/div&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:10%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:2%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;the period of time the offering would remain open; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:10%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:2%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:10%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:2%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;the title of such rights; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:10%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:2%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;the exercise price for such rights (or method of calculation thereof); &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:10%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:2%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;the number of such rights issued in respect of each share; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:10%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:2%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;the number of rights required to purchase a single share; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:10%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:2%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify"&gt;the extent to which such rights are transferable and the market on which they may be traded if they are transferable; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:10%"&gt;&#160;&lt;/td&gt;
&lt;td style="width:2%;vertical-align:top;text-align:left;"&gt;&#x2022;&lt;/td&gt;
&lt;td style="width:1%;vertical-align:top"&gt;&#160;&lt;/td&gt;
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
