<SEC-DOCUMENT>0001193125-16-806824.txt : 20161229
<SEC-HEADER>0001193125-16-806824.hdr.sgml : 20161229
<ACCEPTANCE-DATETIME>20161229134435
ACCESSION NUMBER:		0001193125-16-806824
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20161229
DATE AS OF CHANGE:		20161229
EFFECTIVENESS DATE:		20161229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.
		CENTRAL INDEX KEY:			0001259708
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-214530
		FILM NUMBER:		162074586

	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 FLOATING RATE INCOME STRATEGIES FUND INC
		DATE OF NAME CHANGE:	20061020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLOATING RATE INCOME STRATEGIES FUND INC
		DATE OF NAME CHANGE:	20030813
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>d276108d497.htm
<DESCRIPTION>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.
<TEXT>
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<TITLE>BlackRock Floating Rate Income Strategies Fund, Inc.</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 497(h) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration No. 333-214530 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3,050,000 Shares </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>BlackRock Floating Rate Income Strategies Fund, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART I
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION ABOUT BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC. </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 1. Outside Front Cover </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">1.a.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The registrant&#146;s name is BlackRock Floating Rate Income Strategies Fund, Inc. (the &#147;Fund&#148;).</TD></TR>
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<TD VALIGN="top">1.b.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Fund is registered under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), as a diversified, closed-end management investment company.&nbsp;The Fund&#146;s investment objective is to provide shareholders
with high current income and such preservation of capital as is consistent with investment in a diversified, leveraged portfolio consisting primarily of floating rate debt securities and instruments (&#147;floating rate debt
securities&#148;).&nbsp;The Fund&#146;s investment objective is a fundamental policy and may not be changed without stockholder approval.&nbsp;No assurance can be given that the Fund&#146;s investment objective will be achieved.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its Managed Assets (as defined herein on page I-5) in floating rate debt securities, including floating or variable
rate debt securities that pay interest at rates that adjust whenever a specified interest rate changes and/or which reset on predetermined dates (such as the last day of a month or calendar quarter).&nbsp;The Fund invests a substantial portion of
its investments in floating rate debt securities consisting of secured or unsecured senior floating rate loans that are rated below investment grade. Debt securities rated below investment grade commonly are referred to as &#147;junk bonds.&#148;
Secured loans may be either fully or partially secured at the time of investment.&nbsp;In addition to senior loans, floating rate debt securities may include, without limitation, instruments such as catastrophe and other event linked bonds, bank
capital securities, corporate bonds, notes, money market instruments and certain types of mortgage related and other asset backed securities.&nbsp;Due to their floating or variable rate features, these instruments will generally pay higher levels of
income in a rising interest rate environment and lower levels of income as interest rates decline. For the same reason, the market value of a floating rate debt security is generally expected to have less sensitivity to fluctuations in market
interest rates than a fixed rate debt instrument, although the value of a floating rate debt security may nonetheless decline as interest rates rise and due to other factors, such as real or perceived changes in credit quality or financial condition
of the issuer or borrower, volatility in the capital markets or other adverse market conditions.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Fund may invest directly in floating rate debt securities or synthetically through the use of derivatives.</TD></TR>
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<TD VALIGN="top">1.c.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Fund is offering up to 3,050,000 shares of common stock.</TD></TR>
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<TD VALIGN="top">1.d.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">You should read this Prospectus, which concisely sets forth information about the Fund, before deciding whether to invest in the Fund&#146;s common stock and retain it for future reference.&nbsp;Additional information about the Fund
and materials incorporated by reference have been filed with the Securities and Exchange</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" ALIGN="center">I-2 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commission (the &#147;SEC&#148;) and are available upon either written or oral request, free of charge, by calling <FONT
STYLE="white-space:nowrap">1-800-882-0052,</FONT> by writing to the Fund, or may be found on the SEC&#146;s website at <I><U>www.sec.gov</U></I>. You may also request a copy of this Prospectus, annual and semi-annual reports, other information about
the Fund, and/or make investor inquiries by calling <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-882-0052,</FONT></FONT> or by writing to the Fund. The Fund&#146;s annual and semi-annual reports are also available on the
Fund&#146;s website at <I><U>www.blackrock.com</U></I> free of charge.&nbsp;This reference to BlackRock&#146;s website is intended to allow public access to information regarding the Fund and does not, and is not intended to, incorporate
BlackRock&#146;s website into this Prospectus.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s common stock does 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.</P></TD></TR>
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<TD VALIGN="top">1.e.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">This Prospectus is dated December 21, 2016.</TD></TR>
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<TD VALIGN="top">1.f.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Not applicable.</TD></TR>
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<TD VALIGN="top">1.g.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s common stock is listed on the New York Stock Exchange (&#147;NYSE&#148;) under the symbol &#147;FRA.&#148; Sales of the
Fund&#146;s common stock, if any, under this Prospectus may be made in transactions that are deemed to be &#147;at the market&#148; as defined in Rule 415 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),&nbsp;which
currently would only include sales made directly on the NYSE.&nbsp;The minimum price on any day at which Fund common stock may be sold will not be less than the current net asset value (&#147;NAV&#148;) per share plus the per share amount of the
commission to be paid to the Fund&#146;s distributor (the &#147;Minimum Price&#148;), BlackRock Investments, LLC (the &#147;Distributor&#148;).&nbsp;The Fund and the Distributor will determine whether any sales of the Fund&#146;s common stock will
be authorized on a particular day; the Fund and the Distributor, however, will not authorize sales of the Fund&#146;s common stock if the per share price of the shares is less than the Minimum Price. The Fund and the Distributor may also not
authorize sales of the Fund&#146;s common stock on a particular day even if the per share price of the shares is equal to or greater than the Minimum Price, or may only authorize a fixed number of shares to be sold on any particular day. The Fund
and the Distributor will have full discretion regarding whether sales of shares of the Fund&#146;s common stock will be authorized on a particular day and, if so, in what amounts. As of December&nbsp;19, 2016, the last reported sale price for the
Fund&#146;s common stock on the NYSE was $14.26 per share.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The Distributor has
entered into a&nbsp;sub-placement agent agreement, dated May 2, 2014 (the &#147;Sub-Placement Agent Agreement&#148;), with UBS Securities LLC (the &#147;Sub-Placement Agent&#148;) with respect to the Fund relating to the common stock offered by this
Prospectus.&nbsp;In accordance with the terms of the Sub-Placement Agent Agreement, the Fund may offer and sell its common stock from time to time through the Sub-Placement Agent as sub-placement agent for the offer and sale of its common
stock.&nbsp;The Fund will compensate the Distributor with respect to sales of common stock at a commission rate of 1.00% of the gross proceeds of the sale of the Fund&#146;s common stock.&nbsp;Out of this commission, the Distributor will compensate
broker-dealers at a rate of up to 0.80% of the gross sales proceeds of the sale of the Fund&#146;s common stock sold by that broker-dealer.</P></TD></TR>
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<TD VALIGN="top">1.h.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is
truthful or complete. Any representation to the contrary is a criminal offense.</B></P></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" ALIGN="center">I-3 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TD VALIGN="top"><B></B>1.i.<B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>The Fund&#146;s common stock has traded both at a premium and a discount to NAV. The Fund cannot predict whether its common stock will trade at a premium or discount to NAV in the future. The provisions of the 1940 Act
generally require that the public offering price of common stock (less any underwriting commissions and discounts) must equal or exceed the NAV per share of a company&#146;s common stock (calculated within 48 hours of pricing). The Fund&#146;s
issuance of common stock may have an adverse effect on prices for the Fund&#146;s common stock in the secondary market by increasing the number of shares of common stock available in the market, which may put downward pressure on the market price
for the Fund&#146;s common stock. Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#146; risk of loss.</B></TD></TR>
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<TD VALIGN="top"><B></B>1.j.<B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Investing in the Fund&#146;s common stock involves certain risks that are described in Item 8.3 beginning on page I-20 of Part I of this Prospectus, and under Item 8 in Part II of this Prospectus under &#147;Risk
Factors,&#148; beginning on page II-37 of Part II. Certain of these risks are summarized in Item 3.2 beginning on page I-6 of Part I of this Prospectus.</B></TD></TR>
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<TD VALIGN="top">1.k.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Not applicable.</TD></TR>
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<TD VALIGN="top">2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Not applicable.</TD></TR>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><B>Item 2. Cover Pages; Other Offering Information</B></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Exchange&nbsp;listing: see Item 1.g.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">Not&nbsp;&nbsp;applicable.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">Not&nbsp;&nbsp;applicable.</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><B>Item 3. Fee Table and Synopsis</B></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <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>Shareholder Transaction Expenses</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="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">Sales load paid by you (as a percentage of offering price)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.00%<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Offering expenses borne by the Fund (as a percentage of offering price)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.02%<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Dividend reinvestment plan fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0.02&nbsp;per&nbsp;share&nbsp;for&nbsp;open-market purchases of common stock <SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR></TABLE>
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<TD></TD></TR>
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<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Percentage</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of net assets</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>attributable</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to
common</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>shares</B></P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <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>Annual Expenses</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Management Fee
<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt">(4)</FONT></SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.01%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Interest Expense
<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt">(5)</FONT></SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0.40%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Other Expenses
<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt">(6)</FONT></SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0.13%</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Total Annual Fund Operating Expenses <SUP STYLE="font-size:85%; vertical-align:top"><FONT
STYLE="font-size:7pt">(7)</FONT></SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.54%</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Represents the estimated commission with respect to the Fund&#146;s common stock being sold in this offering. There is no guarantee that there will be any sales of the Fund&#146;s common stock pursuant to this
Prospectus. Actual sales of the Fund&#146;s common stock under this Prospectus, if any, may be less than as set forth under &#147;Capitalization&#148; below. In addition, the price per share of any such sale may be greater or less than the price set
forth under &#147;Capitalization&#148; below, depending on market price of the Fund&#146;s common stock at the time of any such sale. </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" ALIGN="center">I-4 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Based on a sales price per share of $15.21, which represents a small premium to the Minimum Price, i.e. NAV plus sales load of the Fund&#146;s common stock on&nbsp;December&nbsp;16, 2016. Offering expenses generally
include, but are not limited to, the preparation, review and filing with the SEC of the Fund&#146;s registration statement (including this Prospectus), the preparation, review and filing of any associated marketing or similar materials, costs
associated with the printing, mailing or other distribution of the Prospectus and/or marketing materials, associated filing fees, NYSE listing fees, and legal and auditing fees associated with the offering. </TD></TR></TABLE>
<P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">The Reinvestment Plan Agent&#146;s (as defined under &#147;Item 10&#151;Dividend Reinvestment Plan&#148; in Part II) 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 shares of common stock held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. </TD></TR></TABLE>
<P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">The Fund currently pays BlackRock Advisors, LLC, its investment adviser (the &#147;Investment Advisor&#148;), a contractual management fee at an annual rate of 0.75% based on an aggregate of (i) the Fund&#146;s average
daily net assets and (ii) the proceeds of any outstanding borrowings used for leverage (together, &#147;average daily Managed Assets&#148;).&nbsp;The Fund uses leverage, in the form of a credit facility, which as of August 31, 2016 amounted to
approximately 29% of the Fund&#146;s Managed Assets (approximately 41% of the Fund&#146;s net assets).&nbsp;&#147;Managed Assets&#148; means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes)
minus the sum of the Fund&#146;s accrued liabilities (other than money borrowed for investment purposes). The Fund&#146;s net assets attributable to common stock are the Fund&#146;s Managed Assets minus the value of the Fund&#146;s assets
attributable to money borrowed for investment purposes. 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&#146;s use of leverage in the form of
higher fees as a percentage of the Fund&#146;s net assets attributable to common stock than if the Fund did not use leverage. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">Reflects leverage, in the form of a credit facility, in an amount equal to approximately 29% of the Fund&#146;s Managed Assets (approximately 41% of the Fund&#146;s net assets) as of August 31, 2016. The interest
expense borne by the Fund will vary over time in accordance with the level of the Fund&#146;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></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top">Estimated based on the fiscal year ended August 31, 2016. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top">Represents total annual expense including interest. The total annual expense excluding interest expense is 1.14%. The Investment Advisor has historically voluntarily agreed to waive its investment advisory fees by the
amount of investment advisory fees the Fund pays to the Investment Advisor indirectly through its investment in affiliated money market funds, but did not waive its investment advisory fees by the amount of advisory fees paid in connection with the
Fund&#146;s investment in other affiliated investment companies, if any, until September 2016. On December&nbsp;2, 2016, the Fund and the Investment Advisor entered into a fee waiver agreement (the &#147;Fee Waiver Agreement&#148;), pursuant to
which the Investment Adviser has contractually agreed, effective December&nbsp;2, 2016, to waive the management fee with respect to any portion of the Fund&#146;s assets estimated to be attributable to investments in any equity and fixed-income
mutual funds and exchange-traded funds managed by the Investment Advisor or its affiliates. <B></B>Fees waived by the Investment Advisor amounted to less than 0.01% of the Fund&#146;s net assets attributable to common stock for the fiscal year ended
August&nbsp;31, 2016. See Item&nbsp;20 below. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The purpose of the foregoing table and the example below is to help you understand all fees
and expenses that you, as a holder of common stock of the Fund, bear directly or indirectly.&nbsp;The foregoing table should not be considered a representation of the Fund&#146;s future expenses.&nbsp;Actual future expenses may be greater or less
than shown.&nbsp;Except where the context suggests otherwise, whenever this Prospectus contains a reference to fees or expenses paid by &#147;you&#148; or &#147;us&#148; or that &#147;we&#148; will pay fees or expenses, shareholders will indirectly
bear such fees or expenses as investors in the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following example illustrates the expenses (including the sales load of $10.00 and offering
costs of $0.18) that you would pay on a $1,000 investment in common stock, assuming (i) total net annual expenses of 1.54% of net assets attributable to common stock in years 1 through 10, and (ii) a 5% annual return: </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:8pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;1&nbsp;Year&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;Years&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;5&nbsp;Years&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;10&nbsp;Years&nbsp;&nbsp;&nbsp;&nbsp;</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Total expenses incurred</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$58</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$93</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$192</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The example should not be considered a representation of future expenses. The example assumes that the &#147;Other
Expenses&#148; set forth in the Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV.&nbsp;Actual expenses may be greater or less than those assumed.&nbsp;Moreover, the Fund&#146;s actual rate of return
may be greater or less than the hypothetical 5% return shown in the example. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Capitalization</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may offer and sell up to 3,050,000 shares of its common stock, $0.10 par value per share, from time to time through the&nbsp;Sub-Placement Agent as
sub-placement agent under this Prospectus. There is no guarantee that there will be any sales of the Fund&#146;s common stock pursuant to this Prospectus. The table below assumes that the Fund will sell 3,050,000 shares of its common stock at a
price of $15.21&nbsp;per share (which represents a small premium to </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">I-5 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the Minimum Price &#150; i.e., NAV plus sales load of the Fund&#146;s common stock&nbsp;on December 16, 2016). Actual sales, if any, of the Fund&#146;s common stock under this Prospectus may be
greater or less than $15.21 per share, depending on the market price of the Fund&#146;s common stock at the time of any such sale and/or the Fund&#146;s NAV for purposes of calculating the Minimum Price.&nbsp;The Fund and the Distributor will
determine whether any sales of the Fund&#146;s common stock will be authorized on a particular day; the Fund and the Distributor, however, will not authorize sales of the Fund&#146;s common stock if the per share price of the shares is less than the
Minimum Price. The Fund and the Distributor may also not authorize sales of the Fund&#146;s common stock on a particular day even if the per share price of the shares is equal to or greater than the Minimum Price, or may only authorize a fixed
number of shares to be sold on any particular day. The Fund and the Distributor will have full discretion regarding whether sales of shares of the Fund&#146;s common stock will be authorized on a particular day and, if so, in what amounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the Fund&#146;s capitalization (1) on a historical basis as of August 31, 2016 (audited); and (2) on a pro forma as adjusted
basis to reflect the assumed sale of 3,050,000 shares of common stock at $15.21 per share, in an offering under this Prospectus, after deducting the assumed commission of $457,500 (representing an estimated commission to the Distributor of 1.00% of
the gross proceeds of the sale of shares of common stock, out of which the Distributor will compensate broker-dealers at a rate of up to 0.80% of the gross sales proceeds of the sale of the Fund&#146;s common stock sold by that broker-dealer). </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="76%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of August</B><br><B>31, 2016</B><br><B></B><B>(audited)</B><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pro Forma</B><br><B>(unaudited)</B><br><B>As&nbsp;adjusted</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 outstanding, $0.10 par value per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,232,488</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,282,488</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Paid-in capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">659,688,373</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;705,621,373</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Undistributed net investment income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,653,152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;3,653,152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated net realized loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(105,600,349</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;(105,600,349</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net unrealized appreciation (depreciation)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(7,470,363</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;(7,470,363</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">550,270,813</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 596,203,813</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net asset value per share</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 14.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">A summary of this Prospectus is set forth below.&nbsp;This is only a summary of certain information contained in this Prospectus relating to the Fund. This summary may not contain all of the information that you should
consider before investing in the Fund&#146;s common stock. You should review the more detailed information contained in this Prospectus. </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="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="82%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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"><B>The Fund</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">BlackRock Floating Rate Income Strategies Fund, Inc. is registered under the 1940 Act, as a diversified, closed-end management investment company and has been operational since 2003. The Fund was known as Floating Rate Income
Strategies Fund, Inc. prior to September 29, 2006.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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"><B>The Offering</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">The Fund is offering up to 3,050,000 shares of common stock in transactions that are deemed to be &#147;at the market&#148; as defined in Rule 415 under the Securities Act,&nbsp;which currently would only include sales made
directly on the NYSE.&nbsp;The minimum price on any day at which Fund common stock may be sold will not be less than the current NAV per share plus the per share amount of the commission to be paid to the Distributor.&nbsp;The Fund and the
Distributor will determine whether any sales of the Fund&#146;s common stock will be authorized on a particular day; the Fund and the Distributor, however, will not authorize sales of the Fund&#146;s common stock if the per share price of the shares
is less than the Minimum Price. The Fund and the Distributor may also not authorize sales of the Fund&#146;s common stock on a particular day even if the per share price of the shares is equal to or greater than the Minimum Price, or may only
authorize a fixed number of shares to be sold on any particular day. The Fund and the Distributor will have full discretion regarding whether sales of shares of the Fund&#146;s common stock will be authorized on a particular day and, if so, in what
amounts. As of December 19, 2016, the last reported sale price for the Fund&#146;s common stock on the NYSE was $14.26&nbsp;per share.</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" ALIGN="center">I-6 </P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Distributor has entered into the&nbsp;Sub-Placement Agent Agreement with the Sub-Placement Agent with respect to the Fund relating to
the common stock offered by this Prospectus.&nbsp;In accordance with the terms of the Sub-Placement Agent Agreement, the Fund may offer and sell its common stock from time to time through the Sub-Placement Agent as sub-placement agent for the offer
and sale of its common stock.&nbsp;The Fund will compensate the Distributor with respect to sales of common stock at a commission rate of 1.00% of the gross proceeds of the sale of the Fund&#146;s common stock.&nbsp;Out of this commission, the
Distributor will compensate broker-dealers at a rate of up to 0.80% of the gross sales proceeds of the sale of the Fund&#146;s common stock sold by that broker-dealer.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>The Fund&#146;s common stock has traded both at a premium and a discount to NAV. The Fund cannot predict whether its common stock will trade at a premium or
discount to NAV in the future. The provisions of the 1940 Act generally require that the public offering price of common stock (less any underwriting commissions and discounts) must equal or exceed the NAV per share of a company&#146;s common stock
(calculated within 48 hours of pricing). The Fund&#146;s issuance of common stock may have an adverse effect on prices for the Fund&#146;s common stock in the secondary market by increasing the number of shares of common&nbsp;stock available in the
market, which may put downward pressure on the market price for the Fund&#146;s common stock. Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#146; risk of
loss.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Investment&nbsp;Objective</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">The Fund&#146;s investment objective is to provide shareholders with high current income and such preservation of capital as is consistent with investment in a diversified, leveraged portfolio consisting primarily of floating
rate debt securities and instruments (&#147;floating rate debt securities&#148;).&nbsp;The Fund&#146;s investment objective is a fundamental policy and may not be changed without stockholder approval.&nbsp;No assurance can be given that the
Fund&#146;s investment objective will be achieved.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Investment Strategy</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Advisors, LLC is the Fund&#146;s investment adviser (the &#147;Investment Advisor&#148;).</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In selecting floating rate loans or debt and other securities for the Fund, BlackRock
will seek to identify issuers and industries that BlackRock believes are likely to experience stable or improving financial conditions. BlackRock&#146;s analysis will include:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;credit research on the issuers&#146; financial strength;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assessment of the issuers&#146; ability to meet principal and
interest payments;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;general industry trends;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the issuers&#146; managerial strength;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;analysis of deal structure and covenants;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changing financial conditions;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;borrowing requirements or debt maturity schedules; and</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the issuers&#146; responsiveness to changes in business conditions
and interest rates.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">BlackRock will consider relative values among issuers based on
anticipated cash flow, interest or dividend coverage, asset coverage and earnings prospects. Using these tools, BlackRock will seek to add consistent value and control performance volatility consistent with the Fund&#146;s investment objectives and
policies. BlackRock believes this strategy should enhance the Fund&#146;s ability to achieve its investment objective.</P></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" ALIGN="center">I-7 </P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">BlackRock&#146;s analysis continues on an ongoing basis for any floating rate loan or debt or other securities in which the Fund has invested. Although BlackRock uses due care in making such analysis, there can be no assurance
that such analysis will reveal factors that may impair the value of the floating rate loan or debt.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"><B>Investment Policies</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its Managed Assets in
floating rate debt securities, including floating or variable rate debt securities that pay interest at rates that adjust whenever a specified interest rate changes and/or which reset on predetermined dates (such as the last day of a month or
calendar quarter).&nbsp;The Fund invests a substantial portion of its investments in floating rate debt securities consisting of secured or unsecured senior floating rate loans that are rated below investment grade.&nbsp;Secured loans may be either
fully or partially secured at the time of investment.&nbsp;In addition to senior loans, floating rate debt securities may include, without limitation, instruments such as catastrophe and other event linked bonds, bank capital securities, corporate
bonds, notes, money market instruments and certain types of mortgage related and other asset backed securities.&nbsp;Due to their floating or variable rate features, these instruments will generally pay higher levels of income in a rising interest
rate environment and lower levels of income as interest rates decline. For the same reason, the market value of a floating rate debt security is generally expected to have less sensitivity to fluctuations in market interest rates than a fixed rate
debt instrument, although the value of a floating rate debt security may nonetheless decline as interest rates rise and due to other factors, such as real or perceived changes in credit quality or financial condition of the issuer or borrower,
volatility in the capital markets or other adverse market conditions.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may
invest directly in floating rate debt securities or synthetically through the use of derivatives.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest up to 20% of its total assets in securities other than floating rate debt securities, including, but not limited to, fixed rate debt
securities such as convertible securities, bonds, notes, fixed rate loans and mortgage related and other asset backed securities issued on a public or private basis, collateralized debt obligations, preferred securities, commercial paper, U.S.
government securities, structured notes, credit linked notes, credit linked trust certificates and other hybrid instruments.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To a limited extent, incidental to and in connection with its investment activities or pursuant to a convertible feature in a security, the Fund may acquire
warrants and other debt and equity securities.&nbsp;The Fund may also acquire other debt and equity securities of a borrower or issuer in connection with an amendment, waiver, conversion or exchange of a senior loan or other debt security or in
connection with a bankruptcy or workout of the borrower or issuer.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may
invest without limit, and generally intends to invest a substantial portion of its assets, in high yield securities, including senior loans and other floating or fixed rate debt securities, that are rated below investment grade by the established
rating services (Ba or lower by Moody&#146;s Investor&#146;s Service, Inc. (&#147;Moody&#146;s&#148;) or BB or lower by Standard &amp; Poor&#146;s Corporation Ratings Services, a division of The McGraw-Hill Companies, Inc. (&#147;S&amp;P&#148;)) or,
if unrated, are considered by the Investment Advisor to be of comparable quality. The Fund may not, however, invest more than 10% of its total assets (at the time of investment) in securities that are rated Caa1 or lower (if rated by Moody&#146;s)
or CCC+ or lower (if rated by S&amp;P) by each agency rating such security or, if unrated, are considered by the Investment Advisor to be of comparable quality or are otherwise considered to be distressed securities.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The Fund may invest without limitation in debt securities of issuers domiciled outside
the United States.&nbsp;The Fund, however, will not invest more than 10% of its total assets in debt</P></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" ALIGN="center">I-8 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">securities of issuers located in emerging market countries.&nbsp;The Fund will invest primarily in U.S. dollar denominated debt
securities.&nbsp;The Fund will not invest more than 10% of its total assets in debt securities denominated in currencies other than the U.S. dollar or that do not provide for payment to the Fund in U.S. dollars, including obligations of non-U.S.
governments and their respective subdivisions, agencies and government sponsored enterprises.&nbsp;The Investment Advisor generally considers emerging market countries to be any country that is defined as having an emerging or developing economy by
the World Bank or its related organizations or the United Nations or its subsidiaries.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest without limit in illiquid securities, which are floating rate debt securities, senior loans, high yield securities and other securities
that lack a secondary trading market or are otherwise considered illiquid.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For a
discussion of risk factors that may affect the Fund&#146;s ability to achieve its investment objective, see &#147;Risk Factors&#148; under Item 8 in Part II.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Leverage</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund currently utilizes leverage for investment purposes in the form of a bank credit facility.&nbsp;As of August 31, 2016, this
leverage represented approximately 29% of the Fund&#146;s Managed Assets (approximately 41% of the Fund&#146;s net assets).&nbsp;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.&nbsp;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).&nbsp;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).&nbsp;The Fund may also leverage through the use of reverse repurchase agreements.&nbsp;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&#146;s assets such borrowings will represent.&nbsp;The Fund does not currently anticipate issuing any preferred stock.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See &#147;Leverage&#148; under Item 8 in Part II and the discussion of the Fund&#146;s capital structure under Item 10 in Part II.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The use of leverage is subject to numerous risks.&nbsp;When leverage is employed, the NAV
and market price of the common stock and the yield to holders of common stock will be more volatile than if leverage were not used.&nbsp;For example, a rise in short-term interest rates, which currently are near historically low levels, will cause
the Fund&#146;s NAV to decline more than if the Fund had not used leverage.&nbsp;A reduction in the Fund&#146;s NAV may cause a reduction in the market price of its common stock.&nbsp;The Fund cannot assure you that the use of leverage will result
in a higher yield on the common stock.&nbsp;When the Fund uses leverage, the management fee payable to the Investment Advisor will be higher than if the Fund did not use leverage because these fees are calculated on the basis of the Fund&#146;s
Managed Assets, which include the proceeds of leverage.&nbsp;The Fund&#146;s leveraging strategy may not be successful.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See &#147;Risk Factors&#151;Leverage Risk&#148; under Item 8 in Part II.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Investment Advisor</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Advisors, LLC is the Fund&#146;s investment adviser.&nbsp;The Investment Advisor receives an annual fee, payable monthly, in an
amount equal to 0.75% of the average daily value of the Fund&#146;s Managed Assets.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Distributions</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">The Fund intends to make regular monthly cash distributions of all or a portion of its net investment income to holders of the Fund&#146;s shares of common stock.&nbsp;The Fund intends to pay any capital gains distributions at
least annually.&nbsp;A return of capital distribution may involve a return of the shareholder&#146;s original investment.&nbsp;Though not currently taxable, such a distribution may lower a shareholder&#146;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</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" ALIGN="center">I-9 </P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">at a loss to the shareholder&#146;s original investment.&nbsp;When total distributions exceed total return performance for the period, the
difference will reduce the Fund&#146;s total assets and NAV and, therefore, could have the effect of increasing the Fund&#146;s expense ratio and reducing the amount of assets the Fund has available for long term investment.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholders will automatically have all dividends and distributions reinvested in common
stock of the Fund in accordance with the Fund&#146;s dividend reinvestment plan, unless an election is made to receive cash by contacting the Reinvestment Plan Agent (as defined herein), at (800) 699-1236.&nbsp;See &#147;Dividend Reinvestment
Plan&#148; under Item 10 in Part II.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund reserves the right to change its
distribution policy and the basis for establishing the rate of its monthly distributions at any time and may do so without prior notice to common shareholders.&nbsp;See Item 10.1 in Part I and &#147;Distributions&#148; under Item 10 in Part II.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Listing</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">The Fund&#146;s common stock is listed on the NYSE under the symbol &#147;FRA.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Custodian and</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Transfer
Agent</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">State Street Bank and Trust Company serves as the Fund&#146;s custodian, and Computershare Trust Company, N.A. serves as the Fund&#146;s transfer agent.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Administrator</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">State Street Bank and Trust Company serves as the Fund&#146;s administrator and fund accountant.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Market Price of</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Shares</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Common shares of closed-end investment companies frequently trade at prices lower than their NAV.&nbsp;The Fund cannot assure you that its common stock will trade at a price higher than or equal to NAV.&nbsp;The Fund&#146;s
common stock trades 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 stock in the market, general market and economic conditions and other factors.&nbsp;The Fund&#146;s common stock is designed primarily for long-term investors and you should not
purchase common shares of the Fund if you intend to sell it shortly after purchase.&nbsp;The issuance of additional common stock pursuant to this Prospectus may also have an adverse effect on prices for the Fund&#146;s common stock in the secondary
market by increasing the supply of common stock available for sale.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Special Risk</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Considerations</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An investment in the Fund&#146;s common stock involves risk.&nbsp;You should consider carefully the risks identified below, which are
described in detail under &#147;Risk Factors&#148; beginning on page II-35 of Part II of this Prospectus.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Principal risks of investing in the Fund include:</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD ALIGN="left" VALIGN="top">Interest Rate Risk.&nbsp;Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. This risk is heightened given that
certain interest rates are at historical lows. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Issuer Risk.&nbsp;The value of fixed income securities may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage, reduced demand for the issuer&#146;s
goods and services, historical and prospective earnings of the issuer and the value of the assets of the issuer.</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Credit Risk.&nbsp;Credit risk is the risk that one or more fixed income securities in the Fund&#146;s portfolio will decline in price or fail to pay interest or principal when due because the issuer of the security
experiences a decline in its financial status.</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Prepayment Risk.&nbsp;During periods of declining interest rates, borrowers may exercise their option to prepay principal earlier than scheduled. </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" ALIGN="center">I-10 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Reinvestment Risk.&nbsp;Reinvestment risk is the risk that income from the Fund&#146;s portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed income securities at market interest
rates that are below the Fund portfolio&#146;s current earnings rate. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Duration and Maturity Risk.&nbsp;The Fund may incur costs in seeking to adjust the portfolio average duration or maturity.&nbsp;There can be no assurance that the Investment Advisor&#146;s assessment of current and
projected market conditions will be correct or that any strategy to adjust the portfolio&#146;s duration or maturity will be successful at any given time. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Corporate Bonds Risk.&nbsp;The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates.&nbsp;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.&nbsp;The market value of a corporate bond also may be affected by factors directly related to the issuer, such as investors&#146;
perceptions of the creditworthiness of the issuer, the issuer&#146;s financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&#146;s capital structure and use of financial leverage and
demand for the issuer&#146;s goods and services. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Mortgage Related Securities Risks.&nbsp;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 the 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 closed-end, 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 vehicles 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. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Below Investment Grade Securities (&#147;Junk Bonds&#148;) Risk.&nbsp;The Fund may invest in securities that are rated, at the time of investment, below investment grade quality (rated Ba/BB or below, or unrated but
judged to be of comparable quality by the Investment Advisor), which are commonly referred to as &#147;high yield&#148; or &#147;junk&#148; bonds and are regarded as predominantly speculative with respect to the issuer&#146;s capacity to pay
interest and repay principal.&nbsp;Issuers of high yield bonds are not perceived to be as strong financially as those with higher credit ratings.&nbsp;These issuers are more vulnerable to financial setbacks and recession than more creditworthy
issuers, which may impair their ability to make interest and principal payments. </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" ALIGN="center">I-11 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<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="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="68%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">&#9679;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Loans Risk.&nbsp;Senior loans typically hold the most senior position in the capital structure of the issuing entity, are typically secured with specific collateral and typically have a claim on the assets and/or stock of
the borrower that is senior to that held by subordinated debt holders and stockholders of the borrower.&nbsp;The Fund&#146;s investments in senior loans are typically below investment grade and are considered speculative because of the credit risk
of their issuer. Although senior loans are typically considered &#147;securities&#148; for purposes of the 1940 Act, loans and other forms of indebtedness may be structured such that they are not &#147;securities&#148; under the Securities Act or
the Securities Exchange Act of 1933, as amended (&#147;The Exchange Act&#148;), and may therefore not offer investors, such as the Fund, the protections afforded by the Securities Act and the Exchange Act.</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 4. Financial Highlights </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The following table includes selected data for a common share outstanding throughout the period and other performance information derived from the Fund&#146;s financial statements. It should be read in conjunction with
the Fund&#146;s financial statements and notes thereto, which are incorporated by reference into this Prospectus. The following information with respect to the fiscal years ended August 31, 2012, August 31, 2013, August 31, 2014, August&nbsp;31,
2015 and August 31, 2016&nbsp;has been audited by&nbsp;Deloitte &amp; Touche LLP, independent registered public accountants, whose report thereon&nbsp;is incorporated by reference into this Prospectus. See Item 24. </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:8pt" ALIGN="center">


<TR>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
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<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="38" ALIGN="center"><B>Year Ended August 31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2016<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2015<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2014<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2013<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2012<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2010</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2009</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2008</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2007</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="4" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Per Share Operating Performance</B></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Net asset value, beginning of period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15.36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12.93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">16.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">18.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Net investment income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.81<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.87<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.99<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.97<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.96<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.91<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.14<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.45<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.54<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Net realized and unrealized gain (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.14</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.47</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.36</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3.04</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.03</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.07</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Net increase (decrease) from investment operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.09</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.58</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Dividends and distributions from<SUP STYLE="font-size:85%; vertical-align:top">3</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Net investment income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.75</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.81</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.89</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.03</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.93</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.86</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.94</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.29</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.55</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.54</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Net realized gain</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.06</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.02</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Tax return of capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">---</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Total dividends and distributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.75</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.81</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.89</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.03</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.93</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.92</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.96</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.29</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.55</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.54</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Net asset value, end of period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD VALIGN="bottom" ALIGN="right">14.91<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15.36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12.93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">16.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">18.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Market price, end of period</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">13.70</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">12.94</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">14.26</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">14.96</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">15.20</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">13.33</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">14.61</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">12.26</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">14.49</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">16.70</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="4" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total Investment Return </B><SUP
STYLE="font-size:85%; vertical-align:top">5</SUP><B></B></P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B></B><SUP STYLE="font-size:85%; vertical-align:top"></SUP><B>&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Based on net asset value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.88<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.45</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.68</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.91</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.04</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.91</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8.88</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.56</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.74</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Based on market price</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">12.14</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">(3.71</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">)%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">1.33</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">5.28</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">21.74</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">(2.91</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">)%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">27.59</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">(3.88</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">)%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">(4.28</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">)%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">3.85</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="4" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Ratios to Average Net Assets</B></P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Total expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.54</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.56</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.48</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.54<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.67<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom">% <SUP STYLE="font-size:85%; vertical-align:top">8</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.60</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.45</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.96</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.61</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.33</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Total expenses after fees waived and paid indirectly</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.54</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.56</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.48</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.52<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.67<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom">% <SUP STYLE="font-size:85%; vertical-align:top">8</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.60</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.45</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.96</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.60</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.33</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Total expenses after fees waived and paid indirectly and excluding interest expense and income
tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.14</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.19</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.15</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.15<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top"> 6,7</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.35<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top"> 7,8</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.30</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.22</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.31</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.18</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.20</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Net investment income</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">5.27</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">5.39</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">5.65</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">6.49</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">6.67</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">6.44</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">6.43</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">10.18</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">8.49</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">7.88</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Supplemental Data</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Net assets, end of period (000)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">550,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">555,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">572,463</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">571,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">276,990</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">259,205</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">264,379</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">237,160</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">295,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">334,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Borrowings outstanding, end of period (000)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">225,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">196,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">235,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">214,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">117,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">93,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">53,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">38,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">101,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">107,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Average borrowings outstanding, during the period (000)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">190,486</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">221,633</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">210,521</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">201,830</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">88,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">79,195</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">48,258</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">50,591</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">102,272</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">133,763</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Portfolio turnover</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="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">Asset coverage, end of period per $1,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,446</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,832</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,436</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,367</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,787</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,988</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,241</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P> <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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Consolidated Financial Highlights. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Based on average shares outstanding. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Determined in accordance with federal income tax regulations. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly the net asset value (&#147;NAV&#148;) per share and total return performance presented herein are
different than the information previously published on August 31, 2015. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">Total investment 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 dividends and distributions. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">See Item 4.1., above. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 5. Plan of Distribution </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The Distributor has agreed to underwrite up to 3,050,000 shares of the Fund&#146;s common stock on a reasonable efforts basis.&nbsp;See Item 5 in Part II for additional information regarding the Distributor.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">The Fund&#146;s common stock will only be sold on such days as shall be agreed to by the Fund and the Distributor.&nbsp;The Fund&#146;s common stock will be sold at market prices, which shall be determined with
reference to trades on the NYSE, subject to the Minimum Price.&nbsp;See Item 1.1.g., above. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">The sum of all compensation paid to FINRA members in connection with this public offering of shares of common stock, including the sales commission paid to or retained by the Distributor and amounts paid to or retained
by participating broker-Sub-Placement Agents, will not exceed, in the aggregate, 1.00% of the total public offering price of the shares of common stock sold in this offering.&nbsp;See Item 1.1g., above, and Item 5 in Part II. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">See Item 5 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top">See Item 5 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top">See Item 5 in Part II. </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" ALIGN="center">I-12 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 6. Selling Shareholders </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 7. Use of Proceeds
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">The net proceeds from the issuance of common stock hereunder will be invested in accordance with the Fund&#146;s investment
objectives and policies as set forth in this Prospectus.&nbsp;It is presently anticipated that the Fund will be able to invest substantially all of the net proceeds in accordance with the Fund&#146;s investment objectives and policies within three
months from the date on which the proceeds from an offering are received by the Fund.&nbsp;Such investments may be delayed if suitable investments are unavailable at the time or for other reasons, such as market volatility and lack of liquidity in
the markets of suitable investments.&nbsp;Pending such investment, it is anticipated that the proceeds will be invested in short-term or long-term securities issued by the U.S. government and its agencies or instrumentalities or in high quality,
short-term money market instruments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 8. Description of the Fund </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The Fund was formed under the laws of the State of Maryland on August 14, 2003 and commenced operations on October 31, 2003. The Fund is registered under the 1940 Act as a diversified, closed-end management investment
company. The Fund was known as Floating Rate Income Strategies Fund, Inc. prior to September 29, 2006. The Fund&#146;s principal office is located at 100 Bellevue Parkway, Wilmington, Delaware 19809, and its telephone number is (800) 882-0052.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><U>Investment Objectives and Principal Investment Policies</U>: </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Investment
Objectives</I>.&nbsp;The Fund&#146;s investment objective is to provide shareholders with high current income and such preservation of capital as is consistent with investment in a diversified, leveraged portfolio consisting primarily of floating
rate debt securities and instruments (&#147;floating rate debt securities&#148;).&nbsp;The Fund&#146;s investment objective is a fundamental policy and may not be changed without stockholder approval.&nbsp;No assurance can be given that the
Fund&#146;s investment objective will be achieved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Floating Rate Debt Securities and Senior Loans</I>.&nbsp;The Fund seeks to achieve
its investment objective by investing, under normal market conditions, at least 80% of its Managed Assets in floating rate debt securities, including floating or variable rate debt securities that pay interest at rates that adjust whenever a
specified interest rate changes and/or which reset on predetermined dates (such as the last day of a month or calendar quarter).&nbsp;The Fund invests a substantial portion of its investments in floating rate debt securities consisting of secured or
unsecured senior floating rate loans that are rated below investment grade.&nbsp;Secured loans may be either wholly or partially secured at the time of investment.&nbsp;In addition to senior loans, floating rate debt securities may include, without
limitation, instruments such as catastrophe and other event linked bonds, bank capital securities, corporate bonds, notes, money market instruments and certain types of mortgage related and other asset backed securities.&nbsp;Due to their floating
or variable rate features, these instruments will generally pay higher levels of income in a rising interest rate environment and lower levels of income as interest rates decline. For the same reason, the market value of a floating rate debt
security is generally expected to have less sensitivity to fluctuations in market interest rates than a fixed rate debt instrument, although the value of a floating rate debt security may nonetheless decline as interest rates rise and due to other
factors, such as real or perceived changes in credit quality or financial condition of the issuer or borrower, volatility in the capital markets or other adverse market conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The Fund may invest directly in floating rate debt securities or synthetically through the use of derivatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The Fund&#146;s policy to invest, under normal market conditions, at least 80% of its Managed Assets in floating rate debt securities, as
described above, is a non-fundamental policy and may be changed by the Board of Directors of the Fund (the &#147;Board,&#148; and each member, a &#147;Director&#148;) provided that stockholders are provided with at least 60 days&#146; prior notice
of any change, unless such change was previously approved by shareholders, as required by the rules under the 1940 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">I-13 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Other Investments</I>.&nbsp;The Fund may invest up to 20% of its total assets in securities
other than floating rate debt securities, including, but not limited to, fixed rate debt securities such as convertible securities, bonds, notes, fixed rate loans and mortgage related and other asset backed securities issued on a public or private
basis, collateralized debt obligations, preferred securities, commercial paper, U.S. government securities, structured notes, credit linked notes, credit linked trust certificates and other hybrid instruments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">To a limited extent, incidental to and in connection with its investment activities or pursuant to a convertible feature in a security, the
Fund may acquire warrants and other debt and equity securities.&nbsp;The Fund may also acquire other debt and equity securities of a borrower or issuer in connection with an amendment, waiver, conversion or exchange of a senior loan or other debt
security or in connection with a bankruptcy or workout of the borrower or issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>High Yield Securities (&#147;Junk
Bonds&#148;)</I>.&nbsp;The Fund may invest without limit, and generally intends to invest a substantial portion of its assets, in high yield securities, including senior loans and other floating or fixed rate debt securities, that are rated below
investment grade by the established rating services (Ba or lower by Moody&#146;s or BB or lower by S&amp;P) or, if unrated, are considered by the Investment Advisor to be of comparable quality.&nbsp;High yield bonds commonly are referred to as
&#147;junk&#148; bonds.&nbsp;The high yield securities in which the Fund invests may include credit linked notes, structured notes, credit linked trust certificates or other instruments evidencing interests in special purpose vehicles or trusts that
hold interests in high yield securities.&nbsp;Other than with respect to Distressed Securities (which are discussed below), the high yield securities in which the Fund may invest do not include securities which, at the time of investment, are in
default or the issuers of which are in bankruptcy.&nbsp;The Fund may also invest in investment grade securities, which are securities rated at least BBB&#150; as determined by S&amp;P, Baa3 as determined by Moody&#146;s or, if unrated, determined to
be of comparable quality by the Investment Advisor. See &#147;Appendix A&#151;Ratings of Securities&#148; for information concerning rating categories. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Distressed Securities</I>.&nbsp;The Fund may not invest more than 10% of its total assets (at the time of investment) in securities that
are rated Caa1 or lower (if rated by Moody&#146;s) or CCC+ or lower (if rated by S&amp;P) by each agency rating such security or, if unrated, are considered by the Investment Advisor to be of comparable quality or are otherwise considered to be
distressed securities (&#147;Distressed Securities&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Non-U.S. Securities</I>.&nbsp;The Fund may invest without limitation in
debt securities of issuers domiciled outside the United States (&#147;Non-U.S. Securities&#148;).&nbsp;The Fund, however, will not invest more than 10% of its total assets in debt securities of issuers located in emerging market countries.&nbsp;The
Fund will invest primarily in U.S. dollar denominated debt securities.&nbsp;The Fund will not invest more than 10% of its total assets in debt securities denominated in currencies other than the U.S. dollar or that do not provide for payment to the
Fund in U.S. dollars, including obligations of non-U.S. governments and their respective subdivisions, agencies and government sponsored enterprises.&nbsp;The Investment Advisor generally considers emerging market countries to be any country that is
defined as having an emerging or developing economy by the World Bank or its related organizations or the United Nations or its subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Bonds</I>.&nbsp;The Fund may invest in bonds of varying maturities issued by U.S. and non-U.S. corporations and other business or
governmental entities.&nbsp;Bonds can be variable or fixed rate debt obligations, including bills, notes, debentures, money market instruments and similar instruments and securities.&nbsp;The Fund may also invest in catastrophe or other &#147;event
linked&#148; bonds.&nbsp;The Fund may invest in securities of any maturity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Preferred Securities</I>.&nbsp;The Fund may invest in
preferred securities, including preferred securities that may be converted into common stock or other securities of the same or a different issuer.&nbsp;The types of preferred securities in which the Fund may invest include trust preferred
securities. </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">I-14 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Convertible Securities</I>.&nbsp;The Fund may invest in convertible securities.&nbsp;A
convertible security is a bond, debenture, note, preferred security 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Illiquid Securities</I>.&nbsp;The Fund may invest without limit in illiquid
securities, which are floating rate debt securities, senior loans, high yield securities and other securities that lack a secondary trading market or are otherwise considered illiquid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>1940 Act and Tax Diversification Requirements</I>.&nbsp;The Fund is classified as diversified within the meaning of the 1940 Act, which
means that it is must satisfy the 5% and 10% requirements described in item (ii) below with respect to 75% of its total assets.&nbsp;The Fund&#146;s investments will be limited so as to qualify the Fund as a &#147;regulated investment company&#148;
for purposes of Federal tax laws.&nbsp;Requirements for qualification as a &#147;regulated investment company&#148; include limiting its investments so that, at the close of each quarter of the taxable year, (i) not more than 25% of the market value
of the Fund&#146;s total assets will be invested in (A) the securities of a single issuer (other than U.S. government securities and securities of other regulated investment companies), (B) the securities of two or more issuers (other than
securities of other regulated investment companies) controlled by the Fund and engaged in the same, similar or related trades or businesses, or (C) the securities of one or more qualified publicly traded partnerships, and (ii) with respect to 50% of
the market value of its total assets, not more than 5% of the market value of its total assets will be invested in the securities of a single issuer and the Fund will not own more than 10% of the outstanding voting securities of a single issuer
(other than U.S. government securities and securities of other regulated investment companies). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">Tax-related limitations may be changed by
the Board to the extent appropriate in light of changes to applicable tax requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The Fund will not invest in senior loans that
would require the Fund to make any additional investments in connection with such future advances if such commitments would cause the Fund to fail to meet these diversification requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><U>Other Investment Policies</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Leverage</I>.&nbsp;The Fund currently utilizes leverage for investment purposes in the form of a bank credit facility.&nbsp;As of August
31, 2016, this leverage represented approximately 29% of the Fund&#146;s Managed Assets (approximately 41% of the Fund&#146;s net assets).&nbsp;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.&nbsp;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).&nbsp;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).&nbsp;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&#146;s assets such borrowings will represent.&nbsp;The Fund does not currently anticipate issuing any preferred stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Indexed and Inverse Floating Obligations</I>.&nbsp;The Fund may invest in securities whose potential returns are directly related to
changes in an underlying index or interest rate, known as indexed securities.&nbsp;The return on indexed securities will rise when the underlying index or interest rate rises and fall when the index or interest rate falls.&nbsp;The Fund also may
invest in securities whose return is inversely related to changes in an interest rate (&#147;inverse floaters&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Interest Rate
Transactions</I>.&nbsp;In order to seek to hedge the value of the Fund&#146;s portfolio against interest rate fluctuations or to seek to enhance each Fund&#146;s return, the Fund may enter into various interest rate
</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">I-15 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">
transactions such as interest rate swaps and the purchase or sale of interest rate caps and floors.&nbsp;The Fund may enter into these transactions to seek to preserve a return or spread on a
particular investment or portion of its portfolio, to seek to protect against any increase in the price of securities the Fund anticipates purchasing at a later date or to seek to enhance its return.&nbsp;However, the Fund also may invest in
interest rate swaps to seek to enhance income or to seek to increase the Fund&#146;s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).&nbsp;The Fund is
not required to pursue these portfolio strategies and may choose not to do so.&nbsp;The Fund cannot guarantee that any strategies it uses will work. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The Fund will not enter into caps or floors if, on a net basis, the aggregate notional principal amount with respect to such agreements
exceeds the net assets of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The Fund will only enter into interest rate swap, cap or floor transactions with counterparties the
Investment Advisor believes to be creditworthy at the time they enter into such transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Credit Default Swap
Agreements</I>.&nbsp;The Fund may enter into credit default swap agreements for hedging purposes or to seek to enhance its returns.&nbsp;The credit default swap agreement may have as reference obligations one or more securities that are not
currently held by the Fund.&nbsp;The protection &#147;buyer&#148; in a credit default contract may be obligated to pay the protection &#147;seller&#148; an upfront or a periodic stream of payments over the term of the contract provided that no
credit event on a reference obligation has occurred.&nbsp;If a credit event occurs, the seller generally must pay the buyer the &#147;par value&#148; (full notional value) of the swap in exchange for an equal face amount of deliverable obligations
of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled.&nbsp;The Fund may be either the buyer or seller in the transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The Fund will enter into credit default swap agreements only with counterparties the Investment Advisor believes to be creditworthy at the
time they enter into such transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Total Return Swap Agreements</I>.&nbsp;The Fund may enter into total return swap
agreements.&nbsp;Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of the underlying assets, 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.&nbsp;Total return swap agreements may be used to obtain exposure to a security or
market without owning or taking physical custody of such security or market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Credit Linked Trust Certificates</I>.&nbsp;Among the
income producing securities in which the Fund may invest are credit linked trust certificates, which are investments in a limited purpose trust or other vehicle which, in turn, invests in a basket of derivative instruments, such as credit default
swaps, interest rate swaps and other securities, in order to provide exposure to the high yield or another fixed income market.&nbsp;For instance, the Fund may invest in credit linked trust certificates as a cash management tool in order to gain
exposure to the high yield markets and/or to remain fully invested when more traditional income producing securities are not available, including during the period when the net proceeds of this offering and any borrowings or offering of preferred
stock are being invested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Call Options</I>.&nbsp;The Fund may purchase call options on any of the types of securities or instruments
in which it may invest.&nbsp;The Fund also is authorized to write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such
options.&nbsp;The Fund also is authorized to write (i.e., sell) uncovered call options on securities or instruments in which it may invest but that are not currently held by such Fund.&nbsp;The Fund also may purchase and sell call options on
indices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Put Options</I>.&nbsp;The Fund is authorized to purchase put options to seek to hedge against a decline in the value of its
securities or to seek to enhance its return.&nbsp;The Fund also has authority to write (i.e., sell) put options </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">I-16 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">
on the types of securities or instruments that may be held by&nbsp;the Fund, provided that such put options are covered, meaning that such options are secured by designating liquid assets
segregated or earmarked on the Fund&#146;s books and records.&nbsp;The Fund will not sell puts if, as a result, more than 50% of the Fund&#146;s assets would be required to cover its potential obligations under its hedging and other investment
transactions.&nbsp;The Fund is also authorized to write (i.e., sell) uncovered 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.&nbsp;In connection with such a transaction, the Fund will designate on its books and records unencumbered liquid assets with
a value at least equal to the Fund&#146;s exposure, on a marked-to-market basis (as calculated pursuant to requirements of the SEC). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Financial Futures and Options Thereon</I>.&nbsp;The Fund is authorized to engage in transactions in financial futures contracts
(&#147;futures contracts&#148;) and related options on such futures contracts either as a hedge against adverse changes in the market value of its portfolio securities or to seek to enhance the Fund&#146;s income.&nbsp;The Fund has authority to
purchase and write call and put options on futures contracts.&nbsp;The Fund may engage in options and futures transactions on exchanges and options in the over-the-counter markets (&#147;OTC options&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The Fund will engage in transactions in OTC options only with banks or dealers the Investment Advisor believes to be creditworthy at the time
they enter into such transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The Fund intends to enter into options and futures transactions, on an exchange or in the
over-the-counter market, only if there appears to be a liquid secondary market for such options and futures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The Commodity Futures
Trading Commission (&#147;CFTC&#148;) subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i) invests, directly or indirectly, more than a prescribed level of its
liquidation value in CFTC-regulated futures, options and swaps (&#147;CFTC Derivatives&#148;), or (ii) 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 &#147;commodity pool&#148; or a vehicle for trading such instruments. Accordingly,&nbsp;The Investment Advisor has claimed an exclusion from the definition of the term &#147;commodity pool
operator&#148; under the Commodity Exchange Act (&#147;CEA&#148;) pursuant to Rule 4.5 under the CEA. The Investment Advisor is not, therefore, subject to registration or regulation as a &#147;commodity pool operator&#148; under the CEA in respect
of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Short Sales</I>.&nbsp;The Fund may make short sales of securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Foreign Exchange Transactions</I>.&nbsp;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, &#147;Currency Instruments&#148;) for purposes of hedging against the decline in the value of currencies in which its portfolio holdings
are denominated against the U.S. dollar.&nbsp;The Fund will not speculate in Currency Instruments.&nbsp;Accordingly, the Fund will not hedge a currency in excess of the aggregate market value of the securities which it owns (including receivables
for unsettled securities sales), or has committed to or anticipates purchasing, which are denominated in such currency.&nbsp;The Fund may, however, hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency
other than the currency being hedged (a &#147;cross-hedge&#148;).&nbsp;The Fund will only enter into a cross-hedge if the Investment Advisor believes that (i) there is a demonstrable high correlation between the currency in which the cross-hedge is
denominated and the currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar
hedging transaction by means of the currency being hedged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Other Investment Strategies</I>.&nbsp;The Fund may also invest in
securities pursuant to repurchase agreements and purchase and sale contracts, enter into reverse repurchase agreements with respect to its portfolio </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">I-17 </P>
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investments subject to the investment restrictions set forth herein, purchase interests in senior loans and other portfolio securities on a &#147;when-issued&#148; basis and purchase or sell such
interests or securities on a &#147;forward commitment&#148; basis, and enter into standby commitment agreements.&nbsp;The Fund may lend securities with a value up to 33 1/3% of its total assets or the limit prescribed by applicable law to banks,
brokers and other financial institutions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">Repurchase agreements may be entered into only with a member bank of the Federal Reserve System
or primary dealer in U.S. government securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><I>Temporary Defensive Strategies</I>.&nbsp;The Fund may vary its investment objective
and policies for temporary defensive purposes during periods in which the Investment Advisor believes that conditions in the securities markets or other economic, financial or political conditions warrant and in order to keep the Fund&#146;s cash
fully invested.&nbsp;The Fund may not achieve its investment objective when it does so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><U>Investment Process</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">In selecting floating rate loans or debt and other securities for the Fund, BlackRock will seek to identify issuers and industries that
BlackRock believes are likely to experience stable or improving financial conditions. BlackRock&#146;s analysis will include: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">credit research on the issuers&#146; financial strength; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">assessment of the issuers&#146; ability to meet principal and interest payments; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">general industry trends; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the issuers&#146; managerial strength; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">analysis of deal structure and covenants; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">changing financial conditions; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">borrowing requirements or debt maturity schedules; and </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the issuers&#146; responsiveness to changes in business conditions and interest rates. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">BlackRock will consider relative values among issuers based on anticipated cash flow, interest or dividend coverage, asset coverage and
earnings prospects. Using these tools, BlackRock will seek to add consistent value and control performance volatility consistent with the Fund&#146;s investment objectives and policies. BlackRock believes this strategy should enhance the Fund&#146;s
ability to achieve its investment objective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">BlackRock&#146;s analysis continues on an ongoing basis for any floating rate loan or debt
or other securities in which the Fund has invested. Although BlackRock uses due care in making such analysis, there can be no assurance that such analysis will reveal factors that may impair the value of the floating rate loan or debt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><U>Fundamental Investment Restrictions</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The following investment restrictions are considered fundamental by the Fund, which means that they may not be changed without the approval of
the holders of a majority of the Fund&#146;s outstanding shares of common stock (which for this purpose and under the 1940 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) more than 50% of the outstanding shares of common stock ). Under the fundamental investment restrictions, the Fund may not: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">make any investment inconsistent with the Fund&#146;s classification as a diversified company under the 1940 Act; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">make investments for the purpose of exercising control or management; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">purchase or sell real estate, commodities or commodity contracts, except that, to the extent </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" ALIGN="center">I-18 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
permitted by applicable law, the Fund may invest in securities directly or indirectly secured by real estate or interests therein or issued by entities that invest in real estate or interests
therein, and the Fund may purchase and sell financial futures contracts and options thereon; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">issue senior securities or borrow money except as permitted by Section 18 of the 1940 Act or otherwise as permitted by applicable law; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act in selling portfolio securities; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top">make loans to other persons, except (i) to the extent that the Fund may be deemed to be making loans by purchasing senior loans, as a Co-Lender (described in Part II) or otherwise, or other debt securities or enters
into repurchase agreements or any similar instruments and (ii) 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 in this Prospectus; and </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top">invest more than 25% of its total assets (taken at market value at the time of each investment) 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. For purposes of this restriction, the term &#147;issuer&#148; includes both a borrower and any lender selling a participation interest (as described under
&#147;Item 8&#151;Portfolio Contents and Techniques&#151;Senior Loans&#148; in Part II) to the Fund together with any other person interpositioned between the lender selling such participation interest and the Fund with respect to such participation
interest. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; 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 1940 Act or by exemption from the provisions therefrom pursuant to exemptive order of the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><U>Non-Fundamental Investment Restrictions:</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">Any policies of the Fund not described as fundamental in this Prospectus may be changed by its Board without stockholder
approval.&nbsp;Additional investment restrictions adopted by the Fund, which may be changed by the Board without stockholder approval, provide that the Fund may not: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">purchase securities of other investment companies, except to the extent that such purchases are permitted by applicable law; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">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) above or except as may be necessary in connection with transactions described under &#147;Other Investment Policies&#148; above; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">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); or </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">change its policy of investing, under normal circumstances, at least 80% of its Managed Assets in floating rate debt securities, unless the Fund provides its stockholders with at least 60 days&#146; prior written
notice. </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" ALIGN="center">I-19 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><U>Percentage and Rating Limitations:</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">All percentage and ratings limitations on securities in which the Fund may invest apply at the time of making an investment and shall not be
considered violated if an investment rating is subsequently downgraded to a rating that would have precluded the Fund&#146;s initial investment in such security.&nbsp;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; margin-left:7%; font-size:10pt; font-family:Times New Roman">All
references to securities ratings by Moody&#146;s and S&amp;P herein shall, unless otherwise indicated, include all securities within each such rating category (i.e., Ba1, Ba2 and Ba3 in the case of Moody&#146;s and BB+, BB and BB&#150; 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; margin-left:7%; font-size:10pt; font-family:Times New Roman"><U>Subsidiary:</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The Fund
wholly owns FRA Subsidiary, LLC, a Delaware-domiciled entity (the &#147;Subsidiary&#148;).&nbsp;The Subsidiary enables the Fund to hold investments that are organized as an operating partnership and satisfy regulated investment company
(&#147;RIC&#148;) tax requirements.&nbsp;Income earned and gains realized on the investments held by the Subsidiary are taxable to the Subsidiary.&nbsp;The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary&#146;s assets
are managed by the Investment Advisor and are subject to the same investment policies and restrictions that apply to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The
Subsidiary is organized as a Delaware limited liability company and taxed as a corporation for Federal income tax purposes. The Subsidiary&#146;s limited liability company agreement provides that the business and affairs of the Subsidiary shall be
managed by the Investment Advisor, as the manager of the Subsidiary within the meaning of the Delaware Limited Liability Company Act, subject to the supervision of the Board. The Investment Advisor does not receive separate compensation from the
Subsidiary for providing investment management or administrative services. The Fund can remove the manager of the Subsidiary at any time. The Subsidiary does not make investments that Section 17 of the 1940 Act would prohibit the Fund or the
Subsidiary from making. State Street Bank and Trust Company serves as the Subsidiary&#146;s custodian. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><U>Common Stock Repurchase
Program:</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">On October 26, 2016, the Board approved an open market stock repurchase program that allows the Fund to purchase up to 5% of
its outstanding shares of common stock from time to time in open market transactions through November 30, 2017, subject to certain conditions. The amount and timing of any repurchases under the Fund&#146;s stock repurchase program will be determined
either at the discretion of the Fund&#146;s management or pursuant to predetermined parameters and instructions subject to market conditions. There is no assurance that the Fund will repurchase shares of common stock in any particular amount. The
stock repurchase program seeks to enhance shareholder value by purchasing the Fund&#146;s shares of common stock trading at a discount from their NAV per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><U>Additional Information:</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">Additional information regarding the foregoing securities, instruments and investment techniques are included in &#147;Portfolio Contents and
Techniques&#148; under Item 8 in Part II. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.a.</TD>
<TD ALIGN="left" VALIGN="top">The risk factors associated with an investment in the Fund are set forth in &#147;Risk Factors&#148; under Item 8 in Part II.&nbsp;Due to the nature of the Fund&#146;s investment program, the Fund is particularly
susceptible to the risks of fixed-income securities (such as interest rate risk and credit risk), high-yield and distressed securities, senior loans, asset-backed securities, leveraging, illiquid securities, foreign investing, credit and other
derivatives (such as options, credit default swaps and interest rate transactions), currency instruments and counterparty default. </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" ALIGN="center">I-20 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.b.</TD>
<TD ALIGN="left" VALIGN="top">The Fund currently utilizes leverage for investment purposes in the form of a bank credit facility.&nbsp;As of August 31, 2016, this leverage represented approximately 29% of the Fund&#146;s Managed Assets
(approximately 41% of the Fund&#146;s net assets). </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Assuming the utilization of leverage by borrowings in the amount of approximately 29% of the Fund&#146;s Managed Assets, and an annual interest rate of 1.15% payable on such leverage based on market rates as of the date
of this Prospectus, the annual return that the Fund&#146;s portfolio must experience (net of expenses) in order to cover such interest payments would be 0.33%. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The following table is designed to illustrate the effect on the return to a holder of common stock of the leverage obtained by borrowings in the amount of approximately 29% of the Fund&#146;s Managed Assets, assuming
hypothetical annual returns on the Fund&#146;s portfolio of minus 10% to plus 10%.&nbsp;As the table shows, leverage generally increases the return to stockholders when portfolio return is positive and greater than the cost of leverage and decreases
the return when portfolio return is negative or less than the cost of leverage.&nbsp;The figures appearing in the table are hypothetical and actual returns may be greater or less than those appearing in the table. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="86%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Assumed Portfolio Return (net of expenses)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">(10)%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">(5)%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">5%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">10%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Corresponding Common Stock Return</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">(14.56)%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">(7.51)%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">(0.47)%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">6.57%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">13.62%</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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) and gains or losses on the value of
the securities the Fund owns.&nbsp;As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than to enjoy capital appreciation.&nbsp;For example, to assume a total return of 0% the Fund must assume that the
interest it receives on its securities investments is entirely offset by losses in the value of those securities. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Additional information regarding the risks of the Fund&#146;s use of leverage is contained under &#147;Item 8&#151;Leverage&#148; in Part II. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">See Item 8.2, above, and Item 8 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">The following tables set forth the high and low market prices for shares of common stock of the Fund on the NYSE, for each full quarterly period within the Fund&#146;s two most recent fiscal years and each full quarter
since the beginning of the Fund&#146;s current fiscal year, along with the NAV and discount or premium to NAV for each quotation. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="93%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Market Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net&nbsp;Asset&nbsp;Value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Premium/(Discount)&nbsp;to&nbsp;Net<BR>Asset Value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Period Ended</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">November 30, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 14.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 13.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 14.89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 14.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.84</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9.35</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 13.70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 12.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 14.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 14.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7.31</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10.53</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">May 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 13.37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 12.37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 14.64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 14.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8.67</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11.77</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 29, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 12.95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 12.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 14.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 13.92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9.50</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13.79</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">November 30, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12.64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11.86</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12.89</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 31, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13.82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12.67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15.22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9.20</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14.91</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">May 31, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7.34</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9.91</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 28, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;13.89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;13.07</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;15.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;14.69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8.20</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11.03</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">November 30, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14.94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6.96</TD>
<TD NOWRAP VALIGN="bottom">)%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11.04</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 31, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.48</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7.89</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
</TABLE></DIV>
 <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">I-21 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">As of December 19, 2016, the NAV per common share of the Fund was $15.05 and the market price per
common share was $14.26, representing a discount to NAV of 5.25%. Common stock of the Fund has historically traded at both a premium and discount to NAV. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">See &#147;Repurchase of Common Stock &#148; under Item 8 in Part II for additional information. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 9. Management </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">BlackRock Advisors, LLC acts as the investment adviser for the Fund.&nbsp;Pursuant to an investment management agreement between the Investment Advisor and the Fund (the &#147;Investment Management Agreement&#148;), the
Fund pays the Investment Advisor a monthly fee at an annual rate of 0.75% of the Fund&#146;s average daily Managed Assets (1.01% of the Fund&#146;s net assets, assuming leverage of approximately 29% of the Fund&#146;s Managed Assets).&nbsp;Because
the management fee is calculated on the basis of Managed Assets, which includes assets attributable to leverage, the fee paid to the Investment Advisor will be higher than if the Fund did not use leverage. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">A discussion regarding the basis for the approval of the Investment Management Agreement by the Board is available in the Fund&#146;s Annual
Report to shareholders for the fiscal year ended August 31, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">The Fund is managed by a team of investment professionals comprised of
C. Adrian Marshall, Director at BlackRock and Joshua Tarnow, Managing Director at BlackRock.&nbsp;Each is jointly responsible for the day-to-day management of the registrant&#146;s portfolio, which includes setting the registrant&#146;s overall
investment strategy, overseeing the management of the registrant and/or selection of its investments. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="56%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"><B>Portfolio Manager</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Since</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Title and Recent Biography</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <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. Adrian Marshall</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">2009</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Director of BlackRock, Inc. (also referred to as &#147;BlackRock&#148;) since 2007; Vice President of
BlackRock from 2004 to 2007.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Josh Tarnow</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Managing Director of BlackRock, Inc. since 2009; Senior Partner at R3 Capital Partners from 2008 to 2009; Managing Director at Lehman Brothers from 2006 to 2008.</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">Additional information regarding the Board, the Investment Advisor and the portfolio managers, including
the portfolio managers&#146; compensation, other accounts managed and ownership of Fund securities, is included under Item 21, below, and under Item 9, Item 18 and Item 21 in Part II. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">State Street Bank and Trust Company provides certain administration and accounting services to the Fund pursuant to an Administrative Services
Agreement (the &#147;Administration Agreement&#148;).&nbsp;State Street Bank and Trust Company is paid a monthly fee at an annual rate ranging from 0.0075% to 0.015% of the Fund&#146;s Managed Assets, along with an annual fixed fee ranging from $0
to $10,000 for the services it provides to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">Certain legal matters will be passed upon by Miles &amp; Stockbridge P.C., which
serves as special Maryland counsel to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">See &#147;Other Service Providers&#148; under Item 9 in Part II for additional
information about State Street Bank and Trust Company, the Fund&#146;s other service providers and other matters relevant to the Fund&#146;s management. </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">I-22 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 10. Capital Stock, Long-Term Debt and Other Securities </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The Fund is authorized to issue 200,000,000 shares of capital stock, par value $0.10 per share, all of which shares currently are classified as common stock.&nbsp;The Fund intends to make regular monthly cash
distributions of all or a portion of its net investment income to holders of the Fund&#146;s shares of common stock.&nbsp;The Fund reserves the right to change its distribution policy and the basis for establishing the rate of its monthly
distributions at any time and may do so without prior notice to common shareholders.&nbsp;For additional information about the Fund&#146;s common stock, see Item 10 in Part II. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">The Fund is party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the &#147;SSB
Agreement&#148;) with State Street Bank and Trust Company (&#147;SSB&#148;).&nbsp;The SSB Agreement allows for a maximum commitment amount of $274,000,000 for the Fund.&nbsp;At August 31, 2016, the Fund had drawn $190,486,339 on the SSB credit
facility.&nbsp;For the fiscal year ended August 31, 2016, the Fund&#146;s weighted daily average interest rate under the SSB Agreement was 1.15%.&nbsp;See &#147;Item 10&#151;Credit Facility&#148; in Part II for additional information regarding the
SSB Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">The Fund does not have any preferred stock outstanding. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">See Item 10.1, above, and Item 10 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">See Item 10.1, above, and Item 10 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">See &#147;Tax Matters&#148; under Item 10 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">Outstanding Securities, as of&nbsp;October 31, 2016: </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Title of Class</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount&nbsp;Held&nbsp;by&nbsp;Fund&nbsp;for&nbsp;its<BR>Account</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount Outstanding<BR>&nbsp;&nbsp;(Exclusive&nbsp;of&nbsp;Amount&nbsp;Held&nbsp;by&nbsp;&nbsp;<BR>Fund for its Account)</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Common&nbsp;Stock,&nbsp;par&nbsp;value&nbsp;$0.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">200,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">37,232,488</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 11. Defaults and Arrears on Senior Securities </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 12. Legal Proceedings </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 13. Table of Contents of SAI </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not
applicable </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">I-23 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 14. Cover Page </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 15. Table of Contents </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 16. General Information and History
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 17. Investment Objective and
Policies </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">See Item 8.2 and Item 8.3, above, and Item 8 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">See Item 8.2 and Item 8.3, above, and Item 8 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">See Item 8.2 and Item 8.3, above, and Item 8 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 18.&nbsp;Management </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">During the Fund&#146;s fiscal year ended August 31, 2016, the Board and the Board&#146;s committees held the following meetings: </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman"><B>Board or Committee</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of&nbsp;Meetings</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Board (Regular Meetings)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">5</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Board (Special Meetings)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Audit Committee</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">12</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Governance and Nominating Committee</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">4</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Compliance Committee</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">4</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Performance Oversight Committee</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">4</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Executive Committee</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">See Item 18 in Part II. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top">The Board of the Fund currently consists of 11 individuals, nine of whom are not &#147;interested persons&#148; of </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" ALIGN="center">I-24 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
the Fund as defined in the 1940 Act (the &#147;Independent Directors&#148;).&nbsp;The registered investment companies advised by the Investment Advisor or its affiliates (the
&#147;BlackRock-Advised Funds&#148;) are organized into one complex of closed-end funds (the &#147;Closed-End Complex&#148;), two complexes of open-end funds (the &#147;Equity-Liquidity Complex&#148; and the &#147;Equity-Bond Complex&#148;) and one
complex of exchange-traded funds (the &#147;Exchange-Traded Complex&#148;; each such complex a &#147;BlackRock Fund Complex&#148;).&nbsp;The Fund is included in the Closed-End Complex.&nbsp;The Directors also oversee as Board members the operations
of the other closed-end registered investment companies included in the Closed-End Complex. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">Information relating to each
Director&#146;s share ownership in the Fund and in the other funds in the Closed-End Complex that are overseen by the respective Director as of December 31, 2015 is set forth in the chart below: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="93%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Name of Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><br><B>Securities
in the Fund*</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity&nbsp;Securities&nbsp;and<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Share Equivalents Overseen by Directors in the<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Family of Registered Investment Companies*</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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"><B>Independent Directors</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Michael J. Castellano</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">over $100,000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Richard E. Cavanagh</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$1&nbsp;-&nbsp;$10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">over $100,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">$0</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$1&nbsp;-&nbsp;$10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">over $100,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Jerrold B. Harris</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$1&nbsp;-&nbsp;$10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">over $100,000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">over $100,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$1&nbsp;-&nbsp;$10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">over $100,000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">$0</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Karen P. Robards</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">over $100,000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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"><B>Interested Directors</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">$10,001&nbsp;-&nbsp;$50,000</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">over $100,000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Barbara G. Novick</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">over $100,000</TD></TR>
</TABLE></DIV>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U> </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>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Ms. Egan became an Independent Director on April 1, 2016. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Ms. Lynch became an Independent Director on March 1, 2016. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">The term &#147;Family of Registered Investment Companies&#148; refers to all registered investment companies advised by the Investment Advisor or an affiliate thereof. Includes share equivalents owned under the deferred
compensation plan in the funds in the Family of Registered Investment Companies by certain Independent Directors who have participated in the deferred compensation plan of the funds in the Family of Registered Investment Companies.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top">The following table sets forth the aggregate compensation, including deferred compensation amounts, paid to each Independent Director by the Fund during its most recently completed fiscal year and by the Closed-End
Complex for the most recently completed calendar year.&nbsp;Mr. Perlowski and Ms. Novick serve without compensation from the Fund because of their affiliation with BlackRock and the Investment Advisor. See Item 18 in Part II for additional
information regarding director compensation. </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" ALIGN="center">I-25 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="32%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="32%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation&nbsp;from&nbsp;the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>Fund</B><br><B>(Most Recently
Completed<BR>Fiscal Year)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate&nbsp;Compensation&nbsp;from&nbsp;the&nbsp;Fund&nbsp;and&nbsp;other&nbsp;BlackRock-<BR>Advised Funds in the Closed-End Complex(3)</B><br><B>(Most Recently
Completed Calendar Year)</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <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>Independent&nbsp;Directors</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Michael J. Castellano</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$5,172</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$289,583<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Richard E. Cavanagh</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$7,335</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$423,125<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$1,999</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$5,896</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$338,750<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Jerrold B. Harris</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$5,631</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$289,125<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$5,214</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$281,875<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$5,396</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$314,583<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$2,547</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Karen P. Robards</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$7,149</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$402,083<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;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>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </TD></TR></TABLE>
<P STYLE="font-size:4pt;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>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Ms. Egan became an Independent Director on April 1, 2016. As of December 31, 2015, Ms. Egan did not participate in the deferred compensation plan. </TD></TR></TABLE>
<P STYLE="font-size:12pt;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>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Ms. Lynch became an Independent Director on March 1, 2016. As of December 31, 2015, Ms. Lynch did not participate in the deferred compensation plan. </TD></TR></TABLE>
<P STYLE="font-size:12pt;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>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Represents the aggregate compensation earned by such persons from the Closed-End Complex during the calendar year ended December 31, 2015. Of this amount, Mr. Castellano, Mr. Cavanagh, Dr. Fabozzi, Mr. Harris, Dr.
Hubbard, Dr. Kester, and Ms. Robards deferred $85,125, $77,375, $15,313, $143,438, $136,563, $80,000, and $36,625 respectively, pursuant to the Closed-End Complex&#146;s deferred compensation plan. </TD></TR></TABLE>
<P STYLE="font-size:12pt;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>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">Total amount of deferred compensation payable by the Closed-End Complex to Mr. Castellano, Mr. Cavanagh, Dr. Fabozzi, Mr. Harris, Dr.&nbsp;Hubbard, Dr. Kester, and Ms. Robards is $386,304, $806,302, $625,512,
$1,308,426, $1,356,666, $758,272, and $606,536 respectively, as of December 31, 2015. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">17.</TD>
<TD ALIGN="left" VALIGN="top">See Item 18 in Part II. </TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 19. Control Persons and Principal Holders of Securities </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Unless otherwise indicated, the information set forth below is as of November 8,&nbsp;2016. To the Fund&#146;s knowledge, no person beneficially owned more than 5% of the Fund&#146;s outstanding shares of common stock,
except as set forth below: </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Investor</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Address</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Common&nbsp;Stock&nbsp;Held&#134;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Common&nbsp;Stock&nbsp;%&nbsp;Held<FONT STYLE="font-size:6.5pt">&#134;</FONT></B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" 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">First&nbsp;Trust&nbsp;Portfolios&nbsp;L.P.(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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">120 East Liberty Drive,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Suite 400</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">Wheaton, Illinois 60187</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2,459,129</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">6.60%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" 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">First Trust Advisors L.P.(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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">120 East Liberty Drive,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Suite 400</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">Wheaton, Illinois 60187</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">&#150;</TD></TR>
</TABLE></DIV>
 <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">I-26 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <DIV ALIGN="right">
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<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Investor</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Address</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock
Held<FONT STYLE="font-size:9.5pt">&#134;</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock %
Held<FONT STYLE="font-size:6.5pt">&#134;</FONT></B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">The Charger Corporation(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">120&nbsp;East&nbsp;Liberty&nbsp;Drive,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Suite 400</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">Wheaton,&nbsp;Illinois&nbsp;60187</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#150;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:39%">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="98%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-size:6.5pt">&#134;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information contained
in this table is based on Schedule 13D/13G filings made on or before&nbsp;November 8,&nbsp;2016.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">(1)&nbsp;&nbsp;First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation
filed their Schedule 13G jointly and did &nbsp;not differentiate holdings as to each entity.</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">See Item 19 in Part II. </TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 20. Investment Advisory and Other Services </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The table below sets forth information about the total advisory fees, net of any applicable fee waiver, paid by the Fund to the Investment Advisor for the last three fiscal years. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:101.90pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Year Ended August 31, </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:20.00pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:20.00pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2015</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:20.00pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2014</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">$5,474,548<SUP STYLE="font-size:85%; vertical-align:top">(1)(2)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$5,881,813<SUP STYLE="font-size:85%; vertical-align:top">(1)(2)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$5,891,781 <SUP STYLE="font-size:85%; vertical-align:top">(1)(2)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:6pt;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></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.50em; font-size:8pt; font-family:Times New Roman">(1)&nbsp;&nbsp;The Investment Advisor has historically voluntarily agreed to waive its
investment advisory fees by the amount of investment advisory fees the Fund pays to the Investment Advisor indirectly through its investment in affiliated money market funds, but generally did not waive its investment advisory fees by the amount of
investment advisory fees paid in connection with the Fund&#146;s investment in other affiliated investment companies, if any until September 2016. Pursuant to these arrangements, the figures in the table above reflect waivers by the Investment
Advisor of its fees in the amounts of $568, $519 and $1,253 for the years ended August 31, 2016, August 31, 2015 and August 31, 2014, respectively.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.50em; font-size:8pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;2, 2016, the Fund and the Investment
Advisor entered into the Fee Waiver Agreement, pursuant to which the Investment Adviser has contractually agreed, effective December&nbsp;2, 2016, to waive the management fee with respect to any portion of the Fund&#146;s assets estimated to be
attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Investment Advisor or its affiliates. The Fee Waiver Agreement is in effect for an initial term ending December&nbsp;31, 2017 and may be
continued from year to year thereafter, provided that such continuance is specifically approved by the Investment Advisor and the Fund (including by a majority of the Fund&#146;s Independent Directors). Neither the Investment 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 of the Fund or a majority of the
outstanding voting securities of the Fund), upon 90 days&#146; written notice by the Fund to the Investment Advisor.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.50em; font-size:8pt; font-family:Times New Roman">(2)&nbsp;&nbsp;The Investment Advisor provides investment management and other services to the
Subsidiary. The Investment Advisor does not receive separate compensation from the Subsidiary for providing investment management or administrative services.&nbsp;However, the Fund pays the Investment Advisor based on the Fund&#146;s net assets
which includes the assets of the Subsidiary.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">BlackRock Financial Management, Inc., the Investment Advisor&#146;s affiliate, served as the sub-adviser for
the Fund until July 1, 2014 when the sub-advisory agreement between the Investment Advisor and BlackRock Financial Management, Inc. expired. For the last three fiscal years, the Investment Advisor did not pay any sub-advisory fees to BlackRock
Financial Management, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">See Item 9.1, above, and Item 9 and Item 20 in Part II for additional information regarding the Investment
Advisor. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">See Item 9.1, above, and Item 9 and Item 20 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">State Street Bank and Trust Company provides certain administration and accounting services to the Fund pursuant to the Administration Agreement.&nbsp;The table below shows the amounts paid by the Fund to State Street
Bank and Trust Company for such services for the past three fiscal years: </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:99.40pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Year&nbsp;Ended&nbsp;August&nbsp;31,</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:20.00pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:20.00pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2015</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:20.00pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2014</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">$95,793</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$105,218</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$105,222</TD></TR>
</TABLE></DIV>
 <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">I-27 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">See Item 9.1, above, and Item 9 in Part II for additional information regarding the Administration Agreement. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top">See Item 9 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top">See Item 9 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 21: Portfolio Managers </B></P>
<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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The following table sets forth information about funds and accounts other than the Fund for which the portfolio managers are primarily responsible for the day-to-day portfolio management as of August 31, 2016:
</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="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Other&nbsp;Accounts&nbsp;Managed</B><br><B>and Assets by Account Type</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Other&nbsp;Accounts&nbsp;and&nbsp;Assets&nbsp;for&nbsp;Which&nbsp;Advisory</B><br><B>Fee&nbsp;is&nbsp;Performance-Based</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Name of&nbsp;Portfolio</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:60.80pt; font-size:8pt; font-family:Times New Roman"><B>Manager</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other&nbsp;Registered</B><br><B>Investment</B><br><B>Companies</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other&nbsp;Pooled</B><br><B>Investment</B><br><B>Vehicles</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other</B><br><B>Accounts</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other&nbsp;Registered</B><br><B>Investment</B><br><B>Companies</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other&nbsp;Pooled</B><br><B>Investment</B><br><B>Vehicles</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other</B><br><B>Accounts</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Joshua Tarnow</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$8.21&nbsp;Billion</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$490.4&nbsp;Million</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$628.7&nbsp;Million</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$251.9&nbsp;Million</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">C. Adrian Marshall</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">20</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$5.04&nbsp;Billion</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$6.70 Billion</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$4.01 Billion</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.20&nbsp;Million</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Conflicts of Interest</U>:&nbsp;Messrs. Marshall and Tarnow may be managing certain hedge fund and/or long only accounts, or may be part of a team managing certain hedge fund and/or long only accounts, subject to
incentive fees. Messrs. Marshall and Tarnow may therefore be entitled to receive a portion of any incentive fees earned on such accounts.&nbsp;See &#147;Portfolio Managers &#151; Potential Material Conflicts of Interest&#148; under Item 21 in Part
II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">See Item 21 in Part II for a general overview and description of the structure of, and the method used to determine, the compensation of the portfolio managers. 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 BlackRock.&nbsp;The following sets forth how various components of this compensation
structure apply specifically to these portfolio managers as of August 31, 2016. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Discretionary Incentive Compensation</U>.&nbsp;Among other things, BlackRock&#146;s Chief Investment Officers make a subjective determination with respect to each portfolio manager&#146;s compensation based on the
performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5-
year periods, as applicable.&nbsp;With respect to these portfolio managers, such benchmarks for the Fund and other accounts are a combination of market-based indices (e.g., S&amp;P Leveraged All Loan Index), certain customized indices and certain
fund industry peer groups. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Long-Term Incentive Plan Awards</U>.&nbsp;These portfolio managers have unvested long-term incentive awards. </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" ALIGN="center">I-28 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Deferred Compensation Program</U>.&nbsp;Any portfolio manager who is either a managing director or director at BlackRock (which would include these portfolio managers) is eligible to participate in the deferred
compensation program. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Incentive Savings Plan</U>.&nbsp;All of the eligible portfolio managers are eligible to participate in these plans. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">As of August 31, 2016, the portfolio managers beneficially own the following dollar ranges of equity securities in the Fund: </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">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:63.25pt; font-size:8pt; font-family:Times New Roman"><B>Portfolio Manager</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Dollar Range of Equity Securities of the Fund Beneficially Owned</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">C. Adrian Marshall</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$10,001-$50,000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">Josh Tarnow</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="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">None</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 22. Brokerage Allocation and Other Practices </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Information about the brokerage commissions paid by the Fund is set forth in the following table: </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="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="84%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>For the Fiscal Year</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:65.95pt; font-size:8pt; font-family:Times New Roman"><B>Ended</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Aggregate Brokerage Commissions Paid</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$3,279</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 31, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$3,990</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 31, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$1,995</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">See Item 22 in Part II for additional information about how the Fund effects portfolio transactions. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">The Investment Advisor may place portfolio transactions, to the extent permitted by law, with brokerage firms affiliated with the Fund and the Investment Advisor, if it reasonably believes that the quality of execution
and the commission are comparable to that available from other qualified brokerage firms. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Fund has not paid any brokerage commissions to affiliated broker-dealers during the three most recent fiscal years. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Fund paid no security lending agent fees to the security lending agent during the Fund&#146;s previous three fiscal years. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">See Item 22 in Part II. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">Not applicable. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 23. Tax Status </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">See Item 10.4, above, and &#147;Tax Matters&#148; under Item 10 in Part II. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 24. Financial Statements
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s audited financial statements for the fiscal year ended August 31,&nbsp;2016 are incorporated by reference herein to the Fund&#146;s
annual report filed on Form N-CSR on November 3, 2016. </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">I-29 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADDITIONAL INFORMATION ABOUT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 5. Plan of Distribution </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund
has entered into a Distribution Agreement (the &#147;Distribution Agreement&#148;) with BlackRock Investments, LLC, an affiliate of the Fund and the Investment Advisor located at 55 East 52nd Street, New York, NY 10055, to provide for distribution
of the Fund&#146;s common stock on a reasonable efforts basis through various specified transactions, including at-the-market offerings pursuant to Rule 415 under the Securities Act, subject to various conditions.&nbsp;The Distribution Agreement has
been filed as an exhibit to the Registration Statement of which this Prospectus is a part.&nbsp;The summary of the Distribution Agreement contained herein is qualified by reference to the Distribution Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions of the Distribution Agreement, the Fund may from time to time issue and sell its common stock through the
Distributor to certain broker-dealers which have entered into&nbsp;sub-placement agent agreements with the Distributor.&nbsp;Currently, the Distributor has entered into a sub-placement agent agreement with UBS Securities LLC, pursuant to which
the&nbsp;Sub-Placement Agent will be acting as the Distributor&#146;s sub-placement agent with respect to at-the-market offerings of the Fund&#146;s common stock. The Sub-Placement Agent Agreement has been filed as an exhibit to the Registration
Statement of which this Prospectus forms a part.&nbsp;The summary of the Sub-Placement Agent Agreement contained herein is qualified by reference to the Sub-Placement Agent Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Under the Sub-Placement Agent Agreement, upon instructions from the Distributor the Sub-Placement Agent will use its reasonable best efforts
to sell, as sub-placement agent, shares of Fund common stock under the terms and subject to the conditions set forth in the Sub-Placement Agent Agreement. The Distributor will instruct the Sub-Placement Agent as to the amount of shares of Fund
common stock authorized for sale by the Sub-Placement Agent on any particular day that is a trading day for the exchange on which the Fund&#146;s common stock is listed and primarily trades. The Distributor will also instruct the Sub-Placement Agent
not to sell shares of Fund common stock if the sales cannot be effected at or above a price designed by the Distributor, which price will at least be equal to the Minimum Price and which price, may, in the discretion of the Distributor and the Fund,
be above the Minimum Price. The Distributor and the Fund may, in their discretion, determine not to authorize sales of the Fund&#146;s common stock on a particular day even if the per share price of the shares is equal to or greater than the Minimum
Price. The Fund and the Distributor will have full discretion regarding whether sales of shares of the Fund&#146;s common stock will be authorized on a particular day and, if so, in what amounts. The Fund, the Distributor or the Sub-Placement Agent
may suspend a previously authorized offering of the Fund&#146;s common stock upon proper notice and subject to other conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The
Sub-Placement Agent will provide written confirmation to the Distributor following the close of trading on a day on which shares of Fund common stock are sold under the Sub-Placement Agent Agreement. Each confirmation will include the number of
shares sold, the net proceeds to the Fund and the compensation that the Sub-Placement Agent is owed in connection with the sales. There is no guarantee that there will be any sales of the Fund&#146;s common stock pursuant to this Prospectus. Actual
sales, if any, of the Fund&#146;s common stock may be greater or less than the most recent market price set forth in this Prospectus, depending on the market price of the Fund&#146;s common stock at the time of any such sale; provided, however, that
sales will not be made at less than the Minimum Price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Settlements of sales of common stock will occur on the third business day
following the date on which any such sales are made. </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">II-1 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In connection with the sale of common stock on behalf of the Fund, the Distributor may be deemed
to be an underwriter within the meaning of the Securities Act, and the compensation of the Distributor may be deemed to be underwriting commissions or discounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The offering of the Fund&#146;s common stock pursuant to the Distribution Agreement will terminate upon the earlier of (i) the sale of all
shares of common stock subject thereto or (ii) termination of the Distribution Agreement. The Fund and the Distributor each have the right to terminate the Distribution Agreement in its discretion upon advance notice to the other party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Sub-Placement Agent, its affiliates and their respective employees hold or may hold in the future, directly or indirectly, investment
interests in BlackRock, the parent company of the Distributor, and funds advised by the Investment Advisor and its affiliates.&nbsp;The interests held by employees of the Sub-Placement Agent or its affiliates are not attributable to, and no
investment discretion is held by, the Sub-Placement Agent or its affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund has agreed to indemnify the Distributor and hold
the Distributor harmless against certain liabilities, including certain liabilities under the Securities Act, except for any liability to the Fund or its investors to which the Distributor would otherwise be subject by reason of willful misfeasance,
bad faith or gross negligence in the performance of its duties or by its reckless disregard of its obligations and duties under its agreement with the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Additional information regarding the plan of distribution is set forth under Item 5 in Part I. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 8.&nbsp;Description of the Fund </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Portfolio Contents and Techniques</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may invest in the following instruments and use the following investment techniques, subject to any limitations set forth in Part I.
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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Corporate Bonds</I>.&nbsp;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&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>High Yield Securities (&#147;Junk
Bonds&#148;)</I>. 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&#146;s or BB or below by S&amp;P, or securities comparably rated by other rating agencies
or in unrated securities determined by the Investment Advisor to be of comparable quality. Such securities, sometimes referred to as &#147;high yield&#148; or &#147;junk&#148; 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.&nbsp;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.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 </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">II-2 </P>
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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&#146;s NAV. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The ratings of Moody&#146;s, S&amp;P 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 Investment Advisor 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&#146;s ability to achieve its investment objective will be more dependent on the
Investment Advisor&#146;s credit analysis than would be the case when the Fund invests in rated securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Distressed and Defaulted
Securities</I>.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Senior Loans</I>.&nbsp;The senior loans in which the Fund invests may consist of direct obligations of a borrower
undertaken to finance the growth of the borrower&#146;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 buy-out 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&#146;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&#146;s receivables, senior loans designed to provide &#147;bridge&#148; 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 Investment Advisor, consistent with investments in senior loan obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 Investment Advisor expects the average life of the senior loans
in which the Fund invests to be shorter than the stated maturity. </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">II-3 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 Investment Advisor, in the category of senior debt. A
senior position in the borrower&#146;s capital structure generally gives the holder of the senior loan a claim on some or all of the borrower&#146;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&#146;s investment in the senior loan. Under certain circumstances, the collateral may be released with the consent of the Agent
Bank and Co-Lenders (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&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In the case of highly leveraged senior loans, a borrower is often required to pledge collateral that may include (i)
working capital assets, such as accounts receivable and inventory, (ii) tangible fixed assets, such as real property, buildings and equipment, (iii) intangible assets, such as trademarks, copyrights and patent rights and/or (iv) 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 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&#146; owners may provide additional credit support in the form of guarantees and/or pledges of other securities that they own. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In the case of project finance loans, the borrower is generally a special purpose entity that pledges undeveloped land and other non-income
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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 (&#147;Prime Rate&#148;) of a designated U.S. bank, London Interbank Offered Rate (&#147;LIBOR&#148;), the Certificate of Deposit (&#147;CD&#148;) 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 CD-based 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&#146;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&#146;s NAV, and potentially the market price of the Fund&#146;s shares of common stock, as a result of
changes in interest rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 </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">II-4 </P>
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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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In making an investment in a senior loan, the Investment Advisor will consider
factors deemed by it to be appropriate to the analysis of the borrower and the senior loan. The Investment Advisor performs its own independent credit analysis of the borrower in addition to utilizing information prepared and supplied by the Agent
Bank, Co-Lender 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&#146;s capital structure and any security through collateral), financial ratios of the borrower such as pre-tax 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 Investment Advisor also will be influenced by the nature of the industry in which the borrower is engaged, the nature of the borrower&#146;s assets and the Investment Advisor&#146;s assessments of the general quality
of the borrower. The Investment Advisor&#146;s analysis continues on an ongoing basis for any senior loans in which the Fund has invested. Although the Investment Advisor uses 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 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 Investment Advisor does not view ratings as the determinative factor
in its investment decisions and relies more upon its credit analysis abilities than upon ratings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund has no policy with regard to
minimum ratings for senior loans in which it may invest.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;s NAV.&nbsp;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&#146;s yield may be lower. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;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&#146;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&#146;s NAV. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;s portfolio which may arise as a result of prepayments and the
reinvestment of such proceeds in senior loans bearing lower interest rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A senior loan in which the Fund may invest typically is
originated, negotiated and structured by a syndicate of lenders (&#147;Co-Lenders&#148;) 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 &#147;Agent Bank&#148;). Co-Lenders may sell senior loans to third parties (&#147;Participants&#148;). The Fund invests in a
senior loan either by participating in the primary distribution as a Co-Lender 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 Co-Lender or a Participant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may invest in a senior loan at origination as a Co-Lender or by acquiring an assignment or participation interest in the secondary
market from a Co-Lender 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 Co-Lender. 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 Co-Lender or Participant in a senior loan by means of a participation agreement. A participation is similar to an assignment in that the Co-Lender 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 Co-Lender or Participant that sold the
participation not only for the enforcement of the Fund&#146;s rights against the borrower but also for the receipt and processing of payments due to the Fund under the senior loans. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Because it may be necessary to assert through a Co-Lender 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 Co-Lender or Participant that sold the participation (rather than of the borrower), so that the Fund may also be subject to the risk
that the Co-Lender 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, Co-Lender or Participant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 Co-Lender 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;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 Co-Lender or Participant that sold the Fund a participation interest, similar risks may arise, as described above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may obtain exposure to senior loans through the use of derivative instruments, which have recently become increasingly available. The
Investment Advisor 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 (&#147;SAMI&#148;), 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Second Lien Loans</I>.&nbsp;The Fund may invest in second lien or other subordinated or unsecured floating rate and fixed rate loans or
debt.&nbsp;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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Mezzanine Loans</I>.&nbsp;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&#146;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 &#147;put&#148; 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Debtor-In-Possession Financings</I>.&nbsp;The Fund may invest in &#147;debtor-in-possession&#148; or &#147;DIP&#148; financings newly
issued in connection with &#147;special situation&#148; restructuring and refinancing transactions. DIP financings are loans to a debtor-in-possession 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&#146;s otherwise unencumbered assets or secured
by a junior lien on the debtor&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Mortgage Related Securities</I>.&nbsp;Mortgage-backed securities (&#147;MBS&#148;) include structured debt obligations collateralized by
pools of commercial (&#147;CMBS&#148;) or residential (&#147;RMBS&#148;) 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 (&#147;CMOs&#148;), stripped MBS, mortgage pass-through securities and interests in Real Estate Mortgage Investment Conduits
(&#147;REMICs&#148;). 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 sub-prime mortgages or MBS that are backed by sub-prime mortgages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 B-Note, if any,
then by the &#147;first loss&#148; subordinated security holder (generally, the &#147;B-Piece&#148; 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 B-Notes, 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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Mortgage Pass-Through Securities</U>.&nbsp;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 &#147;pass through&#148; 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 (&#147;GNMA&#148;)) are described as &#147;modified <FONT STYLE="white-space:nowrap">pass-through.&#148;</FONT> 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>RMBS</U>.&nbsp;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 (one- 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. Non-agency 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 a general economic downturn, acts of God,
terrorism, social unrest and civil disturbances, may impair a borrower&#146;s ability to repay its loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Agency RMBS</U>.&nbsp;The
principal U.S. governmental guarantor of mortgage related securities is GNMA, which is a wholly owned U.S. government corporation.&nbsp;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 (the
&#147;FHA&#148;) or guaranteed by the Department of Veterans Affairs (the &#147;VA&#148;).&nbsp;MBS issued by GNMA include GNMA Mortgage <FONT STYLE="white-space:nowrap">Pass-Through</FONT> Certificates (also known as &#147;Ginnie Maes&#148;) 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Government-related guarantors (i.e., not backed by the full faith and credit of the U.S.
government ) include the Federal National Mortgage Association (&#147;FNMA&#148;) and the Federal Home Loan Mortgage Corporation (&#147;FHLMC&#148;). 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 &#147;Fannie Maes&#148;) 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.&nbsp;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 &#147;Freddie Macs&#148; or &#147;PCs&#148;), 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In 2008, the
Federal Housing Finance Agency (&#147;FHFA&#148;) 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 billion of each of FNMA and FHLMC to maintain a positive net worth in each </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
enterprise. This agreement contains various covenants that severely limit each enterprise&#146;s operations. In exchange for entering into these agreements, the U.S. Treasury received $1 billion
of each enterprise&#146;s senior preferred stock and warrants to purchase 79.9% of each enterprise&#146;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 billion. The U.S. Treasury&#146;s obligations under the Senior Preferred Stock Program are for an indefinite period of time for a maximum amount of $200 billion per enterprise. In December 2009, the U.S. Treasury announced further
amendments to the Senior Preferred Stock Purchase Agreements which included additional financial support to certain governmentally supported entities, including the Federal Home Loan Banks (&#147;FHLBs&#148;), 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Under the Federal Housing Finance Regulatory Reform
Act of 2008 (the &#147;Reform Act&#148;), 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&#146;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&#146;s or FHLMC&#146;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&#146;s or FHLMC&#146;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&nbsp;MBS holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A 2011 report to Congress from the Treasury Department and the Department of Housing and Urban Development set forth a plan to reform
America&#146;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) a privatized system of housing finance that limits government insurance to very limited groups of creditworthy <FONT STYLE="white-space:nowrap">low-</FONT> and moderate-income borrowers; (ii) 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) 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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Non-Agency RMBS</U>.&nbsp;Non-agency RMBS are issued by commercial banks, savings and loan
institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers. Timely payment of principal and interest on RMBS backed by pools created by non-governmental 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&#146;s shares. RMBS issued by non-governmental 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>CMBS</U>.&nbsp;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 (&#147;Subordinated CMBS&#148;) 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 &#147;B-Pieces.&#148; 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>CMOs</U>. 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) GNMA, FNMA or FHLMC pass-through certificates, (ii) unsecuritized mortgage loans insured by the FHA or guaranteed by the VA, (iii)
unsecuritized conventional mortgages, (iv) other MBS or (v) any combination thereof. Each class of a CMO, often referred to as a &#147;tranche,&#148; 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 (&#147;inverse floaters&#148;) 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&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Stripped MBS</U>. 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 </P>
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security&#146;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 &#147;IO&#148;), and all of the principal is distributed to holders of another type of security, known as a
principal-only security (or &#147;PO&#148;). 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Adjustable Rate Mortgage
Securities</U>.&nbsp;Adjustable rate mortgages (&#147;ARMs&#148;) have interest rates that reset at periodic intervals. Acquiring ARMs permits the Fund to participate in increases in prevailing current interest rates 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Sub-Prime
Mortgages</U>. Sub-prime mortgages are mortgages rated below &#147;A&#148; by S&amp;P or Moody&#146;s. Historically, sub-prime mortgage loans have been made to borrowers with blemished (or non-existent) 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. Sub-prime mortgages are subject to both state and federal anti-predatory lending statutes that carry potential liability to
secondary market purchasers such as the Fund. Sub-prime 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Mortgage Related ABS</U>. Asset-backed securities (&#147;ABS&#148;) 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.&nbsp;Home equity loan ABS are subject to many of the same risks as RMBS,
including interest rate risk and prepayment risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Mortgage REITs</U>. A real estate investment trust (&#147;REIT&#148;) 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 &#147;Code&#148;). 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. 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.&nbsp;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 1940 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Mortgage Related Derivative Instruments</U>.&nbsp;The Fund may invest in MBS credit default swaps.&nbsp;MBS credit default swaps include
swaps the reference obligation for which is an MBS or related index, such as the CMBX </P>
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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
sub-prime MBS). The Fund may engage in other derivative transactions related to MBS, including purchasing and selling exchange-listed and over-the-counter put and call options, futures and forwards on mortgages and MBS.&nbsp;The Fund may invest in
newly developed mortgage related derivatives that may hereafter become available. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Net Interest Margin (NIM) Securities</U>.&nbsp;The
Fund may invest in net interest margin (&#147;NIM&#148;) securities. These securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM securities receive any &#147;excess&#148; 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 MBS, 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.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Tiered Index Bonds</U>.&nbsp;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 &#147;strike&#148; rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate
rises above the &#147;strike&#148; 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>TBA Commitments</U>.&nbsp;The Fund may enter into &#147;to be announced&#148; or &#147;TBA&#148; commitments. TBA commitments are forward
agreements for the purchase or sale of securities, including MBS, 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Other Mortgage Related Securities</U>. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Asset-Backed Securities</I>.&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Collateralized Debt Obligations</I>.&nbsp;The Fund may invest in collateralized debt obligations (&#147;CDOs&#148;), which include
collateralized bond obligations (&#147;CBOs&#148;), collateralized loan obligations (&#147;CLOs&#148;) and other similarly structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a fund or other special
purpose entity (&#147;SPE&#148;) 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 non-U.S. 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 </P>
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collateral. Certain CDO issuers may use derivatives contracts to create &#147;synthetic&#148; 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 &#147;equity&#148; 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Delayed Funding Loans and Revolving Credit Facilities</I>.&nbsp;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&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Zero-Coupon Bonds, Step-Ups and Pay-In-Kind
Securities</I>. Zero-coupon bonds pay interest only at maturity rather than at intervals during the life of the security. Like zero-coupon bonds, &#147;step up&#148; 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. Pay-in-kind securities (&#147;PIKs&#148;) are debt obligations that pay &#147;interest&#148; 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, step-ups 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>U.S. Government Debt Securities</I>. 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.&nbsp;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., &#147;STRIPS&#148;), all of which are backed by the full faith and credit of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Municipal
Securities</I>.&nbsp;The Fund may invest in municipal securities. Municipal securities are either general obligation bonds or revenue bonds and 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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>General Obligation Bonds</U>. General obligation bonds are secured by the issuer&#146;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&#146;s creditworthiness will depend
on many factors, including potential erosion of its tax base due to population declines, natural disasters, declines in the state&#146;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&#146;s or
entity&#146;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&#146;s maintenance of its tax base. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Revenue Bonds</U>. 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 low-income, 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 non-recourse 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.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Moral Obligation Bonds</U>.&nbsp;The Fund also may invest in &#147;moral obligation&#148; 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Municipal Lease Obligations</U>.&nbsp;The Fund may invest in participations in lease obligations or installment purchase contract
obligations (hereinafter collectively called &#147;Municipal Lease Obligations&#148;) of municipal authorities or entities. Although a Municipal Lease Obligation does not constitute a general obligation of the municipality for which the
municipality&#146;s taxing power is pledged, a Municipal Lease Obligation is ordinarily backed by the municipality&#146;s covenant to budget for, appropriate and make the payments due under the Municipal Lease Obligation. However, certain Municipal
Lease Obligations contain &#147;non-appropriation&#148; clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis. In
the case of a &#147;non-appropriation&#148; lease, the Fund&#146;s ability to recover under the lease in the event of non-appropriation 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 re-leasing of the property might prove difficult. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Certificates of
Participation</U>.&nbsp;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&#146; notice, of all or any part of the Fund&#146;s participation interest in
the underlying municipal securities, plus accrued interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Pre-Refunded Municipal Securities</U>.&nbsp;The principal of, and interest
on, pre-refunded 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 pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that
are not </P>
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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 pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded
municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Private Activity
Bonds</U>.&nbsp;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&#146;s dependence on revenues for the operation of the particular facility being financed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Special Taxing Districts</U>.&nbsp;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 tax-supported 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>VRDOs</U>.&nbsp;Variable rate demand obligations (&#147;VRDOs&#148;) are tax-exempt 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 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 tax-exempt 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Taxable Municipal Securities</U>.&nbsp;The Fund may invest in taxable
municipal securities, including Build America Bonds (&#147;BABs&#148;). BABs are taxable municipal obligations issued pursuant to legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support of the
interest paid. Enacted in February 2009, the American Recovery and Reinvestment Act of 2009 (the &#147;ARRA&#148;) authorizes state and local governments to issue taxable bonds on which, assuming certain specified conditions are satisfied, issuers
may either (i) receive payments from the U.S. Treasury with respect to the bonds&#146; interest payments (&#147;direct pay&#148; BABs) or (ii) provide tax credits to investors in the bonds (&#147;tax credit&#148; BABs). BABs offer an alternative
form of financing to state and local governments whose primary means for accessing the capital markets has been through issuance of </P>
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tax-free municipal bonds. BABs may appeal to a broader array of investors than the high income U.S. taxpayers that have traditionally provided the market for municipal bonds. Unlike most other
municipal obligations, interest received on BABs is subject to federal and state income tax. Under the terms of the ARRA, issuers of direct pay BABs are entitled to receive payments from the U.S. Treasury over the life of the bond equal to 35% (or
45% in the case of Recovery Zone Economic Development Bonds) of the interest paid and investors in tax credit BABs can receive a federal tax credit of 35% of the coupon interest received. The federal interest subsidy or tax credit continues for the
life of the bonds. The Fund may invest in direct pay BABs or tax credit BABs. Pursuant to the ARRA, the issuance of BABs was discontinued on December 31, 2010. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Preferred Securities</I>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Traditional Preferred Securities</U>.&nbsp;Traditional preferred securities generally pay fixed or adjustable rate dividends to investors
and generally have a &#147;preference&#148; over common stock in the payment of dividends and the liquidation of a company&#146;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&#146;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 non-cumulative, in which case dividends do not accumulate and need not ever be paid. A portion of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation to make up any
arrearages to its shareholders. Should an issuer of a non-cumulative 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 preferred securities in which the Fund invests will be declared or otherwise made payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Preferred stockholders
usually have no right to vote for corporate directors or on other matters. Shares of preferred stock 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 &#147;Dividends Received Deduction.&#148; Because the claim on an issuer&#146;s earnings represented by 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&#146;s holdings, if any,&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Trust Preferred Securities</U>.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Convertible Securities</I>.&nbsp;A convertible security is a bond, debenture, note, preferred
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&#146;s investment value. Convertible securities rank senior to common stock in a corporation&#146;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&#146;s governing instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A &#147;synthetic&#148; or &#147;manufactured&#148; 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 non-convertible, 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 &#147;market value&#148;
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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Restricted and
Illiquid Securities</I>.&nbsp;The Fund may invest in restricted, illiquid or less liquid securities or securities in which no secondary trading market is readily available or which are otherwise illiquid, including private placement securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The liquidity of a security relates to the ability to dispose easily of the security and the price to be obtained upon disposition of the
security, which may be less than would be obtained for a comparable more liquid security. &#147;Illiquid securities&#148; are securities 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.&nbsp;Illiquid securities may trade at a discount from comparable, more liquid investments. Investment of the Fund&#146;s assets in illiquid securities 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. The risks associated with illiquidity will be particularly acute where the Fund&#146;s operations require cash, such as when the Fund pays
dividends, and could result in the Fund borrowing to meet short-term cash requirements or incurring capital losses on the sale of illiquid investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">&#147;Restricted securities&#148; are securities that are not registered under the Securities Act. Restricted securities may be sold in
private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be freely transferable under the laws of the
applicable jurisdiction or due to contractual restrictions on resale. As a result of the absence of a public trading market, privately placed securities may be less liquid and more difficult to value than publicly traded securities. To the extent
that privately placed securities may be resold in privately negotiated transactions, the prices realized from the sales, due to restrictions on resale, could be less than those originally paid </P>
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by the Fund or less than their fair market value. In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements
that may be applicable if their securities were publicly traded. If any privately placed securities held by the Fund are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required
to bear the expenses of registration. Certain of the Fund&#146;s investments in private placements may consist of direct investments and may include investments in smaller, less seasoned issuers, which may involve greater risks. These issuers may
have limited product lines, markets or financial resources, or they may be dependent on a limited management group. In making investments in such securities, the Fund may obtain access to material nonpublic information, which may restrict the
Fund&#146;s ability to conduct portfolio transactions in such securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Some of these securities are new and complex, and trade only
among institutions; the markets for these securities are still developing, and may not function as efficiently as established markets. Also, because there may not be an established market price for these securities, the Fund may have to estimate
their value, which means that their valuation (and thus the valuation of the Fund) may have a subjective element. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Transactions in
restricted or illiquid securities may entail registration expense and other transaction costs that are higher than those for transactions in unrestricted or liquid securities eligible for trading on national securities exchanges or in the
over-the-counter markets. Where registration is required for restricted or illiquid securities a considerable time period may elapse between the time the Fund decides to sell the security and the time it is actually permitted to sell the security
under an effective registration statement. If during such period, adverse market conditions were to develop, the Fund&nbsp;may obtain less favorable pricing terms&nbsp;than when it decided to sell the security. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Non-U.S. Securities</I>.&nbsp;The Fund may invest in securities of non-U.S. issuers (&#147;Non-U.S. Securities&#148;).&nbsp;Subject to the
Fund&#146;s investment policies, these securities may be U.S. dollar-denominated or non-U.S. dollar-denominated.&nbsp;Some Non-U.S. 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 Non-U.S. 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 on the foreign securities to investors located outside the country of the issuer, whether from currency blockage or otherwise. Non-U.S. Securities may trade on days when the common stock is
not priced or traded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Emerging Markets Investments</I>.&nbsp;The Fund may invest in securities of issuers located in emerging market
countries, including securities denominated in currencies of emerging market countries.&nbsp;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
non-U.S. issuers or markets may be available due to less rigorous disclosure and accounting standards or regulatory practices. Many non-U.S. markets are smaller, less liquid and more volatile than U.S. markets. In a changing market, the Investment
Advisor may not be able to sell the Fund&#146;s portfolio securities in amounts and at prices it considers reasonable. The U.S. dollar may appreciate against non-U.S. currencies or an emerging market government may impose restrictions on currency
conversion or trading. The economies of non-U.S. countries may grow at a slower rate than expected or may experience a downturn or recession. Economic, political and social developments may adversely affect non-U.S. securities markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Equity Securities</I>.&nbsp;The Fund may invest in equity securities, including common stocks and warrants. 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. Warrants 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. The purchase of 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 warrants&#146; expiration. Also, the purchase of warrants involves the risk that the effective price paid for the warrant
added to the subscription price of </P>
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the related security may exceed the value of the subscribed security&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Sovereign Governmental and Supranational Debt</I>. The Fund may invest in all types of
debt securities of governmental issuers in all countries, including emerging market countries. These sovereign debt securities may include without limitation : debt securities issued or guaranteed by governments, governmental agencies or
instrumentalities and political subdivisions; debt securities issued by government owned, controlled or sponsored entities; 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 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.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Brady Bonds are debt securities, generally denominated in U.S. dollars, issued under the framework of the Brady Plan as a means for
debtor nations to restructure their outstanding external indebtedness. In restructuring its external debt under the Brady Plan framework, a debtor nation negotiates with its existing bank lenders as well as multilateral institutions such as the
World Bank and the International Monetary Fund (the &#147;IMF&#148;). The Brady Plan framework, as it has developed, contemplates the exchange of external commercial bank debt for newly issued bonds known as &#147;Brady Bonds.&#148; Brady Bonds may
also be issued in respect of new money being advanced by existing lenders in connection with the debt restructuring. The World Bank and/or the IMF support the restructuring by providing funds pursuant to loan agreements or other arrangements which
enable the debtor nation to collateralize the new Brady Bonds or to repurchase outstanding bank debt at a discount. Under these arrangements with the World Bank and/or the IMF, debtor nations have been required to agree to the implementation of
certain domestic monetary and fiscal reforms. Such reforms have included the liberalization of trade and foreign investment, the privatization of state-owned enterprises and the setting of targets for public spending and borrowing. These policies
and programs seek to promote the debtor country&#146;s economic growth and development. Investors should also recognize that the Brady Plan only sets forth general guiding principles for economic reform and debt reduction, emphasizing that solutions
must be negotiated on a case-by-case basis between debtor nations and their creditors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Inflation-Indexed
Bonds</I>.&nbsp;Inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) are fixed income securities the principal value of which is periodically adjusted according to the rate of
inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate 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 (&#147;TIPs&#148;). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate
inflation-indexed bonds, the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to
the rate of inflation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Variable and Floating Rate Instruments</I>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Inverse Floating Rate
Securities</I>.&nbsp;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 floater, with the result that the inverse floater&#146;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 non-cash 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 non-cash interest expense. Therefore, the Fund&#146;s NAV per common share and performance are not affected by the non-cash 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Strategic Transactions and Other Management
Techniques</I>.&nbsp;The Fund may use a variety of other investment management techniques and instruments.&nbsp;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 over-the-counter 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, &#147;Strategic Transactions&#148;).&nbsp;These Strategic Transactions may be used for duration management and other risk management purposes, including to attempt to protect against possible changes in the market
value of the Fund&#146;s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Fund&#146;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 the extent applicable, 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 particularly
speculative. The ability of the Fund to use Strategic Transactions successfully will depend on the Investment Advisor&#146;s 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. Inasmuch as any obligations of the Fund that arise from the use of Strategic Transactions will be covered by
segregated or earmarked liquid assets or offsetting transactions, the Fund and the Investment Advisor believe such obligations do not constitute senior securities and, accordingly, will not treat such transactions as being subject to its borrowing
restrictions or policies </P>
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regarding economic leverage.&nbsp;Additionally, segregated or earmarked liquid assets, 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. Certain provisions of the Code may restrict or affect the ability of the Fund to engage in Strategic Transactions.&nbsp;In addition, the use of certain Strategic
Transactions may give rise to taxable income and have certain other consequences.&nbsp;See &#147;Risk Factors&#151;Strategic Transactions and Derivatives Risk &#148; under Item 8. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Swaps and Swaptions</I>.&nbsp;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 &#147;swap&#148; 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 &#147;swapped&#148; between the parties are calculated with respect to a &#147;notional amount,&#148; i.e., the dollar amount
invested at a particular interest rate, in a particular foreign currency, or in a &#147;basket&#148; of securities representing a particular index. The &#147;notional amount&#148; 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&#146;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 &#147;net amount&#148;). The Fund&#146;s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Fund) and the Fund will segregate
with a custodian or earmark on its books and records an amount of cash or liquid assets having an aggregate NAV at all times at least equal to any accrued but unpaid net amounts owed to a swap counterparty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Whether the Fund&#146;s use of swap agreements will be successful in furthering its investment objective will depend on the Investment
Advisor&#146;s 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 agreements also bear the risk that the Fund will not be able to meet its payment obligations to the counterparty. As noted, however, the Fund will deposit in a segregated
account, or earmark on its books and records, liquid assets permitted to be so segregated or earmarked by the SEC in an amount equal to or greater than the market value of the Fund&#146;s liabilities under the swap agreement or the amount it would
cost the Fund initially to make an equivalent direct investment plus or minus any amount the Fund is obligated to pay or is to receive under the swap agreement. Restrictions imposed by the tax rules applicable to regulated investment companies may
limit the Fund&#146;s ability to use swap agreements. The regulation of the swap market is undergoing significant change as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#147;Dodd-Frank Act&#148;). See &#147;Risk
Factors&#151;Strategic Transactions and Derivatives Risk &#151;Dodd-Frank Act Risk&#148; under Item 8. It is possible that developments in the swap market, including government regulation, could adversely affect the Fund&#146;s ability to terminate
existing swap agreements or to realize amounts to be received under such agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Credit Default Swaps</I>.&nbsp;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 &#147;buyer&#148; in a credit default contract may be obligated to pay the protection &#147;seller&#148; an upfront or a periodic stream
of payments over the term of the contract, provided that no credit event on the reference obligation occurs. If a credit event occurs, the seller generally must pay the buyer the &#147;par value&#148; (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 </P>
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in the transaction.&nbsp;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.&nbsp;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.&nbsp;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.&nbsp;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.&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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.&nbsp;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.&nbsp;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.&nbsp;The Fund&#146;s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owed to the Fund).&nbsp;The Fund will at all times segregate or designate on its books and records in connection
with each such transaction liquid assets or cash with a value at least equal to the Fund&#146;s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty) on a marked-to-market basis ( as required by the clearing organization
with respect to cleared swaps or as calculated pursuant to requirements of the SEC).&nbsp;If the Fund is a seller of protection in a credit default swap transaction, it will designate on its books and records in connection with such transaction
liquid assets or cash with a value at least equal to the full notional amount of the contract.&nbsp;Such designation will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and will avoid any
potential leveraging of the Fund&#146;s portfolio.&nbsp;Such designation will not limit the Fund&#146;s exposure to loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In addition,
the credit derivatives market is subject to a changing regulatory environment.&nbsp;It is possible that regulatory or other developments in the credit derivatives market could adversely affect the Fund&#146;s ability to successfully use credit
derivatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Total Return Swaps</I>.&nbsp;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 custody of such security or investing
directly in such market. Total return swap agreements may effectively add leverage to the Fund&#146;s portfolio because, in addition to its Managed Assets, the Fund would be subject to investment exposure on the notional amount of the swap. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Total return swap agreements are subject to 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). The net amount of the excess, if any, of the Fund&#146;s obligations over its entitlements with respect to each total return swap will be accrued on a daily
basis, and an amount of liquid assets having an aggregate NAV at least equal to the accrued excess will be segregated by the Fund or earmarked on its books and records. If the total return swap transaction is entered into on other than a net basis,
the full amount of the Fund&#146;s obligations will be accrued on a daily basis, and the full amount of the Fund&#146;s obligations will be segregated or earmarked by the Fund in an amount equal to or greater than the market value of the liabilities
under the total return swap agreement or the amount it would have cost the Fund initially to make an equivalent direct investment, plus or minus any amount the Fund is obligated to pay or is to receive under the total return swap agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Interest Rate Transactions</I>.&nbsp;The Fund may enter into interest rate swaps and purchase
or sell interest rate caps and floors. The Fund may enter into these transactions to seek 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 or, to the extent applicable, to seek to enhance its return or to seek to increase the Fund&#146;s yield. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may hedge both its assets and liabilities through interest rate swaps, caps and floors.&nbsp;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. The Fund will accrue the net amount
of the excess, if any, of the Fund&#146;s obligations over its entitlements with respect to each interest rate swap on a daily basis and will segregate with a custodian or designate on its books and records an amount of cash or liquid assets having
an aggregate NAV at all times at least equal to the accrued excess.&nbsp;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&#146; performance under the swap
agreement.&nbsp;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&#146;s clearing broker. Certain U.S. federal income tax requirements may limit the Fund&#146;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. See &#147;Tax Matters&#148; under Item 10. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Foreign
Currency Transactions</I>. The Fund&#146;s common stock is 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&#146;s assets may be denominated in non-U.S.
currencies and the income received by the Fund from such securities will be paid in non-U.S. currencies. The Fund also may invest in or gain exposure to non-U.S. currencies. The Fund&#146;s investments in securities that trade in, or receive
revenues in, non-U.S. 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 its exposure to non-U.S. 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 </P>
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such transactions, the Investment Advisor 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Foreign Exchange Transactions</U>.&nbsp;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, &#147;Currency Instruments&#148;). 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 yen-denominated 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 &#147;straddle&#148;). 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. &#147;Straddles&#148; of the type that may be used by the Fund are considered to constitute hedging
transactions.&nbsp;The Fund may not attempt to hedge any or all of its foreign portfolio positions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Forward Foreign Currency
Contracts</U>.&nbsp;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&#146;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 Investment Advisor believes 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 Investment Advisor anticipates 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&#146;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 Investment Advisor anticipates that there will be a correlation between the two currencies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 involved. When the Fund enters into a forward currency contract, it relies on the
counterparty to make or take delivery of the underlying 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 </P>
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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, and would continue to be required to
maintain a position in securities denominated in the foreign currency or to maintain cash or liquid assets in a segregated account or earmark such cash or liquid assets on its books and records. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Call Options</I>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may write (i.e., sell) covered call options on the securities or instruments in which it may invest 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 call options is the attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. 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&#146;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&#146;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. Covered call options also serve as a partial hedge to the extent of the premium received against the price of the underlying security declining. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. In addition, in connection with each such
transaction the Fund will segregate, or designate on its books and records, liquid assets or cash with a value at least equal to the Fund&#146;s exposure (the difference between the unpaid amounts owed by the Fund on such transaction minus any
collateral deposited with the broker-dealer), on a marked-to-market basis (as calculated pursuant to requirements of the SEC). Such segregation or earmarking will ensure that the Fund has assets available to satisfy its obligations with respect to
the transaction and will avoid any potential leveraging of the Fund&#146;s portfolio. Such segregation or earmarking will not limit the Fund&#146;s exposure to loss. During periods of declining securities prices or when prices are stable, writing
uncovered calls can be a profitable strategy to increase the Fund&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Put Options</I>. 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&#146;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
</P>
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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&#146;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. The Fund also may purchase uncovered put options. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may also write (i.e., sell) put options on the types of securities or instruments that may be held by the Fund, provided that such
put options are covered, meaning that such options are secured by liquid assets segregated or earmarked on the Fund&#146;s books and records. The Fund will receive a premium for writing a put option, which increases the Fund&#146;s return. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may write (i.e., sell) uncovered 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 uncovered 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. In connection with such transaction, the Fund will segregate, or designate on its books and records, liquid assets or cash with a value at least equal to the Fund&#146;s exposure, on a marked-to-market basis (as calculated pursuant
to requirements of the SEC). Such designation will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and will avoid any potential leveraging of the Fund&#146;s portfolio. Such designation will not
limit the Fund&#146;s exposure to loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In selling puts, there is a risk that the Fund may be required to buy the underlying security at
a price higher than the current market price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Futures Contracts and Options on Futures Contracts</I>.&nbsp;The Fund may engage in
transactions in financial futures contracts (&#147;futures contracts&#148;) and related options on such futures contracts. A futures contract is an agreement between two parties which obligates the purchaser of the futures contract to buy and the
seller of a futures contract to sell a security for a set price on a future date or, in the case of an index futures contract, to make and accept a cash settlement based upon the difference in value of the index between the time the contract was
entered into and the time of its settlement. 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 &#147;contract markets&#148; by the CFTC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may sell financial futures contracts in anticipation of an increase in the general level of interest rates. Generally, as interest
rates rise, the market values of securities that may be held by the Fund will fall, thus reducing the NAV of the Fund. However, as interest rates rise, the value of the Fund&#146;s short position in the futures contract also will tend to increase,
thus offsetting all or a portion of the depreciation in the market value of the Fund&#146;s investments which are being hedged. While the Fund will incur commission expenses in selling and closing out futures positions, these commissions are
generally less than the transaction expenses which the Fund would have incurred had the Fund sold portfolio securities in order to reduce its exposure to increases in interest rates. The Fund also may purchase financial futures contracts in
anticipation of a decline in interest rates when it is not fully invested in a particular market in which it intends to make investments to gain market exposure that may in part or entirely offset an increase in the cost of securities it intends to
purchase. It is anticipated that, in a substantial majority of these transactions, the Fund will purchase securities upon termination of the futures contract. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund also may purchase and write call and put options on futures contracts. Options on futures contracts are similar to options on
securities except that an option on a futures contract gives the purchaser the right in return for the premium paid to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put).
Generally, these strategies are utilized under the same market and market sector </P>
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conditions (i.e., conditions relating to specific types of investments) in which the Fund enters into futures transactions. The Fund may purchase put options or write call options on futures
contracts rather than selling the underlying futures contract in anticipation of a decrease in the market value of securities or an increase in interest rates. Similarly, the Fund may purchase call options, or write put options on futures contracts,
as a substitute for the purchase of such futures to hedge against the increased cost resulting from an increase in the market value or a decline in interest rates of securities which the Fund intends to purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may engage in options and futures transactions on exchanges and options in the over-the-counter markets. In general, exchange-traded
contracts are third-party contracts (i.e., performance of the parties&#146; obligation is guaranteed by an exchange or clearing corporation) with standardized strike prices and expiration dates.&nbsp;Over-the-counter options (&#147;OTC
Options&#148;) transactions are two-party contracts with price and terms negotiated by the buyer and seller. See &#147;Additional Information About Options,&#148; below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">At the time a futures contract is purchased or sold, the Fund must allocate cash or securities as a deposit payment (&#147;initial
margin&#148;). The initial margin that the Fund may pay typically ranges from approximately 1% to approximately 5% of the value of the securities or commodities underlying the contract. In certain circumstances, however, such as periods of high
volatility, the Fund may be required by an exchange to increase the level of its initial margin payment. Additionally, initial margin requirements may be increased generally in the future by regulatory action. An outstanding futures contract is
valued daily and the payment in case of &#147;variation margin&#148; may be required, a process known as &#147;marking to the market.&#148; Transactions in listed options and futures are usually settled by entering into an offsetting transaction,
and are subject to the risk that the position may not be able to be closed if no offsetting transaction can be arranged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">When a Fund
purchases a futures contract or writes a put option or purchases a call option thereon, an amount of cash or liquid assets will be segregated or designated on the Fund&#146;s books and records so that the amount so designated or segregated, plus the
amount of variation margin held in the account of its broker, equals the market value of the futures contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Additional Information
About Options.</I>&nbsp;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 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 OTC Options which are privately negotiated
with the counterparty. Listed options are issued by the Options Clearing Corporation (&#147;OCC&#148;) which guarantees the performance of the obligations of the parties to such options. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund&#146;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) insufficient trading interest in certain options; (ii) restrictions on transactions imposed
by an exchange; (iii) trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities; (iv) interruption of the normal operations on an exchange; (v) inadequacy of the
facilities of an exchange or OCC to handle current trading volume; or (vi) 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 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 </P>
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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.&nbsp;OTC Options and assets used to cover OTC Options written by the Fund are considered by the staff of the SEC to 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The hours of trading for options on debt securities may not conform to the hours during which the underlying securities are traded. 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 be reflected in the option markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Structured Instruments</I>. The Fund may invest in structured instruments. 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&#146;s use of structured instruments may not work as intended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Structured Notes</U>.&nbsp;The Fund may invest in &#147;structured&#148; 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 &#147;embedded index&#148;), 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Event-Linked Securities</U>.&nbsp;The Fund may obtain event-linked exposure by investing in &#147;event-linked bonds&#148; or
&#147;event-linked swaps&#148; or by implementing &#147;event-linked strategies.&#148; 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 &#147;catastrophe bonds.&#148; 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 liquidity risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Equity-Linked Notes</U>.&nbsp;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 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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Credit Linked Notes</U>. A credit-linked note (&#147;CLN&#148;) 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Hybrid Instruments.</I>&nbsp;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 &#147;benchmark&#148;). 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&#146;s common stock if the Fund invests in hybrid instruments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Repurchase Agreements and Purchase
and Sale Contracts.</I> The Fund may invest in 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&#146;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 Investment Advisor 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 Investment Advisor will demand
additional collateral from the issuer to increase the value of the collateral to at least that of the repurchase price, including interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Reverse Repurchase Agreements</I>.&nbsp;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. At the time the Fund enters into a reverse repurchase agreement, it </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">II-30 </P>
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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 reverse repurchase agreement will not be considered a senior security under the 1940 Act and therefore will not be
considered a borrowing by the Fund; however, under certain circumstances in which the Fund does not establish and maintain such segregated account, or earmark such assets on its books and records, such reverse repurchase agreement will be considered
a borrowing for the purpose of the Fund&#146;s limitation on borrowings. 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.&nbsp;The Fund&#146;s use of leverage through reverse repurchase agreements will be subject to the Fund&#146;s policy with respect to the use of leverage. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;s obligation to repurchase the securities and the Fund&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund also may effect simultaneous purchase and sale transactions that are known as &#147;sale-buybacks.&#148; A sale-buyback is similar to
a reverse repurchase agreement, except that in a sale-buyback, the counterparty that purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund&#146;s repurchase of
the underlying security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Dollar Rolls</I>.&nbsp;The Fund may enter into &#147;dollar roll&#148; transactions.&nbsp;In a dollar roll
transaction, the Fund sells a mortgage related security or other security to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a pre-determined 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 &#147;substantially identical,&#148; which generally means that the securities repurchased will bear
the same interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have different prepayment histories than those sold. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">During the period between the sale and repurchase, the Fund will not be entitled to receive interest and principal payments of 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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).&nbsp;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 1940 Act and therefore will not be considered a borrowing by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;s right to purchase or repurchase securities may be restricted. Successful use of mortgage dollar rolls may depend upon the investment manager&#146;s ability to correctly predict
interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed. </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">II-31 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Short Sales</I>. 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. 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. The Fund&#146;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. The Fund
will also be required to segregate or earmark similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times at least equal to the current market value of the security sold short.
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. 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&#146;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.
The Fund may also make short sales &#147;against the box.&#148; Short sales, even if covered, may represent a form of economic 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Bank Obligations</I>.&nbsp;Bank obligations may
include certificates of deposit, bankers&#146; 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&#146; acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are &#147;accepted&#148; 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Participation Notes</I>.&nbsp;The Fund may buy participation notes from a bank or broker-dealer (&#147;issuer&#148;)
that entitle the Fund to a return measured by the change in value of an identified underlying security or basket of securities (collectively, the &#147;underlying security&#148;). Participation notes are typically used when a direct investment in
the underlying security is restricted due to country-specific regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 </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">II-32 </P>
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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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>When-Issued, Delayed Delivery and Forward Commitment Securities</I>.&nbsp;The Fund may purchase securities on a &#147;when-issued&#148;
basis and may purchase or sell securities on a &#147;forward commitment&#148; basis (including on a &#147;TBA&#148; (to be announced) basis) or on a &#147;delayed delivery&#148; 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. At the time the Fund enters into a transaction on a
when-issued or forward commitment basis, it will designate on its books and records cash or liquid assets with a value not less than the value of the when-issued or forward commitment securities. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 are not
treated by the Fund as when-issued or forward commitment transactions and accordingly are not subject to the foregoing restrictions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Standby Commitment Agreements</I>. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Temporary Defensive Positions; Invest-Up Period</I>.&nbsp;During temporary defensive periods, if the Investment Advisor determines that
market conditions warrant, and also during the period in which the net proceeds of this offering of common stock (or preferred stock, should the Fund determine to issue preferred stock in the future) are
</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">II-33 </P>
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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&#146;s ability to achieve its
investment objective.&nbsp;Generally, such obligations will mature within one year from the date of settlement, but may mature within two years from the date of settlement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Short-Term Debt Securities</I>. Short-term debt securities are defined to include, without limitation: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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) 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) 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) FNMA, whose securities are supported by the
discretionary authority of the U.S. government to purchase certain obligations of the agency or instrumentality; and (d) 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. The U.S. government, its agencies and instrumentalities do not guarantee the
market value of their securities. Consequently, the value of such securities may fluctuate. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Repurchase agreements, which involve purchases of debt securities. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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 Investment Advisor will consider the financial condition of the corporation (e.g., earning power,
cash flow and other liquidity ratios) and will continuously monitor the corporation&#146;s ability to meet all of its financial obligations, because the Fund&#146;s liquidity might be impaired if the corporation were unable to pay principal and
interest on demand. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>New Products</I>.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Securities Lending</I>.&nbsp;The Fund may lend portfolio securities to certain borrowers determined to be creditworthy by
the Investment Advisor, including to borrowers affiliated with the Investment Advisor. The borrowers provide collateral that is maintained in an amount at least equal to the current market value of the securities loaned. No securities loan will 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&#146;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. </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">II-34 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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.&nbsp;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 Investment Advisor or in registered money market funds advised by the Investment Advisor or its affiliates; such investments are subject to investment risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 (&#147;BIM&#148;), an affiliate of the Investment Advisor, acts as
securities lending agent for the Fund, subject to the overall supervision of the Investment Advisor.&nbsp;BIM administers the lending program in accordance with guidelines approved by the Board.&nbsp;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 (such securities, the &#147;specials only securities&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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.&nbsp;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 Investment Advisor (the
&#147;collateral investment expenses&#148;), 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Pursuant to the current securities lending agreement, the Fund retains 80% of securities lending income (which excludes
collateral investment expenses). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In addition, commencing the business day following the date that the aggregate securities lending income
earned across the Closed-End Complex in a calendar year exceeds the breakpoint dollar threshold applicable in the given year&nbsp;set forth in the securities lending agreement, 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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Leverage</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund uses
leverage to seek to achieve its investment objectives as set forth in Part I. The use of leverage can create risks. When leverage is employed, the NAV and market price of the common stock and the yield to holders of common stock will be more
volatile than if leverage were not used. Changes in the value of the Fund&#146;s portfolio, including securities bought with the proceeds of leverage, will be borne entirely by the holders of common stock. If there is a net decrease or increase in
the value of the Fund&#146;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&#146;s NAV may cause a
reduction in the market price of its shares. During periods in which the Fund is using leverage, the fees paid to the Investment 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&#146;s Managed Assets, which includes the proceeds from leverage. The Fund&#146;s leveraging strategy may not be successful. See &#147;Risk Factors&#151;Leverage Risk,&#148; below. </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">II-35 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Certain types of leverage used by the Fund 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 1940 Act.
The Investment Advisor does not believe that these covenants or guidelines will impede it from managing the Fund&#146;s portfolio in accordance with its investment objective and policies if the Fund were to utilize leverage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Under the 1940 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 1940 Act) of less than 300% with respect to senior securities representing indebtedness (i.e., 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 stock (i.e., for every dollar of preferred stock outstanding, the Fund is required to have at least two dollars of assets). The 1940 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 1940 Act, certain short-term
borrowings (such as for cash management purposes) are not subject to these limitations if (i) repaid within 60 days, (ii) not extended or renewed and (iii) not in excess of 5% of the total assets of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may enter into derivative transactions that have economic leverage embedded in them. Derivative transactions that the Fund may enter
into and the risks associated with them are described elsewhere herein and are also referred to as &#147;Strategic Transactions.&#148; The Fund cannot assure you that investments in derivative transactions that have economic leverage embedded in
them will result in a higher return on its common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">To the extent the terms of such transactions obligate the Fund to make payments,
the Fund may earmark or segregate cash or liquid assets in an amount at least equal to the current value of the amount then payable by the Fund under the terms of such transactions or otherwise cover such transactions in accordance with applicable
interpretations of the staff of the SEC. If the current value of the amount then payable by the Fund under the terms of such transactions is represented by the notional amounts of such investments, the Fund would segregate or earmark cash or liquid
assets having a market value at least equal to such notional amounts, and if the current value of the amount then payable by the Fund under the terms of such transactions is represented by the market value of the Fund&#146;s current obligations, the
Fund would segregate or earmark cash or liquid assets having a market value at least equal to such current obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">To the extent the
terms of such transactions obligate the Fund to deliver particular securities to extinguish the Fund&#146;s obligations under such transactions the Fund may &#147;cover&#148; its obligations under such transactions by either (i) owning the
securities or collateral underlying such transactions or (ii) having an absolute and immediate right to acquire such securities or collateral without additional cash consideration (or, if additional cash consideration is required, having earmarked
or segregated an appropriate amount of cash or liquid assets). Such earmarking, segregation or cover is intended to provide the Fund with available assets to satisfy its obligations under such transactions. As a result of such earmarking,
segregation or cover, the Fund&#146;s obligations under such transactions will not be considered senior securities representing indebtedness for purposes of the 1940 Act, or considered borrowings subject to the Fund&#146;s limitations on borrowings
discussed in Part I of this Prospectus, but may create leverage for the Fund. To the extent that the Fund&#146;s obligations under such transactions are not so earmarked, segregated or covered, such obligations may be considered &#147;senior
securities representing indebtedness&#148; under the 1940 Act and therefore subject to the 300% asset coverage requirement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">These
earmarking, segregation or cover requirements can result in the Fund maintaining securities positions it would otherwise liquidate, segregating or earmarking assets at a time when it might be disadvantageous to do so or otherwise restrict portfolio
management. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Additional information about the Fund&#146;s use of leverage is contained in Part I. Additional
information about common forms of leverage, such a preferred shares and bank credit facilities, is set forth under Item 10 in this Part II. Additional information about common investment instruments and techniques that have the economic effect of
leverage, such as reverse repurchase agreements, dollar rolls and derivatives, is set forth elsewhere in this Item 8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Risk Factors</U>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The NAV of, and dividends paid on, the common stock will fluctuate with and be affected by, among other things, the risks more fully
described below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Offering Risk</I>.&nbsp;The provisions of the 1940 Act generally require that the public offering price of an
investment company&#146;s common stock (less any underwriting commissions and discounts) must equal or exceed the NAV per share of an investment company&#146;s common stock (calculated within 48 hours of pricing).&nbsp;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&#146;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 &#147;at the market&#148; 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&#146;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.&nbsp;Shares of common stock of closed-end investment companies frequently trade at
a discount from NAV, which may increase investors&#146; risk of loss.&nbsp;In no event will shares be issued at a price below the Fund&#146;s NAV per common share (calculated within 48 hours of pricing) plus any sales commission charged in
connection with the offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The offering described in this Prospectus entails potential risks to existing common
shareholders.&nbsp;Although the issuance of additional common stock may facilitate a more active market in the Fund&#146;s common stock by increasing the amount of common stock outstanding, the issuance of additional common stock may also have an
adverse effect on prices for the Fund&#146;s common stock in the secondary market by increasing the supply of common stock available for sale.&nbsp;The issuance of additional common stock will dilute the voting power of already outstanding common
stock.&nbsp;If the Fund is unable to invest the proceeds of any such offering in a timely manner in assets with a yield at least equal to that of the current portfolio, the Fund&#146;s earnings per share may decrease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Investment and Market Discount Risk</I>.&nbsp;An investment in the Fund&#146;s common stock is subject to investment risk, including the
possible loss of the entire amount that you invest. As with any stock, the price of the Fund&#146;s common stock will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or less than the original
investment. The value of your investment in the Fund will be reduced immediately following the offering by the amount of the sales load and the amount of offering expenses paid by the Fund. Common stock is designed for long-term investors and the
Fund should not be treated as a trading vehicle. Shares of closed-end management investment companies frequently trade at a discount from their NAV. This risk is separate and distinct from the risk that the Fund&#146;s NAV could decrease as a result
of its investment activities.&nbsp;At any point in time an investment in the Fund&#146;s common stock may be worth less than the original amount invested, even after taking into account distributions paid by the Fund. This risk may be greater for
investors who sell their common stock in a relatively short period of time after completion of the initial offering. During periods in which the Fund uses leverage, the Fund&#146;s investment, market discount and certain other risks will be
magnified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Fixed Income Securities Risks</I>.&nbsp;Fixed income securities in which the Fund may invest are generally subject to the
following risks: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Interest Rate Risk</U>. The market value of bonds and other fixed-income securities changes in response to interest
rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income </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">II-37 </P>
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securities will increase as interest rates fall and decrease as interest rates rise. <B>The Fund may be subject to a greater risk of rising interest rates due to the current period of
historically low interest rates</B>.&nbsp;The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the
Fund&#146;s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund&#146;s NAV. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not
anticipated by Fund management. To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-related securities), the sensitivity of such securities to changes in interest rates may increase
(to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can
be expected to cause some fluctuations in the NAV of the Fund to the extent that it invests in floating rate debt securities. These basic principles of bond prices also apply to U.S. government securities. A security backed by the &#147;full faith
and credit&#148; of the U.S. government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value
when interest rates change. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund&#146;s use of leverage, as described below, will tend to increase the Fund&#146;s interest rate
risk.&nbsp;The Fund may utilize certain strategies, including taking positions in futures or interest rate swaps, for the purpose of reducing the interest rate sensitivity of fixed income securities held by the Fund and decreasing the Fund&#146;s
exposure to interest rate risk. The Fund is not required to hedge its exposure to interest rate risk and may choose not to do so. In addition, there is no assurance that any attempts by the Fund to reduce interest rate risk will be successful or
that any hedges that the Fund may establish will perfectly correlate with movements in interest rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may invest in variable
and floating rate debt instruments, which generally are less sensitive to interest rate changes than longer duration fixed rate instruments, but may decline in value in response to rising interest rates if, for example, the rates at which they pay
interest do not rise as much, or as quickly, as market interest rates in general. Conversely, variable and floating rate instruments generally will not increase in value if interest rates decline. The Fund also may invest in inverse floating rate
debt securities, which may decrease in value if interest rates increase, and which also may exhibit greater price volatility than fixed rate debt obligations with similar credit quality. To the extent the Fund holds variable or floating rate
instruments, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities, which may adversely affect the NAV of the Fund&#146;s common stock.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Issuer Risk</U>.&nbsp;The value of fixed income securities may decline for a number of reasons which directly relate to the issuer,
such as management performance, financial leverage, reduced demand for the issuer&#146;s goods and services, historical and prospective earnings of the issuer and the value of the assets of the issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Credit Risk</U>.&nbsp;Credit risk is the risk that one or more fixed income securities in the Fund&#146;s portfolio will decline in price
or fail to pay interest or principal when due because the issuer of the security experiences a decline in its financial status. Credit risk is increased when a portfolio security is downgraded or the perceived creditworthiness of the issuer
deteriorates.&nbsp;To the extent the Fund invests in below investment grade securities, it will be exposed to a greater amount of credit risk than a fund which only invests in investment grade securities. See &#147;Risk Factors&#151;Below Investment
Grade Securities (&#147;Junk Bonds&#148;) Risk.&#148; In addition, to the extent the Fund uses credit derivatives, such use will expose it to additional risk in the event that the bonds underlying the derivatives default.&nbsp;The degree of credit
risk depends on the issuer&#146;s financial condition and on the terms of the securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Prepayment Risk</U>.&nbsp;During periods of
declining interest rates, borrowers may exercise their option to prepay principal earlier than scheduled. For fixed rate securities, such payments often occur during periods of declining interest rates, forcing the Fund to reinvest in lower yielding
securities, resulting in a possible decline in the Fund&#146;s income and distributions to shareholders. This is known as prepayment or &#147;call&#148; risk. Below investment grade securities frequently have call features that allow the issuer to
redeem the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met (&#147;call protection&#148;).&nbsp;For premium bonds (bonds acquired at prices that exceed
their par or principal value) purchased by the Fund, prepayment risk may be enhanced. </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">II-38 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Reinvestment Risk</U>. Reinvestment risk is the risk that income from the Fund&#146;s
portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed income securities at market interest rates that are below the Fund portfolio&#146;s current earnings rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Duration and Maturity Risk</U>. Except as described in Part I, the Fund has no set policy regarding portfolio maturity or duration of the
fixed-income securities it may hold. The Investment Advisor may seek to adjust the duration or maturity of the Fund&#146;s fixed-income holdings based on its assessment of current and projected market conditions and all other factors that the
Investment Advisor deems relevant.&nbsp;Any decisions as to the targeted duration or maturity of any particular category of investments will be made based on all pertinent market factors at any given time.&nbsp;The Fund may incur costs in seeking to
adjust the portfolio average duration or maturity.&nbsp;There can be no assurance that the Investment Advisor&#146;s assessment of current and projected market conditions will be correct or that any strategy to adjust duration or maturity will be
successful at any given time.&nbsp;Generally speaking, the longer the duration of any fixed-income securities in the Fund&#146;s portfolio, the more exposure the Fund will have to the interest rate risks described above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Senior Loans Risk</I>. Senior loans typically hold the most senior position in the capital structure of the issuing entity, are typically
secured with specific collateral and typically have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debt holders and stockholders of the borrower. The Fund&#146;s investments in senior loans are
typically below investment grade and are considered speculative because of the credit risk of their issuer.&nbsp;The risks associated with senior loans are similar to the risks of below investment grade fixed income securities, although senior loans
are typically senior and secured in contrast to other below investment grade fixed income securities, which are often subordinated and unsecured. See &#147;&#151;Below Investment Grade Securities Risk.&#148;&nbsp;Senior loans&#146; higher standing
has historically resulted in generally higher recoveries in the event of a corporate reorganization. In addition, because their interest payments are typically adjusted for changes in short-term interest rates, investments in senior loans generally
have less interest rate risk than other below investment grade fixed income securities, which may have fixed interest rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">There is
less readily available, reliable information about most senior loans than is the case for many other types of securities. In addition, there is no minimum rating or other independent evaluation of a borrower or its securities limiting the
Fund&#146;s investments, and the Investment Advisor relies primarily on its own evaluation of a borrower&#146;s credit quality rather than on any available independent sources. As a result, the Fund is particularly dependent on the analytical
abilities of the Investment Advisor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may invest in senior loans rated below investment grade, which are considered speculative
because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund&#146;s NAV and income distributions. An economic downturn
generally leads to a higher non-payment rate and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect
the senior loan&#146;s value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">No active trading market may exist for certain senior loans, which may impair the ability of the Fund to
realize full value in the event of the need to sell a senior loan and may make it difficult to value senior loans. Adverse market conditions may impair the liquidity of some actively traded senior loans, meaning that the Fund may not be able to sell
them quickly at a fair price. To the extent that a secondary market does exist for certain senior loans, the market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Illiquid securities are
also difficult to value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Although the senior loans in which the Fund will invest generally will be secured by specific collateral, there
can be no assurance that liquidation of such collateral would satisfy the borrower&#146;s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy
of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan. If the terms of a senior loan do not require the borrower to pledge additional collateral in
the event of a decline in the value of the already pledged collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the borrower&#146;s obligations under the senior loans.
To the extent that a senior loan is collateralized by stock in the borrower or its </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">II-39 </P>
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subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized and under-collateralized senior loans involve a greater risk of loss. Some
senior loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the senior loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders,
including the Fund. Such court action could under certain circumstances include invalidation of senior loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Senior loans are subject to
legislative risk. If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of senior loans for investment by the Fund may be adversely
affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain borrowers. This would increase the risk of default. If legislation or federal or state regulations require financial institutions to
increase their capital requirements this may cause financial institutions to dispose of senior loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Investment Advisor, do not represent
fair value. If the Fund attempts to sell a senior loan at a time when a financial institution is engaging in such a sale, the price the Fund could receive for the senior loan may be adversely affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund&#146;s investments in senior loans may be subject to lender liability risk. Lender liability refers to a variety of legal theories
generally founded on the premise that a lender has violated a duty of good faith, commercial reasonableness and fair dealing or a similar duty owed to the borrower, or has assumed an excessive degree of control over the borrower resulting in the
creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of its investments, the Fund may be subject to allegations of lender liability.&nbsp;In addition, under common law principles that in
some cases form the basis for lender liability claims, a court may elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Second Lien Loans Risk</I>.&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Mezzanine Investment Risk</I>.&nbsp;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&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Risks of Loan
Assignments and Participations</I>.&nbsp;The Fund may acquire loan assignments or participations. 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 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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Bank Loans Risk</I>.&nbsp;The market for bank loans may not be highly liquid and the Fund may have difficulty selling them.&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Corporate Bonds Risk</I>.&nbsp;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&#146; perceptions of the creditworthiness of the issuer, the issuer&#146;s financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the
issuer&#146;s capital structure and use of financial leverage and demand for the issuer&#146;s goods and services. Certain risks associated with investments in corporate bonds are described elsewhere in this Prospectus in further detail, including
under &#147;&#151;Credit Risk,&#148; &#147;&#151;Interest Rate Risk,&#148; &#147;&#151;Prepayment Risk,&#148; &#147;&#151;Inflation Risk&#148; and &#147;&#151;Deflation Risk.&#148; 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. Corporate bonds of below investment grade quality are subject to the risks described herein under &#147;&#151;Below Investment Grade Securities (&#147;Junk Bonds&#148; ) Risk.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Below Investment Grade Securities (&#147;Junk Bonds&#148;) Risk</I>.&nbsp;The Fund may invest in securities that are rated, at the time of
investment, below investment grade quality (rated Ba/BB or below, or unrated but judged to be of comparable quality by the Investment Advisor), which are commonly referred to as &#147;high yield&#148; or &#147;junk&#148; bonds and are regarded as
predominantly speculative with respect to the issuer&#146;s capacity to pay interest and repay principal.&nbsp;The value of high yield, lower quality bonds is affected by the creditworthiness of the issuers of the securities and by general economic
and specific industry conditions.&nbsp;Issuers of high yield bonds are not perceived to be as strong financially as those with higher credit ratings.&nbsp;These issuers are more vulnerable to financial setbacks and recession than more creditworthy
issuers, which may impair their ability to make interest and principal payments. 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. See &#147;&#151;Risk Associated with Recent Market Events.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 for 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&#146;s NAV. Because of the substantial risks associated with investments in lower grade securities, you could lose money on your investment in common stock of the Fund, both in the short-term and the long-term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The prices of fixed income securities generally are inversely related to interest rate changes; however, below investment grade securities
historically have been somewhat less sensitive to interest rate changes than higher quality securities of comparable maturity because credit quality is also a significant factor in the valuation of lower
</P>
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grade securities.&nbsp;On the other hand, an increased rate environment results in increased borrowing costs generally, which may impair the credit quality of low-grade issuers and thus have a
more significant effect on the value of some lower grade securities.&nbsp;In addition, the current extraordinary low rate environment has expanded the historic universe of buyers of lower grade securities as traditional investment grade oriented
investors have been forced to accept more risk in order to maintain income.&nbsp;As rates rise, these recent entrants to the low-grade securities market may exit the market and reduce demand for lower grade securities, potentially resulting in
greater price volatility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The ratings of Moody&#146;s, S&amp;P and other rating agencies represent their opinions as to the quality of
the obligations which they undertake to rate.&nbsp;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.&nbsp;Although these ratings may be an initial criterion for selection of portfolio investments, the Investment Advisor also will independently evaluate these securities and the ability of the issuers of such securities to pay interest
and principal.&nbsp;To the extent that the Fund invests in lower grade securities that have not been rated by a rating agency, the Fund&#146;s ability to achieve its investment objective will be more dependent on the Investment Advisor&#146;s credit
analysis than would be the case when the Fund invests in rated securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may invest in securities rated in the lower rating
categories (rated as low as D, or unrated but judged to be of comparable quality by the Investment Advisor). For these securities, the risks associated with below investment grade instruments are more pronounced.&nbsp;The Fund may, subject to its
investment policies, purchase stressed or distressed securities, including securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks.&nbsp;See &#147;&#151;Distressed and Defaulted Securities Risk.&#148;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Distressed and Defaulted Securities Risk</I>.&nbsp;Investments in the securities of financially distressed issuers are speculative and
involve substantial risks. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment
of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its
original investment. Among the risks inherent in investments in a troubled entity is the fact that it frequently may be difficult to obtain information as to the true financial condition of such issuer. The Investment Advisor&#146;s judgment about
the credit quality of the issuer and the relative value and liquidity of its securities may prove to be wrong.&nbsp;Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Yield and Ratings Risk</I>.&nbsp;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&#146;s and S&amp;P, which are
described in Appendix A, 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 Investment Advisor will consider such an event in determining whether the Fund should continue to hold
the security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Unrated Securities Risk</I>.&nbsp;Because the Fund may purchase securities that are not rated by any rating
organization, the Investment Advisor may, after assessing their credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations.&nbsp;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&#146;s ability to achieve its investment
objective will be more dependent on the Investment Advisor&#146;s credit analysis than would be the case when the Fund invests in rated securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Debtor-In-Possession (DIP) Financing Risk</I>.&nbsp;The Fund&#146;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&#146;s otherwise unencumbered assets or secured by a junior lien on the debtor&#146;s encumbered assets (so long </P>
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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&#146;s only recourse will be against the property securing the DIP financing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Mortgage Related Securities Risks</I>.&nbsp;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 closed-end, 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&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 B-Note, if any, then by the &#147;first loss&#148; subordinated security holder (generally, the &#147;B-Piece&#148; 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 B-Notes, 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">MBS generally are classified as either RMBS or CMBS, each of which are subject to certain specific risks as further
described below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>RMBS</I><I>&nbsp;</I><I>Risks</I>. 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. Non-agency 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 a general economic downturn, acts of God, terrorism, social unrest and civil
disturbances, may impair a borrower&#146;s ability to repay its loans. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Agency RMBS Risk</U>.&nbsp;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.&nbsp;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.&nbsp;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&#146;s operations.&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;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&#146;s or
FHLMC&#146;s affairs.&nbsp;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&#146;s or FHLMC&#146;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.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A 2011 report to Congress from the Treasury Department and the Department of Housing and Urban Development set forth a plan to reform
America&#146;s housing finance market, which would reduce the role of and eventually eliminate FNMA and FHLMC, and identified 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.&nbsp;The impact of such reforms on the markets for MBS is currently unknown.&nbsp;It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact FNMA, FHLMC
and the Federal Home Loan Banks, and the values of their related securities or obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Non-Agency RMBS Risk</U>.&nbsp;Non-agency
RMBS are securities issued by non-governmental issuers. Non-agency RMBS have no direct or indirect government guarantees of payment and are subject to various risks as described herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Borrower Credit Risk</U>.&nbsp;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. Non-agency residential mortgage loans are obligations of the borrowers
thereunder only and are not typically insured or guaranteed by any </P>
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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&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>RMBS Legal Risk</U>.&nbsp;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&#146;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 Truth-in-Lending 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Mortgage Loan Market Risk</U>.&nbsp;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 ARMs 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 </P>
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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.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 near 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 &#147;prime mortgage loans&#148; and &#147;Alt-A mortgage loans.&#148;&nbsp;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 &#147;sub-prime&#148; mortgage loans. Sub-prime 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.&nbsp;Certain categories of RMBS, such as option ARM RMBS and sub-prime RMBS, have been referred to by the financial media as &#147;toxic
assets.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Although the United States economy has been slowly improving in recent years, if the economy of the United States begins to
deteriorate again the incidence of mortgage foreclosures, especially sub-prime mortgages, could begin to increase again, which could adversely affect the value of any RMBS owned by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Legislation and Regulation Risk</U>.&nbsp;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&#146;s </P>
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investment program as the bill, among other things, (1) allows approximately 400,000 homeowners to refinance into affordable, government-backed loans through a program run by the FHA, and (2)
provides approximately $180 million for &#147;pre-foreclosure&#148; 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 counselors to work out a plan to avoid foreclosure. Certain
borrowers may also seek relief through the &#147;FHA Secure&#148; 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 20, 2009, provides a safe harbor for servicers entering into &#147;qualified loss mitigation plans&#148; 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 &#147;bailout&#148; and &#147;rescue&#148; plans that could potentially have a material adverse effect on the investment program of the Fund. 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 expressed an expectation that these conditions 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: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">moratoriums on interest rate increases for certain mortgage loans and on foreclosure proceedings; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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;
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">increased scrutiny of mortgage originations (including mortgage loans in which the Fund may own an interest through non-agency RMBS) and foreclosure proceedings; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">additional registration and licensing requirements for mortgage brokers, lenders and others involved in the mortgage industry; and </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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&#146;s objections, as the result of a &#147;cramdown,&#148; which decreases the debt&#146;s value to as low as the collateral&#146;s fair market value. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">New laws, legislation or other government regulations, including those
promulgated in furtherance of a &#147;bailout&#148; or &#147;rescue&#148; 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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>CMBS Risk</I>.&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 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; 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 one- to four- family residential lending. Commercial lending, for example, typically involves larger loans to single borrowers or
groups of related borrowers than residential one- 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 &#147;directing certificateholder&#148; or a &#147;controlling
class representative,&#148; which is appointed by the holders of the most subordinate class of CMBS in such series. 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&#146;s interests. There may be a
limited number of special servicers available, particularly those that do not have conflicts of interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 non-governmental issuers.&nbsp;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. Subordinated CMBS are often referred to as &#147;B-Pieces.&#148; 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Credit Risk Associated With
Originators and Servicers of Mortgage Loans</I>.&nbsp;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
</P>
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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 &#147;no documentation&#148; or &#147;limited documentation&#148; mortgage loans that may support non-agency RMBS, inadequate
verification of income and employment history. Delinquencies and losses 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 non-agency MBS and subordinated security holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The servicers of
non-agency 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146; 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&nbsp;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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In addition, certain lenders who service and/or issue MBS have recently announced that they are
being investigated by or have received information requests from U.S. federal and/or state authorities, including the SEC. As a result of such investigations and other similar investigations and general concerns about the adequacy or accuracy of
disclosure of risks to borrowers and their understanding of such risks, U.S. financial regulators have recently indicated that they may propose new guidelines for the mortgage industry. Guidelines, if introduced, together with the other factors
described herein, may make it more difficult for borrowers with weaker credit to refinance, which may lead to further increases in delinquencies, extensions in duration and losses in mortgage related assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Adjustable Rate Mortgage Risk</I>.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In addition, certain ARMs may
provide for an initial fixed, below-market or &#147;teaser&#148; 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 &#147;teaser&#148; 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.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Stripped MBS Risk</I>.&nbsp;Stripped MBS may be subject to additional risks. One type of stripped MBS pays to one class all
of the interest from the mortgage assets (the &#147;IO class&#148;), while the other class will receive all of the principal (the &#147;PO class&#148;). 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&#146;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. </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">II-50 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>CMO Risk</I>.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Additional Risks of Mortgage Related Securities</I>. Additional risks associated with investments in MBS include: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Interest Rate Risk</U>.&nbsp;In addition to the interest rate risks described above, including under &#147;Risk Factors&#151;Interest Rate
Risk,&#148; 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
&#147;available funds cap.&#148; 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Structural Risk</U>.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Subordination Risk</U>.&nbsp;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 non-fulfillment of repurchase obligations, overadvancing on a pool of loans and the costs of transferring servicing than senior classes of securities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Prepayment, Extension and Redemption Risks</U>.&nbsp;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&#146;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.&nbsp;Prepayments can result in lower yields to
shareholders.&nbsp;The increased likelihood of prepayment when interest rates decline also limits market price appreciation of MBS. This is known as prepayment risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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.&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">MBS also are subject to extension risk.&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 &#147;pay-off&#148; the security, which could have an adverse effect on the Fund&#146;s ability to achieve its investment objective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Spread Widening Risk</U>.&nbsp;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 &#147;undervalued&#148; levels is no guarantee that these assets will not be trading at even more &#147;undervalued&#148; levels at a time of valuation or
at the time of sale. It may not be possible to predict, or to protect against, such &#147;spread widening&#148; risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Liquidity
Risk</U>.&nbsp;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 liquidity risks 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>ABS Risk</I>.&nbsp;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. </P>
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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&#146;s ability to pay.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The collateral underlying ABS may constitute assets related to a wide range of industries and sectors, such as credit card and
automobile receivables.&nbsp;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. The Credit CARD Act of 2009 imposes new regulations on the ability of credit card issuers to adjust the interest rates and exercise various other rights with respect to indebtedness extended
through credit cards. The Fund and the Investment Advisor cannot predict what effect, if any, such regulations might have on the market for ABS and such regulations may adversely affect the value of ABS owned by the Fund. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>CDO Risks</I>.&nbsp;In
addition to the general risks associated with fixed income securities discussed herein, CDOs carry additional risks, including: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other
payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the CDO securities are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of
investment and may produce disputes with the issuer or unexpected investment results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The credit quality of CDOs depends primarily upon
the quality of the underlying assets and the level of credit support and/or enhancement provided. The underlying assets (e.g., securities or loans) of CDOs may be subject to prepayments, which would shorten the weighted average maturity and may
lower the return of the CDO. If a credit support or enhancement is exhausted, losses or delays in payment may result if the required payments of principal and interest are not made. The transaction documents relating to the issuance of CDOs may
impose eligibility criteria on the assets of the issuing SPE, restrict the ability of the investment manager to trade investments and impose certain portfolio-wide asset quality requirements.&nbsp;These criteria, restrictions and requirements may
limit the ability of the SPE&#146;s investment manager to maximize returns on the CDOs. In addition, other parties involved in structured products, such as third party credit enhancers and investors in the rated tranches, may impose requirements
that have an adverse effect on the returns of the various tranches of CDOs. Furthermore, CDO transaction documents generally contain provisions that, in the event that certain tests are not met (generally interest coverage and over-collateralization
tests at varying levels in the capital structure), require that proceeds that would otherwise be distributed to holders of a junior tranche must be diverted to pay down the senior tranches until such tests are satisfied. Failure (or increased
likelihood of failure) of a CDO to make timely payments on a particular tranche will have an adverse effect on the liquidity and market value of such tranche. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Payments to holders of CDOs may be subject to deferral. If cash flows generated by the underlying
assets are insufficient to make all current and, if applicable, deferred payments on the CDOs, no other assets will be available for payment of the deficiency and, following realization of the underlying assets, the obligations of the issuer to pay
such deficiency will be extinguished. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The value of CDO securities also may change because of changes in the market&#146;s perception of
the creditworthiness of the servicing agent for the pool, the originator of the pool, or the financial institution or fund providing the credit support or enhancement. Furthermore, the leveraged nature of each subordinated class may magnify the
adverse impact on such class of changes in the value of the assets, changes in the distributions on the assets, defaults and recoveries on the assets, capital gains and losses on the assets, prepayment on the assets and availability, price and
interest rates of the assets. CDOs are limited recourse, may not be paid in full and may be subject to up to 100% loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">CDOs are
typically privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be characterized as illiquid securities; however, an active dealer market may exist which would allow such securities
to be considered liquid in some circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>REITs Risk</I>.&nbsp;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.&nbsp;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, REITs must satisfy highly technical and complex requirements in order to qualify for the favorable tax
treatment accorded to REITs under the Code.&nbsp;No assurances can be given that a 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&#146;s ability to execute its business plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>U.S. Government Securities Risk</I>. 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. On August 5, 2011, S&amp;P lowered its long-term sovereign credit rating on U.S. government debt to AA+ from AAA with a
negative outlook. The downgrade by S&amp;P and any future downgrades by other rating agencies could increase volatility in both stock and bond markets, result in higher interest rates and higher Treasury yields and increase borrowing costs
generally. These events could have significant adverse effects on the economy generally and could result in significant adverse impacts on securities issuers and the Fund.&nbsp;The Investment Advisor cannot predict the effects of these or similar
events in the future on the U.S. economy and securities markets or on the Fund&#146;s portfolio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Zero-Coupon Securities
Risk</I>.&nbsp;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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">While interest payments are not made on zero-coupon securities, holders of such securities are
deemed to have received income (&#147;phantom income&#148;) 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 bond, but at the same time eliminates the holder&#146;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 bonds are more exposed to interest rate risk than shorter term zero-coupon bonds. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund accrues income with respect to these securities for U.S. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Further, to maintain its qualification for pass-through treatment under the U.S. 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&#146;s exposure to zero-coupon securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In addition to the risks
described herein, 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,&nbsp;the Fund&#146;s investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Fund&#146;s portfolio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>PIK Bonds Risks</I>.&nbsp;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 U.S. federal income 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 U.S.
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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Insolvency of Issuers of Indebtedness Risk.</I>&nbsp;Various laws enacted for the protection of creditors
may apply to indebtedness in which the Fund invests.&nbsp;The information in this and the following paragraph is applicable with respect to U.S. issuers subject to U.S. federal bankruptcy law.&nbsp;Insolvency considerations may differ with respect
to other issuers.&nbsp;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) was insolvent, (ii) was engaged in a business for which the remaining assets of such issuer constituted unreasonably small capital or (iii) 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.&nbsp;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 </P>
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amount that would be required to pay its probable liabilities on its existing debts as they became absolute and matured.&nbsp;There can be no assurance as to what standard a court would apply in
order to determine whether the issuer was &#147;insolvent&#148; 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
&#147;insolvent&#148; upon giving effect to such incurrence.&nbsp;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
&#147;preference&#148; if made within a certain period of time (which may be as long as one year) before insolvency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Indebtedness consisting of obligations of non-U.S.
issuers may be subject to various laws enacted in the countries of their issuance for the protection of creditors.&nbsp;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 non-sovereign or a sovereign entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Equity Securities Risk</I>.&nbsp;Stock markets are volatile,
and the prices of equity securities fluctuate based on changes in a company&#146;s financial condition and overall market and economic conditions.&nbsp;Although common stocks have historically generated higher average total returns than fixed income
securities over the long-term, common stocks also have experienced significantly more volatility in those returns and, in certain periods, have significantly under-performed relative to fixed income securities. An adverse event, such as an
unfavorable earnings report, may depress the value of a particular common stock held by the Fund. A common stock may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs
and competitive conditions within an industry. The value of a particular common stock held by the Fund may decline for a number of other reasons which directly relate to the issuer, such as management performance, financial leverage, the
issuer&#146;s historical and prospective earnings, the value of its assets and reduced demand for its goods and services. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may
depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons, including changes in investors&#146; perceptions of the financial condition of an issuer or the general condition of the relevant
stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Common equity
securities in which the Fund may invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company&#146;s capital structure in terms of priority to corporate income and are therefore inherently more risky than
preferred stock or debt instruments of such issuers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Warrants Risk.</I>&nbsp;If the price of the underlying stock does not rise above
the exercise price before the warrant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock.
Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Rights Risk.</I>&nbsp;The failure to exercise subscription rights to purchase common stock would result in the dilution of the Fund&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Preferred Securities Risk</I>. There are special risks associated with investing in preferred securities, including: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Deferral Risk.</U>&nbsp;Preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a
stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its distributions, the Fund may be required to report income for tax purposes although it has not yet received such income. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Subordination Risk.</U>&nbsp;Preferred securities are subordinated to bonds and other debt
instruments in a company&#146;s capital structure in terms of having priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than debt instruments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Limited Voting Rights Risk.</U>&nbsp;Generally, preferred security holders (such as the Fund) have no voting rights with respect to the
issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer&#146;s board. Generally, once all the arrearages have been
paid, the preferred security holders no longer have voting rights. In the case of trust preferred securities, holders generally have no voting rights, except if (i) the issuer fails to pay dividends for a specified period of time or (ii) a
declaration of default occurs and is continuing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Special Redemption Rights Risk.</U>&nbsp;In certain varying circumstances, an issuer
of preferred securities may redeem the securities prior to a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by certain changes in U.S. federal income tax or securities laws. As with call
provisions, a special redemption by the issuer may negatively impact the return of the security held by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Trust Preferred
Securities Risk.</U>&nbsp;Trust preferred securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from 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 five years or more without triggering an event of
default. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Trust preferred securities include but are not limited to trust originated preferred securities
(&#147;TOPRS&reg;&#148;); monthly income preferred securities (&#147;MIPS&reg;&#148;); quarterly income bond securities (&#147;QUIBS&reg;&#148; ); quarterly income debt securities (&#147;QUIDS&reg;&#148;); quarterly income preferred securities
(&#147;QUIPS<SUB STYLE="font-size:85%; vertical-align:bottom">SM</SUB>&#148;); corporate trust securities (&#147;CORTS&reg;&#148;); public income notes (&#147;PINES&reg;&#148;); and other trust preferred securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature. In certain instances, a
final maturity date may be extended and/or the final payment of principal may be deferred at the issuer&#146;s option for a specified time without default. No redemption can typically take place unless all cumulative payment obligations have been
met, although issuers may be able to engage in open-market repurchases without regard to whether all payments have been paid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Many trust
preferred securities are issued by trusts or other special purpose entities established by operating companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity sells such preferred securities
to investors, it purchases debt of the operating company (with terms comparable to those of the trust or special purpose entity securities), which enables the operating company to deduct for tax purposes the interest paid on the debt held by the
trust or special purpose entity. The trust or special purpose entity is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the trust preferred securities are treated as owning beneficial
interests in the underlying debt of the operating company. Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal income tax purposes. The trust or special purpose entity in turn would
be a holder of the operating company&#146;s debt </P>
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and would have priority with respect to the operating company&#146;s earnings and profits over the operating company&#146;s common shareholders, but would typically be subordinated to other
classes of the operating company&#146;s debt. Typically a preferred share has a rating that is slightly below that of its corresponding operating company&#146;s senior debt securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>New Types of Securities Risk.</U>&nbsp;From time to time, preferred securities, including trust preferred securities, have been, and may in
the future be, offered having features other than those described herein. The Fund reserves the right to invest in these securities if the Investment Advisor believes that doing so would be consistent with the Fund&#146;s investment objective and
policies. Since the market for these instruments would be new, the Fund may have difficulty disposing of them at a suitable price and time. In addition to limited liquidity, these instruments may present other risks, such as high price volatility.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Convertible Securities Risk</I>.&nbsp;Convertible securities generally offer lower interest or dividend yields than non-convertible
securities of similar quality. As with all fixed income securities, the market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, when the market price of the
common stock underlying a convertible security exceeds the conversion price, the convertible security tends to reflect the market price of the underlying common stock. As the market price of the underlying common stock declines, the convertible
security tends to trade increasingly on a yield basis and thus may not decline in price to the same extent as the underlying common stock. Convertible securities rank senior to common stock in an issuer&#146;s capital structure and consequently
entail less risk than the issuer&#146;s common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The value of convertible securities is influenced by both the yield on
nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield) is sometimes referred to
as its &#147;investment value.&#148; To the extent interest rates change, the investment value of the convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be influenced by its
&#147;conversion value,&#148; which is the market value of the underlying common stock that would be obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the underlying common stock. If the
conversion value of a convertible security is substantially below its investment value, the price of the convertible security is governed principally by its investment value. To the extent the conversion value of a convertible security increases to
a point that approximates or exceeds its investment value, the price of the convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium over the conversion value to the extent investors
place value on the right to acquire the underlying common stock while holding a fixed income security. The yield and conversion premium of convertible securities issued in Japan and the Euromarket are frequently determined at levels that cause the
conversion value to affect their market value more than the securities&#146; investment value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Holders of convertible securities
generally have a claim on the assets of the issuer prior to the common stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be subject to redemption at the option of the issuer at a price
established in a charter provision, indenture or other governing instrument pursuant to which the convertible security was issued. If a convertible security held by the Fund is called for redemption, the Fund will be required to redeem the security,
convert it into the underlying common stock or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the holder to cause the security to be redeemed by the issuer at a premium over the
stated principal amount of the debt security under certain circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may also invest in synthetic convertible securities.
Synthetic convertible securities may include either Cash-Settled Convertibles or Manufactured Convertibles. &#147; Cash-Settled Convertibles &#148; are instruments that are created by the issuer and have the economic characteristics of traditional
convertible securities but may not actually permit conversion into the underlying equity securities in all circumstances. As an example, a private company may issue a Cash-Settled Convertible that is convertible into common stock only if the company
successfully completes a public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity appreciation. &#147; Manufactured Convertibles &#148; are created by the Investment Advisor or another party by
combining separate securities that possess one of the two principal characteristics of a convertible security, i.e., fixed income (&#147;fixed income component&#148;) or a right to acquire equity securities (&#147;convertibility component&#148;).
</P>
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The fixed income component is achieved by investing in nonconvertible fixed income securities, such as nonconvertible bonds, preferred stocks and money market instruments. The convertibility
component is achieved by investing in call options, warrants, or other securities with equity conversion features (&#147;equity features&#148;) granting the holder the right to purchase a specified quantity of the underlying stocks within a
specified period of time at a specified price or, in the case of a stock index option, the right to receive a cash payment based on the value of the underlying stock index. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional convertible security,
which is a single security that has a unitary market value, a Manufactured Convertible is comprised of two or more separate securities, each with its own market value. Therefore, the total &#147;market value&#148; of such a Manufactured Convertible
is the sum of the values of its fixed income component and its convertibility component. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A holder of a synthetic convertible security
faces the risk of a decline in the price of the security or the level of the index involved in the convertible component, causing a decline in the value of the security or instrument, such as a call option or warrant, purchased to create the
synthetic convertible security. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Because a synthetic convertible
security includes the income-producing component as well, the holder of a synthetic convertible security also faces the risk that interest rates will rise, causing a decline in the value of the income-producing instrument.&nbsp;Synthetic convertible
securities are also subject to the risks associated with derivatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">More flexibility is possible in the creation of a Manufactured
Convertible than in the purchase of a traditional convertible security. Because many corporations have not issued convertible securities, the Investment Advisor may combine a fixed income instrument and an equity feature with respect to the stock of
the issuer of the fixed income instrument to create a synthetic convertible security otherwise unavailable in the market. The Investment Advisor may also combine a fixed income instrument of an issuer with an equity feature with respect to the stock
of a different issuer when the Investment Advisor believes such a Manufactured Convertible would better promote the Fund&#146;s investment objective than alternative investments. For example, the Investment Advisor may combine an equity feature with
respect to an issuer&#146;s stock with a fixed income security of a different issuer in the same industry to diversify the Fund&#146;s credit exposure, or with a U.S. Treasury instrument to create a Manufactured Convertible with a higher credit
profile than a traditional convertible security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two components may be purchased separately and, upon purchasing the separate securities,
&#147;combined&#148; to create a Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured Convertible while postponing the purchase of a suitable bond to pair with the warrant pending
development of more favorable market conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The value of a Manufactured Convertible may respond to certain market fluctuations
differently from a traditional convertible security with similar characteristics. For example, in the event the Fund created a Manufactured Convertible by combining a short-term U.S. Treasury instrument and a call option on a stock, the Manufactured
Convertible would be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during periods when Treasury instruments outperform corporate fixed income securities and underperform during periods when
corporate fixed income securities outperform Treasury instruments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Restricted and Illiquid Securities Risk</I>.&nbsp;The Fund may
invest in illiquid or less liquid securities or securities in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Fund may not be able to readily dispose of such securities at
prices that approximate those at which the Fund could sell such securities 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. Limited liquidity can also affect the market price of securities, thereby adversely affecting the Fund&#146;s NAV and ability to make dividend distributions.&nbsp;The financial markets in general, and certain segments
of the mortgage related 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.&nbsp;During such periods, some securities could be sold only at arbitrary prices and with substantial losses.&nbsp;Periods of such market dislocation may occur again at any time.&nbsp;Privately issued
debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Restricted securities are securities that may not be sold to the public without an effective
registration statement under the Securities Act, or that may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. When registration is required to sell a security, the Fund may be obligated to pay all or
part of the registration expenses and considerable time may pass before the Fund is permitted to sell a security under an effective registration statement. If adverse market conditions develop during this period, the Fund might obtain a less
favorable price than the price that prevailed when the Fund decided to sell. The Fund may be unable to sell restricted and other illiquid securities at opportune times or prices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Municipal Securities Risks</I>. 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: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>General Obligation Bonds Risks</U>. 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&#146;s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Revenue Bonds Risks</U>. Revenue bonds issued by state or local agencies to finance the development of low-income, 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Private Activity Bonds
Risks</U>. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Moral Obligation Bonds Risks</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Municipal Notes Risks</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Municipal Lease Obligations Risks</U>. 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&#146;s loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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
</P>
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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 &#147;nonappropriation&#148; 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 participation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Liquidity of Investments</U>. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 occur again at any time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Because the Fund does not expect that it will invest more 50% of its assets in tax-exempt municipal securities, the Fund will not be eligible
to pass tax-exempt interest through to its shareholders in the form of &#147;exempt-interest dividends.&#148;&nbsp;The amount of tax-exempt interest earned by the Fund will, however, generally increase the Fund&#146;s earnings and profits for U.S.
federal income tax purposes.&nbsp;Accordingly, distributions of the Fund attributable to tax-exempt interest will generally be taxable to shareholders as ordinary dividend income that is not eligible for the preferential tax rates applicable to
&#147;qualified dividend income,&#148; even though the tax-exempt income, if earned directly by the shareholder, would not have been subject to U.S. federal income tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Non-U.S. Securities Risk</I>.&nbsp;The Fund may invest in Non-U.S. Securities. Such investments involve certain risks not involved in
domestic investments. Securities markets in foreign countries often are not as developed, efficient or liquid as securities markets in the United States, and therefore, the prices of Non-U.S. Securities can be more volatile. Certain foreign
countries may impose restrictions on the ability of issuers of Non-U.S. Securities to make payments of principal and interest to investors located outside the country. In addition, the Fund will be subject to risks associated with adverse political
and economic developments in foreign countries, which could cause the Fund to lose money on its investments in Non-U.S. Securities. The Fund will be subject to additional risks if it invests in Non-U.S. Securities, which include seizure or
nationalization of foreign deposits. Non-U.S. Securities may trade on days when the Fund&#146;s common stock is not priced or traded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Rules adopted under the 1940 Act permit the Fund to maintain its Non-U.S. Securities and foreign currency in the custody of certain eligible
non-U.S. banks and securities depositories, and the Fund generally holds its Non-U.S. Securities and foreign currency in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to
the foreign custody business. In addition, there may be limited or no regulatory oversight of their operations. Also, the laws of certain countries limit the Fund&#146;s ability to recover its assets if a foreign bank, depository or issuer of a
security, or any of their agents, goes bankrupt. In addition, it is </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">II-61 </P>
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often more expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing in foreign markets reduces the amount
the Fund can earn on its investments and typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Certain banks in foreign countries may not be eligible sub-custodians for the Fund, in which event the Fund may be precluded from purchasing
securities in certain foreign countries in which it otherwise would invest or the Fund may incur additional costs and delays in providing transportation and custody services for such securities outside of such countries. The Fund may encounter
difficulties in effecting portfolio transactions on a timely basis with respect to any securities of issuers held outside their countries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth
of gross national product, reinvestment of capital, resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition
of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental
actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. In addition, the governments of certain countries may prohibit or impose substantial
restrictions on foreign investments in their capital markets or in certain industries. Any of these actions could severely affect securities prices or impair the Fund&#146;s ability to purchase or sell Non-U.S. Securities or transfer the Fund&#146;s
assets or income back into the United States, or otherwise adversely affect the Fund&#146;s operations. In addition, the U.S. government has from time to time in the past imposed restrictions, through penalties and otherwise, on foreign investments
by U.S. investors such as the Fund. If such restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its assets in U.S. securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government
securities, difficulties in enforcing legal judgments in foreign courts and political and social instability. Diplomatic and political developments, including rapid and adverse political changes, social instability, regional conflicts, terrorism and
war, could affect the economies, industries and securities and currency markets, and the value of the Fund&#146;s investments, in non-U.S. countries. These factors are extremely difficult, if not impossible, to predict and take into account with
respect to the Fund&#146;s investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In general, less information is publicly available with respect to foreign issuers than is
available with respect to U.S. companies. Accounting standards in other countries are not necessarily the same as in the United States. If the accounting standards in another country do not require as much detail as U.S. accounting standards, it may
be harder for the Investment Advisor to completely and accurately determine a company&#146;s financial condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Many foreign
governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United States. They also may not have laws to protect investors that are comparable to U.S. securities
laws. For example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company&#146;s securities based on material non-public information about that company. In addition,
some countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise shareholder rights, and pursue legal remedies with respect to its Non-U.S. Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement and
clearance procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S. investments.&nbsp;Communications between the United States and
foreign countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement. At times, settlements in certain foreign countries have not kept pace with the
number of securities transactions. These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed in settling a purchase of securities, it may miss attractive investment opportunities and certain
of its assets may be uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell
the security to another party, the Fund could be liable for any losses incurred. </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">II-62 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">While the volume of transactions effected on foreign stock exchanges has increased in recent
years, it remains appreciably below that of the NYSE. Accordingly, the Fund&#146;s Non-U.S. Securities may be less liquid and their prices may be more volatile than comparable investments in securities in U.S. companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A number of countries have authorized the formation of closed-end investment companies to facilitate indirect foreign investment in their
capital markets. In accordance with the 1940 Act, the Fund may invest up to 10% of its total assets in securities of closed-end investment companies, not more than 5% of which may be invested in any one such company. This restriction on investments
in securities of closed-end investment companies may limit opportunities for the Fund to invest indirectly in certain smaller capital markets. Shares of certain closed-end investment companies may at times be acquired only at market prices
representing premiums to their NAVs. If the Fund acquires shares in closed-end investment companies, stockholders would bear both their proportionate share of the Fund&#146;s expenses (including investment advisory fees) and, indirectly, the
expenses of such closed-end investment companies. The Fund also may seek, at its own cost, to create its own investment entities under the laws of certain countries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Emerging Markets Risk</I>. The Fund may invest in Non-U.S. Securities of issuers in so-called &#147;emerging markets&#148; (or lesser
developed countries). Such investments are particularly speculative and entail all of the risks of investing in Non-U.S. Securities but to a heightened degree. &#147;Emerging market&#148; 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) low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for such
securities, as compared to securities of comparable issuers in more developed capital markets; (ii) 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) 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) national policies that may limit the Fund&#146;s investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national
interests; and (v) the lack or relatively early development of legal structures governing private and foreign investments and private property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 </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">II-63 </P>
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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&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Foreign Currency Risk</I>.&nbsp;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 in 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&#146;s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Investment Advisor may, but is 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Sovereign Government and
Supranational Debt Risk</I>. 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&#146;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&#146;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 assurance 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. </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">II-64 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>LIBOR Risk</I>.&nbsp;According to various reports, certain financial institutions, commencing
as early as 2005 and throughout the global financial crisis, routinely made artificially low submissions in the LIBOR rate setting process. Since the LIBOR scandal came to light, several financial institutions have been fined significant amounts by
various financial regulators in connection with allegations of manipulation of LIBOR rates. Other financial institutions in various countries are being investigated for similar actions. These developments may have adversely affected the interest
rates on securities whose interest payments were determined by reference to LIBOR. Any future similar developments could, in turn, reduce the value of such securities owned by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Leverage Risk</I>.&nbsp;The use of leverage creates an opportunity for increased common share net investment income dividends, but also
creates risks for the holders of common stock. The Fund cannot assure you that the use of leverage will result in a higher yield on the common stock.&nbsp;The Fund&#146;s leveraging strategy may not be successful. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Leverage involves risks and special considerations for common shareholders, including: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the likelihood of greater volatility of NAV, market price and dividend rate of the common stock than a comparable portfolio without leverage; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the risk that fluctuations in interest rates on borrowings and short-term debt or in the interest or dividend rates on any leverage that the Fund must pay will reduce the return to the common stockholders;
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the common stock than if the Fund were not leveraged, which may result in a greater decline in the market price of
the common stock; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">when the Fund uses financial leverage, the management fee payable to the Investment Advisor will be higher than if the Fund did not use leverage; and </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">leverage may increase operating costs, which may reduce total return. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Any decline in the NAV
of the Fund&#146;s investments will be borne entirely by the holders of shares of common stock. Therefore, if the market value of the Fund&#146;s portfolio declines, leverage will result in a greater decrease in NAV to the holders of shares of
common stock than if the Fund were not leveraged. This greater NAV decrease will also tend to cause a greater decline in the market price for the common stock. While the Fund may from time to time consider reducing leverage in response to actual or
anticipated changes in interest rates in an effort to mitigate the increased volatility of current income and NAV associated with leverage, there can be no assurance that the Fund will actually reduce leverage in the future or that any reduction, if
undertaken, will benefit the holders of shares of common stock. Changes in the future direction of interest rates are very difficult to predict accurately. If the Fund were to reduce leverage based on a prediction about future changes to interest
rates, and that prediction turned out to be incorrect, the reduction in leverage would likely operate to reduce the income and/or total returns to holders of shares of common stock relative to the circumstance where the Fund had not reduced
leverage. The Fund may decide that this risk outweighs the likelihood of achieving the desired reduction to volatility in income and share price if the prediction were to turn out to be correct, and determine not to reduce leverage as described
above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Certain types of leverage used by the Fund 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 guidelines of one or more rating agencies, which may issue ratings for any debt securities or preferred shares issued by the Fund. The
terms of any borrowings or these rating agency guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. The Investment Advisor does not believe that these covenants or
guidelines will impede it from managing the Fund&#146;s portfolio in accordance with the Fund&#146;s investment objective and policies. </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">II-65 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may invest in the securities of other investment companies. Such investment companies
may also be leveraged, and will therefore be subject to the leverage risks described above. This additional leverage may in certain market conditions reduce the NAV of the Fund&#146;s common stock and the returns to the holders of shares of common
stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Event Risk</I>.&nbsp;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&#146;s securities may decline significantly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Inverse Floater and Related Securities Risk</I>.&nbsp;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 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Inflation-Indexed Bonds Risk</I>.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Two
structures are common.&nbsp;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 (&#147;CPI&#148;) accruals as part of a semi-annual
coupon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 mid-year 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&#146;s inflation equaling 3%, the end-of-year 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%). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;s inflation measure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In general, the measure used
to determine the periodic adjustment of U.S. inflation-indexed bonds is the Consumer Price Index for Urban Consumers (&#147;CPI-U&#148;), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U 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 CPI-U 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Defensive Investing
Risk</I>.&nbsp;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 objective.
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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Structured Investments Risk.</I> The Fund may invest in structured products, including structured notes,
credit linked securities 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. 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&#146;s administrative and other expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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
</P>
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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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Structured Notes
Risk</U>.&nbsp;Investments in structured notes involve risks, including credit risk and market risk. Where the Fund&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Event-Linked
Securities Risk</U>.&nbsp;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 low-severity, 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,
low-probability events such as that posed by major earthquakes or hurricanes. If a catastrophe occurs that &#147;triggers&#148; 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&#151;an insurer, reinsurer or corporation&#151;to cover losses. In return, the bond sponsors pay interest to investors for this catastrophe protection. Event-linked securities can be structured to
pay-off on three types of variables&#151;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Equity-Linked Notes Risk</U>.&nbsp;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 performance of an underlying equity, which can be a single stock, basket of stocks or an equity index. The
interest payment on an equity-linked note 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Credit-Linked Notes Risk</U>.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Repurchase Agreements Risk</I>.&nbsp;Subject to its
investment objective and policies, the Fund may invest in repurchase agreements. Repurchase agreements typically involve the acquisition by the Fund of fixed income 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 fixed income securities, the Fund follows procedures approved by the 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 </P>

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institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Reverse Repurchase Agreements Risk</I>.&nbsp;Reverse repurchase agreements involve the risks that the interest income earned on the
investment of the proceeds will be less than the interest expense of the Fund, that the market value of the securities sold by the Fund may decline below the price at which the Fund is obligated to repurchase the securities and that the securities
may not be returned to the Fund. There is no assurance that reverse repurchase agreements can be successfully employed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Dollar Roll
Transactions Risk</I>.&nbsp;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.&nbsp;If the broker/dealer to which
the Fund sells securities becomes insolvent, the Fund&#146;s right to purchase or repurchase securities may be restricted.&nbsp;Successful use of dollar rolls may depend upon the Investment Advisor&#146;s ability to predict correctly interest rates
and prepayments.&nbsp;There is no assurance that dollar rolls can be successfully employed.&nbsp;These transactions may involve leverage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>When-Issued, Forward Commitment and Delayed Delivery Transactions Risk</I>.&nbsp;The Fund may purchase securities on a when-issued basis
(including on a forward commitment or &#147;TBA&#148; (to be announced) basis) and may purchase or sell securities for delayed delivery. When-issued and delayed delivery transactions occur when securities are purchased or sold by the Fund with
payment and delivery taking place in the future to secure an advantageous yield or price. Securities purchased on a when-issued or delayed delivery basis may expose the Fund to counterparty risk of default as well as the risk that securities may
experience fluctuations in value prior to their actual delivery. The Fund will not accrue income with respect to a when-issued or delayed delivery security prior to its stated delivery date. Purchasing securities on a when-issued or delayed delivery
basis can involve the additional risk that the price or yield available in the market when the delivery takes place may not be as favorable as that obtained in the transaction itself. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Strategic Transactions and Derivatives Risk.</I>&nbsp;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&#146;s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Fund&#146;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&#146;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:6%; font-size:10pt; font-family:Times New Roman">Strategic Transactions involve risks. The risks associated with Strategic Transactions include (i) the
imperfect correlation between the value of such instruments and the underlying assets, (ii) the possible default of the counterparty to the transaction, (iii) illiquidity of the derivative instruments, and (iv) high volatility losses caused by
unanticipated market movements, which are potentially unlimited.&nbsp;Although both over-the-counter and exchange-traded derivatives markets may experience a lack of liquidity, over-the-counter non-standardized derivative transactions are generally
less liquid than exchange-traded instruments.&nbsp;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&nbsp;for greater losses. Furthermore, the Fund&#146;s ability to successfully use Strategic Transactions depends on the Investment Advisor&#146;s 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>
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Additionally, segregated or earmarked liquid assets, 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:6%; font-size:10pt; font-family:Times New Roman">Many over-the-counter derivatives are valued on the basis of dealers&#146; 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&#146;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
over-the-counter 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 SEC- or CFTC- mandated
margin requirements.&nbsp;These regulators also have broad discretion to impose margin requirements on non-cleared over-the-counter derivatives.&nbsp;These margin requirements will increase the overall costs for the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 assurance that the Fund&#146;s hedging transactions will be effective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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:6%; font-size:10pt; font-family:Times New Roman">The Fund&#146;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.&nbsp;Derivatives are subject to a number of risks such as credit risk, leverage risk, liquidity risk, correlation risk and index
risk as described below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Credit Risk</I>&#151;the risk that the counterparty in a derivative transaction will be unable to honor its financial obligation to the Fund, or the risk that the reference entity in a derivative will not be able to
honor its financial obligations. In particular, derivatives traded in over-the-counter 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 its obligations. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Currency Risk</I>&#151;the risk that changes in the exchange rate between two currencies will adversely affect the value (in U.S. dollar terms) of an investment. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Leverage Risk</I>&#151;the risk associated with certain types of investments or trading strategies (such as, for example, borrowing money to increase the amount of investments) that relatively small market movements
may result in large changes in the value of an investment. Certain transactions in derivatives (such as futures transactions or sales of put options) involve substantial leverage risk and may expose the Fund to potential losses that exceed the
amount originally invested by the Fund.&nbsp;When the Fund engages in such a transaction, the Fund will deposit in a segregated account, or earmark on its books and records liquid assets with a value at least equal to the Fund&#146;s exposure, on a
mark-to-market basis, to the transaction (as calculated pursuant to requirements of the SEC).&nbsp;Such segregation or earmarking will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction, but will not
limit the Fund&#146;s exposure to loss. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Liquidity Risk</I>&#151;the risk that certain securities may be difficult or impossible to sell at the time that the Fund would like or at the price that the Fund as seller believes the security is currently worth.
There can be no assurance that, at any specific time, either a liquid secondary market will exist for a derivative or the Fund will otherwise be able to sell such instrument at an acceptable price.&nbsp;It may, </TD></TR></TABLE>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
therefore, not be possible to close a position in a derivative without incurring substantial losses, if at all.&nbsp;The absence of liquidity may also make it more difficult for the Fund to
ascertain a market value for such instruments.&nbsp;Although both over-the-counter and exchange-traded derivatives markets may experience a lack of liquidity, certain derivatives traded in over-the-counter markets, including indexed securities,
swaps and OTC Options, involve substantial liquidity risk. 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.&nbsp;In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be adversely affected by &#147;daily price fluctuation
limits&#148; established by the exchanges which limit the amount of fluctuation in an exchange-traded contract price during a single trading day.&nbsp;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. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Correlation Risk</I>&#151;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 through the use of the derivative. 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. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Index Risk</I>&#151;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. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create
leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Volatility Risk</I>&#151;the risk that the Fund&#146;s use of derivatives may reduce income or gain and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to
fluctuate significantly in price over a defined time period. The Fund could suffer losses related to its derivative positions as a result of unanticipated market movements, which losses are potentially unlimited. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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&#146;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 Investment Advisor may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund&#146;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:6%; 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.&nbsp;Such an imperfect correlation may prevent the Fund from
achieving the intended hedge or expose the Fund to a risk of loss.&nbsp;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.&nbsp;It may not be possible for the Fund to hedge against a change or event at attractive prices or at a price </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">II-71 </P>
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sufficient to protect the assets of the Fund from the decline in value of the portfolio positions anticipated as a result of such change.&nbsp;The Fund may also be restricted in its ability to
effectively manage the portion of its assets that are segregated or&nbsp;earmarked to cover its obligations.&nbsp;In addition, it may not be possible to hedge at all against certain risks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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.&nbsp;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:6%; 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.&nbsp;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 Investment Advisor seeks to use derivatives to further the Fund&#146;s investment objective, there is no assurance that the use of derivatives will achieve this result. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Counterparty Risk</U>.&nbsp;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 or cleared through a central counterparty 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 Investment Advisor believes 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&#146;s bankruptcy or insolvency, the Fund&#146;s collateral may be subject to the conflicting claims of the counterparty&#146;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:6%; font-size:10pt; font-family:Times New Roman">The counterparty risk for cleared
derivatives is generally lower than for uncleared over-the-counter derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the
parties&#146; 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.&nbsp;However, there can be no assurance that a clearing
organization, or its members, will satisfy its obligations 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&#146;s clearing broker. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Uncleared
over-the-counter derivative transactions generally do not benefit from such protections. This exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the
terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. Such &#147;counterparty risk&#148; is accentuated for contracts with longer maturities where events may intervene
to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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:6%; font-size:10pt; font-family:Times New Roman"><U>Swaps Risk</U>.&nbsp;Swaps are a type of derivative. 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 </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">II-72 </P>
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Fund&#146;s portfolio, to hedge against increases in the Fund&#146;s cost associated with the interest payments on any outstanding borrowings or, to the extent applicable, to seek to increase the
Fund&#146;s return, the Fund may enter into swaps, including interest rate swap, total return swap and/ or credit default swap transactions.&nbsp;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.&nbsp;In addition to the risks applicable to swaps generally (including
counterparty risk, high volatility, 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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Historically, swap transactions have been individually negotiated non-standardized transactions entered into in over-the-counter markets and
have not been subject to the same type of government regulation as exchange-traded instruments. However, the over-the-counter derivatives markets have recently become subject to comprehensive statutes and regulations. In particular, in the United
States, the Dodd-Frank Act, signed into law by President Obama on July 21, 2010, requires that certain derivatives with U.S. persons must be executed on a regulated market and a substantial portion of&nbsp;over-the-counter 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 swap regulation under the Dodd-Frank
Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Credit default and total return swap agreements may effectively add leverage to the Fund&#146;s portfolio because, in addition to
its Managed Assets, the Fund would be subject to investment exposure on the notional amount of the swap.&nbsp;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.&nbsp;It is possible that
regulatory or other developments in the swaps market could adversely affect the Fund&#146;s ability to successfully use swaps. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Options
Risk</U>.&nbsp;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 objectives. In addition, a liquid secondary market for particular options, whether traded over-the-counter or on a national securities exchange (&#147;Exchange&#148;) 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:6%; font-size:10pt; font-family:Times New Roman"><U>Futures Transactions and Options Risk</U>.&nbsp;The primary risks associated with the use of futures contracts and
options are (a) 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) possible lack of a liquid secondary market for a futures contract and the resulting
inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Investment Advisor&#146;s inability to predict correctly the direction of securities prices, interest
rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations. </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">II-73 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; 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.&nbsp;The hedge will not be fully effective when there is imperfect correlation between the movements in the prices of two financial instruments.&nbsp;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.&nbsp;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.&nbsp;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:6%; 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.&nbsp;As a result, the Fund&#146;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 securities held by the Fund.&nbsp;The correlation may be affected by disparities in the average maturity, ratings, geographical mix or structure of the Fund&#146;s
investments as compared to those comprising the securities index and general economic or political factors.&nbsp;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.&nbsp;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.&nbsp;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:6%; 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.&nbsp;There can be no assurance, however, that a liquid secondary market will exist for any particular futures contract at any specific time.&nbsp;Thus, it may not be possible to
close out a futures position.&nbsp;In the event of adverse price movements, the Fund would continue to be required to make daily cash payments of variation margin.&nbsp;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.&nbsp;The inability to close out futures positions also could have an adverse impact on the Fund&#146;s ability to hedge
effectively its investments in securities.&nbsp;The liquidity of a secondary market in a futures contract may be adversely affected by &#147;daily price fluctuation limits&#148; established by commodity exchanges that limit the amount of fluctuation
in a futures contract price during a single trading day.&nbsp;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.&nbsp;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:6%; 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 Investment Advisor to forecast correctly the direction and extent of interest rate movements within a given time frame.&nbsp;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.&nbsp;As a result, the Fund&#146;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:6%; 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.&nbsp;As
a result, relatively small movements in the price of the futures contracts can result in substantial unrealized gains or losses.&nbsp;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.&nbsp;Because the Fund may engage in the purchase and sale of futures contracts for hedging purposes or to seek to enhance the Fund&#146;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:6%; font-size:10pt; font-family:Times New Roman"><U>General Risk Factors in Hedging Foreign Currency</U>.&nbsp;Hedging transactions involving Currency Instruments involve substantial risks,
including correlation risk. While the Fund&#146;s use of Currency Instruments to effect hedging </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">II-74 </P>
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strategies is intended to reduce the volatility of the NAV of the Fund&#146;s common stock, the NAV of the Fund&#146;s common stock 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&#146;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> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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) 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) 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:6%; font-size:10pt; font-family:Times New Roman"><U>Foreign Currency Forwards Risk</U>.&nbsp;Forward foreign currency
exchange contracts do not eliminate fluctuations in the value of Non-U.S. Securities 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:6%; 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:6%; 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&#146;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 Investment Advisor 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:6%; font-size:10pt; font-family:Times New Roman">Some of the forward non-U.S. currency contracts entered into by the Fund may be classified as non-deliverable forwards
(&#147;NDFs&#148;). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated in non-convertible 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 </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">II-75 </P>
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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:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Currency Futures Risk</U>.&nbsp;The Fund may also seek to hedge against the decline in the value of a currency or, to the extent
applicable, 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 over-the-counter market. Currency futures involve substantial currency risk, and also involve leverage risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Currency Options Risk</U>.&nbsp;The Fund may also seek to hedge against the decline in the value of a currency or, to the extent
applicable, 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 over-the-counter markets. Currency options involve substantial currency risk, and may also involve credit, leverage or liquidity risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Currency Swaps Risk</U>.&nbsp;The Fund may enter into currency swaps. 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 involve the exchange of the rights of the Fund and another party to make
or receive payments in specified currencies. 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:6%; font-size:10pt; font-family:Times New Roman"><U>Over-the-Counter Trading Risk</U>.&nbsp;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 instrument. In addition, significant disparities may exist between &#147;bid&#148; and &#147;asked&#148; 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 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 over-the-counter 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:6%; font-size:10pt; font-family:Times New Roman"><U>Regulation as a &#147;Commodity Pool&#148;</U>.&nbsp;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) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps
(&#147;CFTC Derivatives&#148;), or (ii) 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
&#147;commodity pool&#148; or a vehicle for trading such instruments. Accordingly, the Investment Advisor has claimed an exclusion from the definition of the term &#147;commodity pool operator&#148; under the Commodity Exchange Act (&#147;CEA&#148;)
pursuant to Rule 4.5 under the CEA. The Investment Advisor is not, therefore, subject to registration or regulation as a &#147;commodity pool operator&#148; under the CEA in respect of the Fund. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Failure of Futures Commission Merchants and Clearing Organizations Risk</U>.&nbsp;The Fund may
deposit funds required to margin open positions in the derivative instruments subject to the CEA with a clearing broker registered as a &#147;futures commission merchant&#148; (&#147;FCM&#148;). 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&#146;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 a clearing broker from its customers are held by the clearing broker on a commingled basis in an omnibus account and may be invested by the clearing broker in certain instruments permitted under the applicable regulation. There is a risk
that assets deposited by the Fund with any swaps or futures clearing broker as margin for futures contracts may, in certain circumstances, be used to satisfy losses of other clients of the Fund&#146;s clearing broker. In addition, the assets of the
Fund may not be fully protected in the event of the clearing broker&#146;s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing broker&#146;s combined domestic
customer accounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Similarly, the CEA requires a clearing organization approved by the CFTC as a derivatives clearing organization to
segregate all funds and other property received from a clearing member&#146;s clients in connection with domestic futures, swaps and options contracts from any funds held at the clearing organization to support the clearing member&#146;s proprietary
trading. Nevertheless, with respect to futures and options contracts, a clearing organization may use assets of a non-defaulting customer held in an omnibus account at the clearing organization to satisfy payment obligations of a defaulting customer
of the clearing member to the clearing organization. As a result, in the event of a default of the clearing broker&#146;s other clients or the clearing broker&#146;s failure to extend its own funds in connection with any such default, the Fund would
not be able to recover the full amount of assets deposited by the clearing broker on its behalf with the clearing organization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Dodd-Frank Act Risk</U>.&nbsp;Title VII of the Dodd-Frank Act (the &#147;Derivatives Title&#148;) imposes a new regulatory structure on
derivatives markets, with particular emphasis on swaps and security-based swaps (collectively &#147;swaps&#148;). This new regulatory framework covers a broad range of swap market participants, including banks, non-banks, credit unions, insurance
companies, broker-dealers and investment advisers. The SEC, other U.S. regulators, and to a lesser extent the CFTC (the &#147;Regulators&#148;) still are in the process of adopting regulations to implement the Derivatives Title, though certain
aspects of the new regulatory structure are substantially complete. Until the Regulators complete their rulemaking efforts, the full extent to which the Derivatives Title and the rules adopted thereunder will impact the Fund is unclear. It is
possible that the continued development of this new regulatory structure for swaps may jeopardize certain trades and/or trading strategies that may be employed by the Investment Advisor, or at least make them more costly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Recently, new regulations have required the mandatory central clearing and mandatory exchange trading of particular types of interest rate
swaps and index credit default swaps (together, &#147;Covered Swaps&#148;).&nbsp;Together, these new regulatory requirements change the Fund&#146;s trading of Covered Swaps.&nbsp;With respect to mandatory central clearing, the Fund is now required
to clear its Covered Swaps through a clearing broker, which requires, among other things, posting initial margin and variation margin to the Fund&#146;s clearing broker in order to enter into and maintain positions in Covered Swaps.&nbsp;With
respect to mandatory exchange trading, the Investment Advisor may be required to become participants of a new type of execution platform called a swap execution facility (&#147;SEF&#148;) or may be required to access the SEF through an intermediary
(such as an executing broker) in order to be able to trade Covered Swaps for the Fund.&nbsp;In either scenario, the Investment Advisor and/or the Fund may incur additional legal and compliance costs and transaction fees.&nbsp;Just as with the other
regulatory changes imposed as a result of the implementation of the Derivatives Title, the increased costs and fees associated with trading Covered Swaps may jeopardize certain trades and/or trading strategies that may be employed by the Investment
Advisor, or at least make them more costly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, the Regulators plan to implement finalized regulations that may require swap dealers to collect
from the Fund initial margin and variation margin for uncleared derivatives transactions. The Regulators also plan to finalize proposed regulations that would impose upon swap dealers new capital requirements.&nbsp;These requirements, when finalized
and implemented, may make certain types of trades and/or trading strategies more costly or impermissible. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">There may be market dislocations due to uncertainty during the implementation period of any new
regulation and the Investment Advisor cannot know how the derivatives market will adjust to new regulations. Until the Regulators complete the rulemaking process for the Derivatives Title, it is unknown the extent to which such risks may
materialize. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Legal and Regulatory Risk</U>.&nbsp;At any time after the date hereof, legislation or additional regulations may be
enacted that could negatively affect the assets of the Fund.&nbsp;Changing approaches to regulation may have a negative impact on the securities in which the Fund invests.&nbsp;Legislation or regulation may also change the way in which the Fund
itself is regulated.&nbsp;There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objective.&nbsp;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
Investment Advisor expects.&nbsp;Whether the Fund achieves its investment objective may depend on, among other things, whether the Investment Advisor correctly forecasts market reactions to this and other legislation.&nbsp;In the event the
Investment Advisor incorrectly forecasts market reaction, the Fund may not achieve its investment objective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Securities Lending
Risk</I>. The Fund may lend securities to financial institutions.&nbsp;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),
&#147;gap&#148; 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), and credit, legal, counterparty and market risk. 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&#146;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&#146;s securities lending program.&nbsp;Substitute payments received on tax-exempt securities loaned out will generally not be tax-exempt income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Short Sales Risk</I>.&nbsp;Short-selling involves selling securities which may or may not be owned and borrowing the same securities for
delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. 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 capital gain. Any gain will be decreased, and any loss will be increased, by the transaction costs incurred by the Fund, including the costs associated with providing
collateral to the broker-dealer (usually cash and liquid securities) and the maintenance of collateral with its custodian. Although the Fund&#146;s gain is limited to the price at which it sold the security short, its potential loss is theoretically
unlimited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Short-selling necessarily involves certain additional risks. However, if the short seller does not own the securities sold
short (an uncovered short sale), the borrowed securities must be replaced by securities purchased at market prices in order to close out the short position, and any appreciation in the price of the borrowed securities would result in a loss.
Uncovered short sales expose the Fund to the risk of uncapped losses until a position can be closed out due to the lack of an upper limit on the price to which a security may rise. Purchasing securities to close out the short position can itself
cause the price of the securities to rise further, thereby exacerbating the loss. There is the risk that the securities borrowed by the Fund in connection with a short-sale must be returned to the securities lender on short notice. If a request for
return of borrowed securities occurs at a time when other short-sellers of the security are receiving similar requests, a &#147;short squeeze&#148; can occur, and the Fund may be compelled to replace borrowed securities previously sold short with
purchases on the open market at the most disadvantageous time, possibly at prices significantly in excess of the proceeds received at the time the securities were originally sold short. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In September 2008, in response to spreading turmoil in the financial markets, the SEC temporarily
banned short selling in the stocks of numerous financial services companies, and also promulgated new disclosure requirements with respect to short positions held by investment managers. The SEC&#146;s temporary ban on short selling of such stocks
has since expired, but should similar restrictions and/or additional disclosure requirements be promulgated, especially if market turmoil occurs, the Fund may be forced to cover short positions more quickly than otherwise intended and may suffer
losses as a result. Such restrictions may also adversely affect the ability of the Fund to execute its investment strategies generally. Similar emergency orders were also recently instituted in non-U.S. markets in response to increased volatility.
The Fund&#146;s ability to engage in short sales is also restricted by various regulatory requirements relating to short sales. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Inflation Risk</I>.&nbsp;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. As inflation increases, the real value of the common stock and distributions on that stock 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 stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Deflation Risk</I>.&nbsp;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&#146;s portfolio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Risk
Associated with Recent Market Events</I>.&nbsp;Periods of market volatility remain, and may continue to occur in the future, in response to various political, social and economic events both within and outside of the United States. These conditions
have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may
adversely affect the Fund, including by making valuation of some of the Fund&#146;s securities uncertain and/or result in sudden and significant valuation increases or declines in the Fund&#146;s holdings. If there is a significant decline in the
value of the Fund&#146;s portfolio, this may impact the asset coverage levels for the Fund&#146;s outstanding leverage. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Risks resulting
from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery, the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic
disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding
the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks
could result in increased borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates and the decision to end its quantitative easing policy, may also
adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#146;s ability to achieve its
investment objectives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>EMU and Redenomination Risk</I>.&nbsp;As the European debt crisis&nbsp;progressed the possibility of one or
more Eurozone countries exiting the European Monetary Union (&#147; EMU &#148;), or even the collapse of the Euro as a common currency,&nbsp;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&#146;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&#146;s portfolio investments. If one or more EMU countries were to
stop using the Euro as its primary currency, the Fund&#146;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, liquidity 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 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
respect of certain EMU-related 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Market Disruption and Geopolitical Risk. </I>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, the ongoing epidemic of the Ebola virus disease in West Africa, terrorist attacks in the United States and around the world, social and political
discord, debt crises (such as the recent Greek crisis), sovereign debt downgrades, or the exit or potential exit of one or more countries from the EMU or the European Union (the &#147;EU&#148;), among others, may result in market volatility, may
have long term effects on the United States and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">As a consequence of the United Kingdom&#146;s vote to withdraw from the EU, the government of the United Kingdom may give notice of its
withdrawal from the EU. There is still considerable uncertainty relating to the potential consequences and precise timeframe for the exit, how the negotiations for the terms of withdrawal and new trade agreements will be conducted, and whether the
United Kingdom&#146;s exit will increase the likelihood of other countries also departing the EU. During this period of uncertainty, the negative impact on not only the United Kingdom and European economies, but the broader global economy, could be
significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. Any further exits from the EU, or the possibility of
such exits, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The occurrence
of any of the above events could have a significant adverse impact on the value and risk profile of the Fund&#146;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 assurances that similar events and other market disruptions will not have other material and adverse implications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Regulation and Government Intervention Risk. </I>The recent instability in the financial markets discussed above has led the U.S.
Government and certain foreign governments to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of
liquidity, including through direct purchases of equity and debt securities. 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&#146;s ability to achieve its investment objectives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Dodd-Frank&nbsp;Act contains sweeping financial legislation regarding the operation of banks, private fund managers and other financial
institutions. The Dodd-Frank Act includes provisions regarding, among other things, the regulation of derivatives (see &#147;Risk Factors&#151;Strategic Transactions and Derivatives Risk&#151;Dodd-Frank Act Risk&#148; under Item 8), the
identification, monitoring and prophylactic regulation of systemic risks to financial markets, and the regulation of proprietary trading and investment activity of banking institutions. The continuing implementation of the Dodd-Frank Act and any
other regulations could adversely affect the Investment Advisor and the Fund. The Investment Advisor may attempt to take certain actions to lessen the impact of the Dodd-Frank Act and any other legislation or regulation affecting the Fund, although
no assurances can be given that such actions would be successful and no assurances can be given that such actions would not have a significant negative impact on the Fund. The ultimate impact of the Dodd-Frank Act, and any additional future
legislation or regulation, is not yet certain and the Investment Advisor and the Fund may be affected by governmental action in ways that are unforeseeable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Furthermore, the Dodd-Frank Act created the Financial Stability Oversight Council (&#147;FSOC&#148;), an interagency body charged with
identifying and monitoring systemic risks to financial markets.&nbsp;The FSOC has the authority to require that non-bank financial companies that are &#147;predominantly engaged in financial activities,&#148; such as the Fund, the Investment Advisor
and BlackRock, whose failure it determines would pose systemic risk, be placed under the supervision of the Federal Reserve.&nbsp;The FSOC has the authority to recommend that the Federal Reserve adopt more stringent prudential standards and
reporting and disclosure requirements for non-bank financial companies supervised by the Federal Reserve.&nbsp;The FSOC also has the authority to make recommendations to the Federal Reserve on various other matters that may affect the Fund,
including requiring financial firms to submit resolution plans, mandating credit exposure reports, establishing concentration limits and limiting short-term debt.&nbsp;The FSOC may also recommend that other federal financial regulators impose more
stringent regulation upon, or ban altogether, financial activities of any financial firm that poses what it determines are significant risks to the financial system.&nbsp;In the event that the FSOC designates the Fund, the Investment Advisor or
BlackRock as a systemic risk to be placed under the Federal Reserve&#146;s supervision, the Fund, the Investment Advisor or BlackRock could face stricter prudential standards, including risk-based capital requirements, leverage limits, liquidity
requirements, concentration requirements and overall risk management requirements, among other restrictions.&nbsp;Such requirements could hinder the Fund&#146;s ability to meet its investment objectives and may place the Fund at a disadvantage with
respect to its competitors. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Moreover, the SEC and its staff are also reportedly engaged in various initiatives and reviews
that seek to improve and modernize the regulatory structure governing investment companies. These efforts appear to be focused on risk identification and controls in various areas, including imbedded leverage through the use of derivatives and other
trading practices, cybersecurity, liquidity, enhanced regulatory and public reporting requirements and the evaluation of systemic risks. Any new rules, guidance or regulatory initiatives resulting from these efforts could increase the Fund&#146;s
expenses and impact its returns to shareholders or, in the extreme case, impact or limit the Fund&#146;s use of various portfolio management strategies or techniques and adversely impact the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The &#147;Volcker Rule&#148; contained in Section 619 of the Dodd-Frank Act will limit the ability of banking entities to sponsor, invest in
or serve as investment manager of certain private investment funds. Because the Federal Reserve currently treats BlackRock as a nonbank subsidiary of The PNC Financial Services Group, Inc. (&#147;PNC&#148;), BlackRock may be required to conform its
activities to the requirements of the Volcker Rule. On December 10, 2013, U.S. financial regulators adopted final regulations (the &#147;Final Regulations&#148;) to implement the statutory mandate of the Volcker Rule. Pursuant to the Dodd-Frank Act,
the Volcker Rule&#146;s effective date was July 21, 2012 and the Final Regulations became effective on April 14, 2014; however, concurrent with the adoption of the Final Regulations the Federal Reserve granted a statutorily permitted conformance
period, essentially making the effective date of the Volcker Rule and the Final Regulations July 21, 2015. On July 7, 2016, the Federal Reserve granted an additional extension to the conformance period, giving banking entities until July 21, 2017 to
comply with the Volcker Rule, in respect of investments in and relationships with certain funds that were in place prior to December 31, 2013. All banking entities&#146; investments in and relationships with funds covered by the Volcker Rule made
after that date, however, must have been divested or restructured by July 21, 2015. The Volcker Rule and the Final Regulations could have a significant negative impact on BlackRock and the Investment Advisor. BlackRock may attempt to take certain
actions to lessen the impact of the Volcker Rule, although no assurances can be given that such actions would be successful and no assurances can be given that such actions would not have a significant negative impact on the Fund. Upon the end of
the applicable conformance period, BlackRock&#146;s relationship with PNC may require BlackRock to curtail some or all of the Fund&#146;s activities with respect to PNC (if any). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In the aftermath of the recent financial crisis, there appears to be a renewed popular, political and judicial focus on finance related
consumer protection.&nbsp;Financial institution practices are also subject to greater scrutiny and criticism generally.&nbsp;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.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Additionally, the change in presidential administration could
significantly impact the regulation of United States financial markets. Areas subject to potential change, amendment or repeal include the Dodd-Frank Act, including the Volcker Rule and various swaps and derivatives regulations, the authority of the
Federal Reserve and FSOC, and renewed proposals to separate banks&#146; commercial and investment banking activities. Other potential changes that could be pursued by the new presidential administration could include the United States&#146;
withdrawal from, or attempt to renegotiate, various trade agreements or the taking of other actions that would change current trade policies of the United States. It is not possible to predict which, if any, of these actions will be taken or, if
taken, their effect on the economy, securities markets or the financial stability of the United States. 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 objective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Legal, Tax and Regulatory Risks</I>.
Legal, tax and regulatory changes could occur that may materially adversely affect the Fund.&nbsp;For example, the regulatory and tax environment for derivative instruments in which the Fund may participate is evolving, and changes in the regulation
or taxation of derivative instruments may materially adversely affect the value of derivative instruments held by the Fund and the ability of the Fund to pursue its investment strategies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 &#147;investment company taxable income&#148; (generally, ordinary income plus the excess, if any, of net
short-term capital gain over net long-term capital loss).&nbsp;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&#146;s current and accumulated earnings and profits. </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">II-81 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>1940 Act Regulation</I>.&nbsp;The Fund is a registered closed-end investment company and as
such is subject to regulations under the 1940 Act.&nbsp;Generally speaking, any contract or provision thereof that is made, or where performance involves a violation of the 1940 Act or any rule or regulation thereunder is unenforceable by either
party unless a court finds otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Legislation Risk</I>.&nbsp;At any time after the date of this Prospectus, legislation may be
enacted that could negatively affect the assets of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Investment Advisor cannot predict the effects of any new governmental regulation that may be
implemented and there can be no assurance that any new governmental regulation will not adversely affect the Fund&#146;s ability to achieve its investment objective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Potential Conflicts of Interest of the Investment Advisor and Others</I>.&nbsp;BlackRock, the ultimate parent company of the Investment
Advisor, and its Affiliates (as defined in &#147;Conflicts of Interest&#148; under Item 20) are involved worldwide with a broad spectrum of financial services and asset management activities and may engage in the ordinary course of business in
activities in which their interests or the interests of their clients may conflict with those of the Fund. BlackRock and its Affiliates may provide investment management services to other funds and discretionary managed accounts that follow an
investment program similar to that of the Fund. Subject to the requirements of the 1940 Act, BlackRock and its Affiliates intend to engage in such activities and may receive compensation from third parties for their services. Neither BlackRock nor
its Affiliates are under any obligation to share any investment opportunity, idea or strategy with the Fund. As a result, BlackRock and its Affiliates may compete with the Fund for appropriate investment opportunities. The results of the Fund&#146;s
investment activities, therefore, may differ from those of an Affiliate or another account managed by 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. The 1940 Act imposes limitations on certain transactions between a registered investment company and affiliated persons of the investment company, as well as affiliated persons of such
affiliated persons.&nbsp;Among others, affiliated persons of an investment company include its investment adviser; officers; directors/trustees; any person who directly or indirectly controls, is controlled by or is under common control with such
investment company; any person directly or indirectly owning, controlling or holding with power to vote, five percent or more of the outstanding voting securities of such investment company; and any person five percent or more of whose outstanding
voting securities are directly or indirectly owned, controlled or held with power to vote by such investment company. BlackRock has adopted policies and procedures designed to address potential conflicts of interests. For additional information
about potential conflicts of interest and the way in which BlackRock addresses such conflicts, please see &#147;Conflicts of Interest&#148; in Item 20 of this Part II, &#147;Conflicts of Interest&#148; in Item 21.1 of Part I and &#147;Potential
Material Conflicts of Interest&#148; in Item 21 of this Part II. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Decision-Making Authority Risk</I>.&nbsp;Investors have no authority
to make decisions or to exercise business discretion on behalf of the Fund, except as set forth in the Fund&#146;s governing documents.&nbsp;The authority for all such decisions is generally delegated to the Board, who in turn, has delegated the
day-to-day management of the Fund&#146;s investment activities to the Investment Advisor, subject to oversight by the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Management Risk</I>.&nbsp;The Fund is subject to management risk because it is an actively managed investment portfolio.&nbsp;The
Investment Advisor 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.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Market and Selection Risk</I>.&nbsp;Market risk is the possibility that the market values of securities owned by
the Fund will decline.&nbsp;There is a risk that equity and/or bond markets will go down in value, including the possibility that such markets will go down sharply and unpredictably. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Stock markets are volatile, and the price of equity securities fluctuates based on changes in a company&#146;s financial condition and overall
market and economic conditions.&nbsp;An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. Also, the price of common stocks is sensitive to general movements in the stock
market and a drop in the stock market may depress the price of common </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">II-82 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons, including changes in investors&#146; perceptions of the financial condition of an issuer or the general
condition of the relevant stock market, or when political or economic events affecting the issuers occur. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The prices of fixed income
securities tend to fall as interest rates rise, and such declines tend to be greater among fixed income securities with longer maturities. Market risk is often greater among certain types of fixed income securities, such as zero coupon bonds that do
not make regular interest payments but are instead bought at a discount to their face values and paid in full upon maturity. As interest rates change, these securities often fluctuate more in price than securities that make regular interest payments
and therefore subject the Fund to greater market risk than a fund that does not own these types of securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">When-issued and delayed
delivery transactions are subject to changes in market conditions from the time of the commitment until settlement, which may adversely affect the prices or yields of the securities being purchased.&nbsp;The greater the Fund&#146;s outstanding
commitments for these securities, the greater the Fund&#146;s exposure to market price fluctuations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Selection risk is the risk that the
securities that the Fund&#146;s management selects will underperform the equity and/or bond market, the market relevant indices or other funds with a similar investment objective and investment strategies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Reliance on the Investment Advisor Risk.</I>&nbsp;The Fund is dependent upon services and resources provided by the Investment Advisor, and
therefore the Investment Advisor&#146;s parent, BlackRock.&nbsp;The Investment Advisor is not required to devote its full time to the business of the Fund and there is no guarantee or requirement that any investment professional or other employee of
the Investment Advisor will allocate a substantial portion of his or her time to the Fund.&nbsp;The loss of one or more individuals involved with the Investment Advisor could have a material adverse effect on the performance or the continued
operation of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Reliance on Service Providers Risk.</I>&nbsp;The Fund must rely upon the performance of service providers to
perform certain functions, which may include functions that are integral to the Fund&#146;s operations and financial performance.&nbsp;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 insolvency, bankruptcy or other causes could have a material adverse effect on the Fund&#146;s performance and returns to
shareholders.&nbsp;The termination of the Fund&#146;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&#146;s performance and returns to shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Cyber Security Risk</I>.&nbsp;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.&nbsp;Cyber attacks
include, but are not limited to, gaining unauthorized access to digital systems (e.g., through &#147;hacking&#148; 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 causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended
users). Cyber security failures or breaches by the Investment Advisor 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&#146;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. The Fund and its shareholders
could be negatively impacted as a result. </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">II-83 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Information Technology Systems Risk.</I>&nbsp;The Fund is dependent on the Investment Advisor
for certain management services as well as back-office functions.&nbsp;The Investment Advisor depends on information technology systems in order to assess investment opportunities, strategies and markets and to monitor and control risks for the
Fund.&nbsp;It is possible that a failure of some kind which causes disruptions to these information technology systems could materially limit the Investment Advisor&#146;s ability to adequately assess and adjust investments, formulate strategies and
provide adequate risk control.&nbsp;Any such information technology-related difficulty could harm the performance of the Fund.&nbsp;Further, failure of the back-office functions of the Investment Advisor to process trades in a timely fashion could
prejudice the investment performance of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Misconduct of Employees and of Service Providers Risk.</I>&nbsp;Misconduct or
misrepresentations by employees of the Investment Advisor or the Fund&#146;s service providers could cause significant losses to the Fund.&nbsp;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.&nbsp;Losses
could also result from actions by the Fund&#146;s service providers, including, without limitation, failing to recognize trades and misappropriating assets.&nbsp;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&#146;s business prospects or future marketing activities.&nbsp;Despite the Investment Advisor&#146;s due diligence efforts, misconduct
and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Investment Advisor&#146;s due diligence efforts.&nbsp;As a result, no assurances can be given that the due diligence performed by the
Investment Advisor will identify or prevent any such misconduct. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Portfolio Turnover Risk</I>.&nbsp;The Fund&#146;s annual portfolio
turnover rate may vary greatly from year to year, as well as within a given year.&nbsp;Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund.&nbsp;A higher portfolio turnover rate results
in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund.&nbsp;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.&nbsp;Additionally, in a declining market, portfolio turnover may create realized capital losses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Anti-Takeover Provisions Risk</I>.&nbsp;The Fund&#146;s charter, bylaws and the Maryland General Corporation Law include provisions that
could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end 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 &#147;Certain Provisions of the Charter and Bylaws&#148; under Item 10. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Repurchase of Common Stock </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund is a closed-end management investment company and as such its shareholders will not have the right to cause the Fund to redeem their
shares. Instead, the Fund&#146;s common stock 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 stock in the market, general market and economic conditions and other factors. Because shares of a closed-end 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 stock, 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 open-end 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> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, at any time when the Fund has preferred shares outstanding, the Fund may not
purchase, redeem or otherwise acquire any of its common stock unless (1) all accrued preferred share dividends have been paid and (2) at the time of such purchase, redemption or acquisition, the NAV of the Fund&#146;s portfolio (determined after
deducting the acquisition price of the common stock ) 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; 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&#146;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 1940 Act and the rules and regulations thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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&#146;s present policy, which may be changed by the Board, not to authorize repurchases of common stock or a tender offer for such shares if: (i) such transactions, if consummated, would (a) result in the delisting of the common stock from
the NYSE, or (b) impair the Fund&#146;s status as a RIC under the Code, (which would make the Fund a taxable entity, causing the Fund&#146;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 closed-end investment company under the 1940 Act; (ii) the Fund would not be able to liquidate portfolio securities in an orderly manner and consistent with the Fund&#146;s investment objective and policies in order
to repurchase shares; or (iii) there is, in the Board&#146;s judgment, any (a) material legal action or proceeding instituted or threatened challenging such transactions or otherwise materially adversely affecting the Fund, (b) general suspension of
or limitation on prices for trading securities on the NYSE, (c) declaration of a banking moratorium by federal or state authorities or any suspension of payment by United States or New York banks, (d) 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) commencement of war, armed hostilities or other international or national calamity
directly or indirectly involving the United States, or (f) 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:6%; 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&#146;s shares trading at a price equal to their NAV. Nevertheless, the fact that
the Fund&#146;s shares may be the subject of repurchases or tender offers from time to time, or that the Fund may be converted to an open-end 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:6%; font-size:10pt; font-family:Times New Roman">In addition, a purchase by the Fund of its common stock will decrease the Fund&#146;s net assets which would likely have the effect of
increasing the Fund&#146;s expense ratio. Any purchase by the Fund of its common stock at a time when preferred&nbsp;stock is outstanding will increase the leverage applicable to the outstanding common stock then remaining. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Before deciding whether to take any action if the common stock trades below NAV, the Board would likely consider all relevant factors,
including the extent and duration of the discount, the liquidity of the Fund&#146;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&#146;s 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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 9. Management </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Board of
Directors</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Board is responsible for the overall management of the Fund, including supervision of the duties performed by the
Investment Advisor.&nbsp;There are eleven Directors.&nbsp;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 Item 18 in Part II of this Prospectus. </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">II-85 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Investment Advisor</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Investment Advisor is responsible for the management of the Fund&#146;s portfolio and provides the necessary personnel, facilities,
equipment and certain other services necessary to the operation of the Fund.&nbsp;The Investment Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware 19809, is a wholly-owned subsidiary of BlackRock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock is one of the world&#146;s largest publicly-traded investment management firms. As of September 30, 2016, BlackRock&#146;s assets
under management were approximately $5.1 trillion. BlackRock has over 20 years of experience managing closed-end products and, as of September 30, 2016, advised a registered closed-end family of 73 exchange-listed active funds with approximately
$47&nbsp;billion in assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock is a leader in investment management, risk management and advisory services for institutional and
retail clients worldwide. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares&reg; (exchange-traded funds), and other pooled investment vehicles. BlackRock
also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions&reg;. Headquartered in New York City, as of September 30, 2016, the firm had
approximately&nbsp;13,000 employees in more than&nbsp;30&nbsp;countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock is independent in ownership and governance, with no single majority shareholder and a majority of independent directors.&nbsp;PNC is
BlackRock&#146;s largest shareholder and is an affiliate of BlackRock for 1940 Act purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>BlackRock&#146;s Investment
Philosophy</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The distinguishing feature of BlackRock&#146;s investment management style has been to seek to generate alpha (i.e. risk
adjusted returns in excess of market returns) within a risk-controlled framework.&nbsp;Real-time analysis of a vast array of risk measures allows BlackRock to assess the potential impact of various sector and security strategies on total
return.&nbsp;As a result, BlackRock seeks to add consistent value and limit performance volatility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock&#146;s philosophy has not
changed since the inception of the firm.&nbsp;The basis of successful investment performance is research and analysis of sectors and securities, not interest rate speculation. BlackRock believes that market-timing strategies are volatile and can
produce inconsistent results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Investment Management Agreement</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Investment Management Agreement between the Fund and the Investment Advisor was approved by the Fund&#146;s Board, including a majority of
the Independent Directors. Certain administrative services are also provided to the Fund by the Investment Advisor pursuant to the Investment Management Agreement between the Fund and the Investment Advisor. The Investment Advisor and its affiliates
provide the Fund with administrative services, including, among others: (i) preparing disclosure documents, such as the prospectus and the statement of additional information (if applicable) in connection with public offerings and periodic
shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Fund; (iii) assisting with daily accounting and pricing; (iv) preparing periodic filings with regulators and stock exchanges; (v) overseeing
and coordinating the activities of other service providers; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist
the Board in its consideration of strategic issues such as a merger or consolidation; and (ix) performing other administrative functions necessary for the operation of the Fund, such as tax reporting, fulfilling regulatory filing requirements and
call center services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Investment Management Agreement is in effect for a one year term ending June 30, 2017 and will continue in
effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved at least annually by both (1) the vote of a majority of the Fund&#146;s Board or the vote of a majority of the
</P>
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outstanding voting securities of the Fund (as such term is defined in the 1940 Act) and (2) by the vote of a majority of the Independent Directors of the Fund, cast in person at a meeting called
for the purpose of voting on such approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Investment Management Agreement may be terminated at any time, without the payment of any
penalty, by the Fund (upon the vote of a majority of the Fund&#146;s Board or a majority of the outstanding voting securities of the Fund) or by the Investment Advisor, upon 60 days&#146; written notice by either party to the other which can be
waived by the non-terminating party. The Investment Management Agreement will terminate automatically in the event of its assignment (as such term is defined in the 1940 Act and the rules thereunder). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Investment Management Agreement provides that the Investment Advisor will not be liable for any error of judgment or mistake of law or for
any loss suffered by the Fund in connection with the performance of the Investment Management Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from
willful misfeasance, bad faith or gross negligence on the Investment Advisor&#146;s part in the performance of its duties or from reckless disregard by the Investment Advisor of its duties under the Investment Management Agreement. The Investment
Management Agreement also provides for indemnification by the Fund of the Investment Advisor, its directors, officers, employees, agents and control persons for liabilities incurred by them in connection with their services to the Fund, subject to
certain limitations and conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Investment Advisor will devote such time and effort to the business of the Fund as is reasonably
necessary to perform its duties to the Fund. However, the services of the Investment Advisor are not exclusive, and the Investment 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:6%; font-size:10pt; font-family:Times New Roman"><U>Expenses</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In
addition to the fees paid to the Investment Advisor, the Fund pays all other costs and expenses of its operations, including compensation of its Directors (other than those affiliated with the Investment 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Other Service Providers</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;s NAV and maintaining books, records and other documents relating to the Fund&#146;s financial and portfolio transactions, and customary fund administration services, including assisting the
Fund with regulatory filings, tax compliance and other oversight activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 225 Franklin Street, Boston, Massachusetts 02110.&nbsp;The custodian is responsible for, among other things, receipt of and disbursement of funds from the Fund&#146;s accounts, establishment of
segregated accounts as necessary, and transfer, exchange and delivery of Fund portfolio securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Computershare Trust Company, N.A.,
whose principal business address is 250 Royall Street, Canton, Massachusetts 02021, serves as the Fund&#146;s transfer agent, dividend disbursing agent and registrar with respect to the common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Deloitte &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 renders an opinion annually on the financial statements of the Fund. </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">II-87 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Additional information regarding the Investment Advisor and the Fund&#146;s other service
providers is set forth under Item 9 in Part&nbsp;I. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 10. Capital Stock, Long-Term Debt and Other Securities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Common Stock</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Shareholders are entitled to share pro rata 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.&nbsp;Shareholders do not have preemptive, conversion or subscription rights and the Fund&#146;s shares of common stock are not redeemable. Shares of common stock, when issued and
outstanding, will be fully paid and non-assessable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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.&nbsp;The Fund will send unaudited reports at least semi-annually and audited annual financial statements to all of its
shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 &#147;net asset value.&#148; 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&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Shares of closed-end 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. The Fund&#146;s shares of common stock are designed primarily for long-term investors and you should not purchase the shares if you intend to sell them soon after
purchase. Because of the possibility that the Fund&#146;s common stock might trade at a discount 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. The Fund 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 &#147;Repurchase of Common Stock &#148; under Item 8, above. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Preferred Stock</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund does not have any shares of preferred stock outstanding at this time and it has no current intention to issue shares of preferred
stock.&nbsp;However the Board is authorized 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 stock as preferred stock and at that time offer shares of preferred stock.&nbsp;Under the
1940 Act, the Fund is not permitted to issue shares of preferred stock unless immediately after such issuance the value of the Fund&#146;s total assets is at least 200% of the liquidation value of the outstanding shares of preferred stock (i.e., the
liquidation value may not exceed 50% of the Fund&#146;s total assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its shares of common stock unless, at the time of such declaration, the value of the
Fund&#146;s total assets is at least 200% of such liquidation value. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">If preferred shares are issued, the Fund intends, to the extent possible, to 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 non-compliance by the Fund and may also prohibit dividends and other distributions on the common stock 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 stock could impair the Fund&#146;s ability to qualify as a RIC under the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">If the Fund issues shares of preferred stock, it may be subject to restrictions imposed by guidelines of one or more rating agencies that may
issue ratings for shares of preferred stock 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 1940 Act. It is not anticipated that these
covenants or guidelines would impede the Investment Advisor from managing the Fund&#146;s portfolio in accordance with the Fund&#146;s investment objective and policies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Any additional offerings of shares, including shares of preferred stock, will require approval by the Board. Any additional offering of shares
of common stock will be subject to the requirements of the 1940 Act, which provides that shares may not be issued at a price below the then current NAV, exclusive of sales load, except in connection with an offering to existing holders of shares of
common stock or with the consent of a majority of the Fund&#146;s outstanding voting securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Although the terms of any shares of
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 Fund&#146;s charter, it is likely that any such
shares of 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 or other events, as applicable. The Fund also believes that it is
likely that the liquidation preference, voting rights and redemption provisions of any such shares of preferred stock would be similar to those stated below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Liquidation Preference</I>.&nbsp;In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the
holders of shares of preferred stock will be entitled to receive a preferential liquidating distribution, which would be expected to equal the original purchase price per preferred share plus accrued and unpaid dividends, whether or not declared,
before any distribution of assets is made to holders of shares of common stock. After payment of the full amount of the liquidating distribution to which they are entitled, the holders of shares of preferred stock would not be entitled to any
further participation in any distribution of assets by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Voting Rights</I>.&nbsp;The 1940 Act requires that the holders of any
shares of preferred stock, voting separately as a single class, have the right to elect at least two Directors at all times. The remaining Directors will be elected by holders of shares of common stock and shares of preferred stock, voting together
as a single class. In addition, subject to the prior rights, if any, of the holders of any other class of senior securities outstanding, the holders of any shares of preferred stock have the right to elect a majority of the Directors at any time two
years&#146; dividends on any shares of preferred stock are unpaid. The 1940 Act also requires that, in addition to any approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding shares of
preferred stock, voting separately as a class, would be required to (1) adopt any plan of reorganization that would adversely affect the shares of preferred stock, and (2) take any action requiring a vote of security holders under Section 13(a) of
the 1940 Act, including, among other things, changes in the Fund&#146;s sub-classification as a closed-end investment company or changes in its fundamental investment restrictions.&nbsp;See &#147;Certain Provisions of the Charter and
Bylaws.&#148;&nbsp;As a result of these voting rights, the Fund&#146;s ability to take any such actions may be impeded to the extent that there are any shares of preferred stock outstanding. The Board presently intends that, except as otherwise
indicated in this Prospectus and except as otherwise required by applicable law, holders of any shares of preferred stock will have equal voting rights with holders of shares of common stock (one vote per share, unless otherwise required by the 1940
Act) and will vote together with holders of shares of common stock as a single class. </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">II-89 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The affirmative vote of the holders of a majority of any outstanding shares of preferred stock,
voting as a separate class, would be required to amend, alter or repeal any of the preferences, rights or powers of holders of shares of preferred stock so as to affect materially and adversely such preferences, rights or powers, or to increase or
decrease the authorized number of shares of preferred stock. The class vote of holders of shares of preferred stock described above would in each case be in addition to any other vote required to authorize the action in question. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Redemption, Purchase and Sale of Preferred Shares by the Fund</I>.&nbsp;The terms of any shares of preferred stock are expected to provide
that (1) they are redeemable by the Fund in whole or in part at the original purchase price per share plus accrued dividends per share, (2) the Fund may tender for or purchase shares of preferred stock and (3) the Fund may subsequently resell any
shares so tendered for or purchased. Any redemption or purchase of shares of preferred stock by the Fund would reduce the leverage applicable to the shares of common stock, while any resale of shares by the Fund would increase that leverage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Liquidity Feature</I>.&nbsp;Shares of preferred stock may include a liquidity feature that allows holders of shares 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 will 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 shares of 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:6%; font-size:10pt; font-family:Times New Roman">The discussion above describes the possible offering of shares of preferred stock by the Fund. If the
Board determines to proceed with such an offering, the terms of the shares of preferred stock may be the same as, or different from, the terms described above, subject to applicable law and the Fund&#146;s charter. The Board, without the approval of
the holders of shares of common stock, may authorize an offering of shares of preferred stock or may determine not to authorize such an offering, and may fix the terms of the shares of preferred stock to be offered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Other Shares</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In
addition, the Board (subject to applicable law and the Fund&#146;s charter) may authorize an offering, without the approval of the holders of shares of common stock and, depending on their terms, any shares of preferred stock 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 shares of common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Credit
Facility</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund is a party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement
with State Street Bank and Trust Company. 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.&nbsp;Advances will be made
by SSB to the Fund, at the Fund&#146;s option of (a) the higher of (i) 0.80% above the Fed Funds rate and (ii) 0.80% above the Overnight LIBOR or (b) 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 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%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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.&nbsp;The SSB Agreement also contains customary
covenants that, among other things, limit the Fund&#146;s ability to incur additional debt, change certain of its investment </P>
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policies and engage in certain transactions, including mergers and consolidations, require asset coverage ratios in addition to those required by the 1940 Act and have the effect of limiting the
Fund&#146;s ability to pay distributions in certain circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">See &#147;Risk Factors&#151;Leverage Risk&#148; under Item 8, above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Distributions</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The
Fund&#146;s net investment income consists of all interest income accrued on portfolio assets less all expenses of the Fund. The Fund pays common shareholders at least annually all or substantially all of its investment company taxable income. The
Fund intends to pay any capital gains distributions at least annually. The 1940 Act generally limits the Fund to one capital gain distribution per year, subject to certain exceptions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The tax treatment and characterization of the Fund&#146;s distributions may vary significantly from time to time because of the varied nature
of the Fund&#146;s investments. The final tax characterization of distributions is determined after the fiscal year and is reported in the Fund&#146;s annual report to shareholders. Distributions will be characterized as ordinary income, capital
gains and/or return of capital. To the extent that distributions exceed the Fund&#146;s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital to the extent of the shareholder&#146;s basis in its
shares (reducing that basis accordingly), and as capital gain thereafter. Distributions that exceed the Fund&#146;s taxable net investment income or net realized capital gains (&#147;taxable income&#148;) but do not exceed the Fund&#146;s current
and accumulated earnings and profits may be classified as ordinary income that is taxable to shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">As described above, the
portion of distributions that exceeds the Fund&#146;s current and accumulated earnings and profits, which are calculated under tax principles, will constitute a non-taxable return of capital. Although capital loss carry forwards (&#147;CLCFs&#148;)
from prior years can offset realized net capital gains, CLCFs will offset current earnings and profits, only if they were generated in the Fund&#146;s 2012 taxable year or thereafter. If distributions in any tax year are less than the Fund&#146;s
current earnings and profits but are in excess of net investment income and net realized capital gains (which would occur, for example, if the Fund utilizes pre-2012 CLCFs to offset capital gains in that tax year), such excess is not treated as a
non-taxable return of capital but rather may be taxable to shareholders at ordinary income rates even though it may economically represent a return of capital. Under certain circumstances, such taxable excess distributions could be significant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Various factors will affect the level of the Fund&#146;s net investment income, such as its asset mix, its level of retained earnings, its use
of hedging, the amount of leverage utilized by the Fund and the effects thereof and the movement of interest rates for debt securities. To permit the Fund to maintain more stable monthly distributions and to the extent consistent with the
distribution requirements imposed on regulated investment companies by the Code, the Fund may from time to time distribute less than the entire amount earned in a particular period.&nbsp;The income would be available to supplement future
distributions. As a result, the distributions paid by the Fund for any particular month may be more or less than the amount actually earned by the Fund during that month. Undistributed income will add to the Fund&#146;s NAV and, correspondingly,
distributions from undistributed income will deduct from the Fund&#146;s NAV. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Under normal market conditions, the Investment Advisor will
seek to manage the Fund in a manner such that the Fund&#146;s distributions are reflective of the Fund&#146;s current and projected earnings levels. The distribution level of the Fund is subject to change based upon a number of factors, including
the current and projected level of the Fund&#146;s earnings, and may fluctuate over time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Shareholders will automatically have all
dividends and distributions reinvested in shares of common stock of the Fund issued by the Fund or purchased in the open market in accordance with the Fund&#146;s dividend reinvestment plan unless an election is made to receive cash. See
&#147;Dividend Reinvestment Plan,&#148; below. </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">II-91 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Dividend Reinvestment Plan</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Unless the registered owner of common stock elects to receive cash by contacting Computershare Trust Company, N.A. (the &#147;Reinvestment
Plan Agent&#148;), all dividends or other distributions (together, a &#147;dividend&#148;) declared for your common stock of the Fund will be automatically reinvested by the Reinvestment Plan Agent, as agent for shareholders in administering the
Fund&#146;s dividend reinvestment plan (the &#147;Reinvestment Plan&#148;), in additional common stock of the Fund. Shareholders who elect not to participate in the Reinvestment Plan will receive all dividends in cash paid by check mailed directly
to the shareholder of record (or, if the common stock is held in street or other nominee name, then to such nominee) by Computershare Trust Company, N.A., as dividend disbursing agent. You may elect not to participate in the Reinvestment Plan and to
receive all dividends in cash by contacting Computershare Trust Company, N.A., as Reinvestment Plan Agent, at the address set forth below. Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time
without penalty by written notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable
date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Some brokers may automatically elect to receive cash on your behalf and may re-invest that cash in additional common stock of the Fund for
you. If you wish for all dividends declared on your common stock of the Fund to be automatically reinvested pursuant to the Reinvestment Plan, please contact your broker. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Reinvestment Plan Agent will open an account for each common shareholder under the Reinvestment Plan in the same name in which such common
shareholder&#146;s common stock is registered. Whenever the Fund declares a dividend payable in cash, non-participants in the Reinvestment Plan will receive cash and participants in the Reinvestment Plan will receive the equivalent in common stock.
The common stock will be acquired by the Reinvestment Plan Agent for the participants&#146; accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common stock from the Fund
(&#147;newly issued common stock &#148;) or (ii) by purchase of outstanding common stock on the open market (&#147;open-market purchases&#148;) or on the Fund&#146;s primary exchange. If, on the dividend payment date, the NAV per share is equal to
or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a &#147;market premium&#148;), the Reinvestment Plan Agent will invest the dividend amount in newly issued common stock on behalf of
the participants. The number of newly issued common stock to be credited to each participant&#146;s account will be determined by dividing the dollar amount of the dividend by the NAV on the dividend payment date. However, if the NAV is less than
95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share
plus estimated brokerage commissions (such condition often referred to as a &#147;market discount&#148;), the Reinvestment Plan Agent will invest the dividend amount in common stock acquired on behalf of the participants in open-market purchases. In
the event of a market discount on the dividend payment date, the Reinvestment Plan Agent will have until the last business day before the next date on which the common stock trades on an &#147;ex-dividend&#148; basis or 30 days after the dividend
payment date, whichever is sooner, to invest the dividend amount in common stock acquired in open-market purchases. If, before the Reinvestment Plan Agent has completed its open-market purchases, the market price per common share exceeds the NAV per
share&nbsp;of common stock, the average per common share purchase price paid by the Reinvestment Plan Agent may exceed the NAV of the common stock, resulting in the acquisition of less common stock than if the dividend had been paid in newly issued
common stock on the dividend payment date. Because of the foregoing difficulty with respect to open-market purchases, the Reinvestment Plan provides that if the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market
purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent may cease making open-market purchases and may invest any uninvested portion in newly issued shares. Investments in newly issued
shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date. </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">II-92 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Reinvestment Plan Agent maintains all shareholders&#146; accounts in the Reinvestment Plan
and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common stock in the account of each Reinvestment Plan participant will be held by the Reinvestment Plan Agent on
behalf of the Reinvestment Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Reinvestment Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In the case of shareholders such as banks, brokers or nominees, which hold shares for others who are the beneficial owners, the Reinvestment
Plan Agent will administer the Reinvestment Plan on the basis of the number of common stock certified from time to time by the record shareholder&#146;s name and held for the account of beneficial owners who participate in the Reinvestment Plan.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Reinvestment Plan Agent&#146;s fees for the handling of the reinvestment of dividends will be paid by the Fund. However, each
participant 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. The automatic reinvestment of dividends will not relieve participants of any U.S. federal, state or
local income tax that may be payable (or required to be withheld) on such dividends. See &#147;Tax Matters.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Participants that
request a sale of shares through the Reinvestment Plan Agent are subject to a $2.50 sales fee and a $0.15 per share fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants with regard to
purchases in the Reinvestment Plan; however, the Fund reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Notice of amendments to the Reinvestment Plan will be sent to participants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">All correspondence concerning the Reinvestment Plan should be directed to the Reinvestment Plan Agent, through the internet at
www.computershare.com/blackrock, by calling 1-800-699-1236 or in writing to Computershare Trust Company, N.A., P.O. Box 30170, College Station, TX 77842-3170. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Certain Provisions of the Charter and Bylaws</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund&#146;s charter includes 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 its 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Pursuant to the Fund&#146;s bylaws, beginning with the 2017 annual meeting of shareholders, the term of only one class of Directors will
expire and only the Directors in that one class will stand for reelection.&nbsp;Directors standing for election at an annual meeting of shareholders occurring in 2017 and thereafter will be elected to a&nbsp;three-year term. This provision could
delay for up to two years the replacement of a majority of the Board. With respect to the Fund, a Director elected by the shareholders may be removed (with or without cause), but only by action taken by the shareholders of at least sixty-six and
two-thirds percent (66 2/3%) of the shares of common stock then entitled to vote in an election to fill that directorship. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Subtitle 8 of
Title 3 of the Maryland General Corporate Law permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors to elect to be subject, by provision in its charter or bylaws
or a resolution of its board of directors and notwithstanding any contrary provision in the charter or bylaws, to a provision requiring that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term of
the directorship in which the vacancy occurred. Pursuant to Subtitle 8 and by amendment to the bylaws, the Board elected to provide that vacancies on the Board be filled only by the remaining directors and for the remainder of the full term of the
directorship in which the vacancy occurred. </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">II-93 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In addition, the Fund&#146;s charter requires the favorable vote of the holders of at least 66
2/3% of the Fund&#146;s shares to approve, adopt or authorize the following: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a merger or consolidation or statutory share exchange of the Fund with any other corporation; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a sale of all or substantially all of the Fund&#146;s assets (other than in the regular course of the Fund&#146;s investment activities); or </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a liquidation or dissolution of the Fund; </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&#146;s outstanding shares of common stock entitled to vote thereon is
required. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund&#146;s charter and bylaws provide that the Board has the power, to the exclusion of shareholders, 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 1940 Act. Neither this provision of the charter, nor any of the foregoing provisions of the charter requiring
the affirmative vote of 66&nbsp;2/3% of shares of common stock of the Fund, can be amended or repealed except by the vote of such required number of shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In addition, conversion of the Fund to an open-end investment company would require an amendment to the Fund&#146;s charter. The amendment
would have to be declared advisable by the Board prior to its submission to shareholders. Such an amendment would require the favorable vote of the holders of at least 66 2/3% of the Fund&#146;s outstanding shares of common stock (including any
preferred 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), and, assuming preferred stock is issued, the affirmative vote of a majority of outstanding shares of preferred stock of the Fund, voting as a separate class. Such a vote also would satisfy a separate requirement in the 1940 Act that the
change be approved by the shareholders. Shareholders of an open-end investment company may require the company to redeem their shares of common stock at any time (except in certain circumstances as authorized by or under the 1940 Act) at their NAV,
less such redemption charge, if any, as might be in effect at the time of a redemption. The Fund expects to pay all such redemption requests in cash, but reserves the right to pay redemption requests in a combination of cash or securities. If such
partial payment in securities were made, investors may incur brokerage costs in converting such securities to cash. 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 stock would no longer be listed on a stock exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Board of the Fund has determined that the voting
requirements described above, which are greater than the minimum requirements under the 1940 Act or, in certain circumstances, Maryland law, are in the best interests of shareholders generally. Reference should be made to the charter of the Fund on
file with the SEC for the full text of these provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund&#146;s bylaws generally require that advance notice be given to the
Fund in the event a shareholder desires to transact any business, including business from the floor, at an annual meeting of shareholders, including the nomination of Directors. Notice of any such business or nomination must be in writing, comply
with the requirements of the bylaws and be received by the Fund not less than 120 calendar days nor more than 150 calendar days prior to the anniversary date of the prior year&#146;s annual meeting. In the event the Fund moves the date of its annual
meeting by more than 25 days from the anniversary of its immediately preceding annual meeting, shareholders who wish to submit a proposal or nomination for consideration at the annual meeting in accordance with the advance notice provisions of the
bylaws of the Fund must deliver such proposal or nomination not later than the close of business on the tenth day following the day on which such notice of the date of the meeting was mailed or such public disclosure of the meeting date was made,
whichever comes first. Any notice by a shareholder must be accompanied by certain information as provided in the bylaws. Reference should be made to the bylaws on file with the SEC for the full text of these provisions. </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">II-94 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Net Asset Value</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The NAV of the shares of common stock of the Fund will be computed based upon the value of the Fund&#146;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 on each business day on which the NYSE is open for trading. The Fund calculates NAV per common share by subtracting the Fund&#146;s
liabilities (including accrued expenses, dividends payable and any borrowings of the Fund), and the liquidation value of any outstanding shares of preferred stock of the Fund from the Fund&#146;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 shares of common stock of the Fund outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Valuation of securities held by the Fund is as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Equity Investments</U>.&nbsp;Equity securities traded 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 &#147;Exchange&#148;) are valued 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&#146;s price will be used, unless&nbsp;the Investment Advisor
determines that such prior day&#146;s price no longer reflects the fair value of the security, in which case such asset would be treated as a fair value asset. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Fixed Income Investments</U>.&nbsp;Fixed income securities for which market quotations are readily available are generally valued using
such securities&#146; most recent bid prices provided directly from one or more broker-dealers, market makers, or independent third-party pricing services which may use matrix pricing and valuation models to derive values, each in accordance with
valuation procedures approved by the Board. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Investment Advisor determines such method does not represent
fair value. Loan participation notes are generally valued at the mean of the last available bid prices from one or more brokers or dealers as obtained from independent third-party pricing services. 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 entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark
yield based on the unique attributes of the tranche. Fixed income securities for which market quotations are not readily available may be valued by third-party pricing services that make a valuation determination by securing transaction data (e.g.,
recent representative bids), 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; and general market conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Options, Futures, Swaps and Other
Derivatives</U>.&nbsp;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&#146;s price will be used, unless&nbsp;the Investment Advisor determines that such prior day&#146;s price no longer reflects the fair value
of the option in which case such option will be treated as a fair value asset. Over-the-counter 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 approved by the Board. </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">II-95 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Underlying Funds</U>. Shares of underlying open-end funds are valued at NAV. Shares of
underlying exchange-traded closed-end funds or other exchange-traded funds will be valued at their most recent closing price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>General
Valuation Information</U>.&nbsp;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 specific adjustments. This may result in the securities being valued at a price different from the price that would have been determined had the matrix or formula method not been used. All cash,
receivables and current payables are carried on the Fund&#146;s books at their face value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Prices obtained from independent third party
pricing services, broker-dealers or market makers to value the Fund&#146;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 shall be made considering pertinent facts and
circumstances surrounding such revision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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 specified by the Board 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 Board or by the Investment Advisor (its
delegate). Any assets and liabilities which are denominated in a foreign currency are translated into U.S. dollars at the prevailing rates of exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Certain of the securities acquired by the Fund may be traded on foreign exchanges or over-the-counter markets on days on which the Fund&#146;s
NAV is not calculated. In such cases, the NAV of the Fund&#146;s shares may be significantly affected on days when investors can neither purchase nor redeem shares of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Fair Value</U>.&nbsp;When market quotations for investments are not readily available or are believed by the Investment Advisor to be
unreliable, the Fund&#146;s investments are valued at fair value (&#147;Fair Value Assets&#148;). Fair Value Assets are valued by the Investment Advisor in accordance with procedures approved by the Board. The Investment Advisor may conclude that a
market quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source due to its complete lack of trading, if the Investment 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), 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 &#147;significant event&#148; is deemed to occur if the Investment Advisor determines, in its
business judgment prior to or at the time of pricing the Fund&#146;s assets or liabilities, that it is likely that the event will 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 date the NYSE is open and 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&#146;s price, provided that the Investment 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
securities, 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 securities following the close of the local markets to the price that might have prevailed as of the Fund&#146;s pricing time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Investment Advisor, with input from the BlackRock Portfolio Management Group, will submit its recommendations regarding the valuation
and/or valuation methodologies for Fair Value Assets to BlackRock&#146;s Valuation Committee. The BlackRock Valuation Committee may accept, modify or reject any recommendations. In addition, the Fund&#146;s accounting agent periodically endeavors to
confirm the prices it receives from all third party pricing services, index providers and broker-dealers, and, with the assistance of the Investment Advisor, to regularly evaluate the values assigned to the securities and other assets and
liabilities held by the Fund. The pricing of all Fair Value Assets is subsequently reported to and ratified by the Board or a Committee thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">When determining the price for a Fair Value Asset, the BlackRock Valuation Committee (or the
BlackRock Pricing Group) shall seek to determine the price that the Fund might reasonably expect to receive from the current sale of that asset or liability in an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> 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. Fair value determinations shall be based upon all
available factors that the BlackRock Valuation Committee (or BlackRock Pricing Group) deems relevant at the time of the determination, and may be based on analytical values determined by the Investment Advisor using proprietary or third party
valuation models. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Fair value represents 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&#146;s NAV. As a result, the Fund&#146;s
sale or&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund&#146;s annual audited financial statements, which are prepared in accordance with accounting principles generally accepted in the
United States of America (&#147;US GAAP&#148;), follow the requirements for valuation set forth in Financial Accounting Standards Board Accounting Standards Codification Topic 820, &#147;Fair Value Measurements and Disclosures&#148; (&#147;ASC
820&#148;), which defines and establishes a framework for measuring fair value under US GAAP and expands financial statement disclosure requirements relating to fair value measurements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Generally, ASC 820 and other accounting rules applicable to investment companies 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&#146;s inability to obtain a third-party determination of fair market
value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Tax Matters</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The following is a description of U.S. federal income tax consequences generally applicable to a shareholder of acquiring, holding and
disposing of common stock of the Fund. 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&nbsp;(&#147;IRS&#148;), 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 (including
shareholders subject to special provisions of the Code), and the discussions set forth herein do not constitute tax advice. This discussion assumes that investors hold common stock of the Fund as a capital asset (generally, for investment). The Fund
has not sought and will not seek any ruling from the IRS regarding any matters discussed herein. No assurance can be given that the IRS 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 foreign, 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&#146;s shares, as well as the effects of state, local and non-U.S. tax laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Taxation of the Fund</I>.&nbsp;The
Fund has elected to be treated as a regulated investment company 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 &#147;qualified publicly traded partnerships&#148; (as defined in the Code) (the &#147;90% gross income test&#148;). Second, the Fund must </P>
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diversify its holdings so that, at the close of each quarter of its taxable year, (i) 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&#146;s total assets and to not more than 10% of the outstanding voting
securities of such issuer, and (ii) not more than 25% of the 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 &#147;qualified publicly traded partnerships.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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) its net tax-exempt interest income, if any, and (ii) its &#147;investment company taxable income&#148; (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 &#147;net capital gain&#148; (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:6%; 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) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 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&nbsp;31 of the calendar year. In addition, the minimum amounts that must be distributed in any year to avoid 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&#146;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:6%; 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&#146;s earnings and profits. Provided that certain holding
period and other requirements were met, such dividends would be eligible (i) to be treated as qualified dividend income in the case of shareholders taxed as individuals and (ii) for the dividends received deduction in the case of corporate
shareholders.&nbsp;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 up to ten years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>The Fund&#146;s Investments</I>.&nbsp;Certain of the Fund&#146;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) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert
lower taxed long-term capital gains or qualified dividend income into higher taxed short-term capital gains or ordinary income, (iii) 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) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial
transactions and (vii) produce income that will not be &#147;qualified&#148; </P>
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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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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&#146;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:6%; 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:6%; 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 &#147;market discount.&#148; 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 &#147;accrued market discount&#148; 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:6%; 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 IRS. 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:6%; 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:6%; 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 non-U.S. taxes. If more than 50% of the
Fund&#146;s total assets at the close of its taxable year consists of stock or securities of foreign corporations, the Fund may elect for U.S. federal income tax purposes to treat foreign income taxes paid by it as paid by its shareholders. The Fund
may qualify for and make this election in some, but not necessarily all, of its taxable years. If the Fund were to make such an election, shareholders would be required to take into account an amount equal to their pro rata portions of such foreign
taxes in computing their taxable income and then treat an amount equal to those foreign taxes as a U.S. federal income tax deduction or as a foreign tax credit against their U.S. federal income tax liability. A taxpayer&#146;s ability to use a
foreign tax deduction or credit is subject to limitations under the Code. Shortly after any year for which it makes such an election, the Fund will report to its shareholder the amount per share of such foreign income tax that must be included in
each shareholder&#146;s gross income and the amount that may be available for the deduction or credit. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Income from options on individual securities written by the Fund will not be recognized by the Fund for tax purposes until an option is
exercised, lapses or is subject to a &#147;closing transaction&#148; (as defined by applicable regulations) pursuant to which the Fund&#146;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:6%; font-size:10pt; font-family:Times New Roman">Options on indices of securities and sectors of securities that qualify as &#147;section 1256 contracts&#148; will generally be
&#147;marked-to-market&#148; 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 &#147;section 1256 contracts&#148; 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. &#147;Mark-to-market&#148; losses may be suspended or otherwise limited if such losses are part of a straddle or similar
transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Taxation of Common Shareholders</I>. 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) 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) 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) will increase its basis in its common stock
by the amount of undistributed capital gains included in the shareholder&#146;s income less the tax deemed paid by the shareholder under clause (ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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
(&#147;capital gain dividends&#148;) are taxable as long-term capital gains, regardless of how long you have held your common stock. All other dividends paid to you by the Fund (including dividends from net short-term capital gains or tax-exempt
interest, if any ) from its current or accumulated earnings and profits (&#147;ordinary income dividends&#148;) 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) for the dividends received deduction in the case of corporate shareholders to the extent that the Fund&#146;s income consists of dividend income from U.S. corporations, and (ii) in the
case of individual shareholders, as &#147;qualified dividend income&#148; 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Any distributions you receive that are in excess of the Fund&#146;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 stock, and thereafter as capital gain from the sale of common stock. The amount of any Fund distribution that is treated as a return
of capital will reduce your adjusted tax basis in your common stock, thereby increasing your potential gain or reducing your potential loss on any subsequent sale or other disposition of your common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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:6%; 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 stock 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&nbsp;31 of
the year in which the dividend was declared. In addition, certain other distributions made after the close of the Fund&#146;s taxable year may be &#147;spilled back&#148; 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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The price of common stock purchased at any time may reflect the amount of a forthcoming distribution. Those purchasing common stock 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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:6%; font-size:10pt; font-family:Times New Roman">The sale or other disposition of common stock 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 stock for more than one year at the time of sale. Any loss upon the sale or other disposition of common stock 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 stock. Any loss you recognize on a sale or other disposition of common stock will be disallowed if you acquire
other common stock (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 stock. In such case, your tax basis in the common
stock acquired will be adjusted to reflect the disallowed loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 &#147;net investment income,&#148; which includes dividends received from the Fund and capital gains from the sale
or other disposition of the Fund&#146;s stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A common shareholder that is a nonresident alien individual or a foreign corporation (a
&#147;foreign investor&#148;) 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 stock of the Fund. Different tax consequences may result if the </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">II-101 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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&#146;s common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Ordinary income dividends properly reported by a RIC are generally exempt from U.S. federal withholding tax where they (i)&nbsp;are paid in
respect of the RIC&#146;s &#147;qualified net interest income&#148; (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) are paid in respect of the RIC&#146;s &#147;qualified short-term capital gains&#148; (generally, the excess of the RIC&#146;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 non-U.S. status
(including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute Form). In the case of common stock held through an intermediary, the intermediary may have withheld 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&#146;s distributions would qualify
for favorable treatment as qualified net interest income or qualified short-term capital gains. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In addition, legislation enacted in 2010
and existing guidance issued thereunder&nbsp;requires withholding at a rate of 30% on dividends in respect of, and, after December 31, 2018, gross proceeds from the sale of, common stock 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 stock of the Fund is held will affect
the determination of whether such withholding is required. Similarly, dividends in respect of, and gross proceeds from the sale of, common stock 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) certifies that such entity does not have any &#147;substantial United States owners&#148; or (ii) provides certain information regarding the
entity&#146;s &#147;substantial United States owners,&#148; 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 stockholders 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&#146;s common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 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 IRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 </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">II-102 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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 stock 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 stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 18. Management </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Biographical
Information of the Directors</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Board is responsible for the overall management of the Fund, including supervision of the duties
performed by the Investment Advisor. The Board of the Fund currently consists of eleven Directors, nine of whom are Independent Directors and two of whom are &#147;interested persons&#148; of the Fund as defined in the 1940 Act (the &#147;Interested
Directors&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Certain biographical and other information relating to the Directors and officers of the Fund is set forth below,
including their year of birth, their principal occupation for at least the last five years, the length of time served, the total number of investment companies overseen in the BlackRock Fund Complexes and any public directorships or trusteeships.
</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="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Name,&nbsp;Address</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and&nbsp;Year</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:65.00pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>of&nbsp;Birth<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Position(s)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Held&nbsp;with</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Fund</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Length&nbsp;of&nbsp;Time</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Served<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Principal&nbsp;Occupation(s)&nbsp;During</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Past&nbsp;Five Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of<BR>BlackRock-<BR>Advised<BR>Registered<BR>Investment<BR>Companies<BR>(&#147;RICs&#148;)<BR>Consisting
of<BR>Investment<BR>Portfolios<BR>(&#147;Portfolios&#148;)<BR>Overseen<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Public<BR>Company&nbsp;or<BR>Investment<BR>Company<BR>Directorships<BR>Held During<BR>Past&nbsp;Five</B><br><B>Years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U><B>Independent Directors</B></U><SUP STYLE="font-size:85%; vertical-align:top"><FONT
STYLE="font-size:6.5pt"><B>(2)</B></FONT></SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Richard E. Cavanagh</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1946</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chairman of the Board and Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Since&nbsp;2007</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director, The Guardian Life Insurance Company of America since 1998; Director, Arch Chemical (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to
2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer, Harvard University since 2007; President and Chief Executive Officer, The Conference Board, Inc. (global business research
organization) from 1995 to 2007.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="top">74 RICs<BR>consisting<BR>of 74<BR>Portfolios</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top">None</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</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" ALIGN="center">II-103 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<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="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Name,&nbsp;Address</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and&nbsp;Year</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:65.00pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>of Birth<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Position(s)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Held&nbsp;with</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Fund</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Length&nbsp;of&nbsp;Time<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Served<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Principal&nbsp;Occupation(s)&nbsp;During</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Past&nbsp;Five&nbsp;Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of<BR>BlackRock-<BR>Advised<BR>Registered<BR>Investment<BR>Companies<BR>(&#147;RICs&#148;)<BR>Consisting&nbsp;
of<BR>Investment<BR>Portfolios<BR>(&#147;Portfolios&#148;)<BR>Overseen<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Public<BR>Company
or<BR>Investment<BR>Company<BR>Directorships<BR>Held During<BR>Past&nbsp;Five</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Years</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Karen P. Robards</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1950</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Vice Chair of the Board</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since&nbsp;2007</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Principal of Robards &amp; Company, LLC (consulting and private investing) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Investment Banker at Morgan
Stanley from 1976 to 1987.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">74 RICs consisting of 74 Portfolios</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">AtriCure, Inc. (medical devices); Greenhill &amp; Co., Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael J. Castellano</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1946</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since 2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004 to 2011; Director, Support Our Aging Religious (non-profit) from 2009 to June 2015; Director, National Advisory Board of
Church Management at Villanova University since 2010; Trustee, Domestic Church Media Foundation since 2012; Director, CircleBlack Inc. (financial technology company) since 2015.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">74 RICs consisting of 74 Portfolios</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">None</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cynthia L. Egan</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1955</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Advisor, U.S. Department of the Treasury from 2014 to 2015; a President at T. Rowe Price Group, Inc. from 2007 to 2012.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">74 RICs consisting of 74 Portfolios</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">Unum (insurance); The Hanover</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Insurance Group
(insurance);</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Envestnet (investment platform) from 2013 until 2016</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</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">II-104 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Name,&nbsp;Address</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and&nbsp;Year</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:65.00pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>of&nbsp;Birth<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Position(s)</B><br><B>Held&nbsp;with</B><br><B>Fund</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Length&nbsp;of&nbsp;Time</B><br><B>Served<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Principal&nbsp;Occupation(s)&nbsp;During</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Past&nbsp;Five Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>BlackRock-<BR>Advised<BR>Registered<BR>Investment<BR>Companies<BR>(&#147;RICs&#148;)<BR>Consisting&nbsp;
of<BR>Investment<BR>Portfolios<BR>(&#147;Portfolios&#148;)<BR>Overseen<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Public<BR>Company&nbsp;or<BR>Investment<BR>Company<BR>Directorships<BR>Held During<BR>Past&nbsp;Five</B><br><B>Years</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frank J. Fabozzi</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1948</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since&nbsp;2007</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Editor of and Consultant for The Journal of Portfolio Management since 2006; Professor of Finance, EDHEC Business School since 2011; Visiting Professor, Princeton University from 2013 to 2014; Professor in the Practice of Finance
and Becton Fellow, Yale University School of Management from 2006 to 2011.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">74 RICs<BR>consisting<BR>of 74<BR>Portfolios</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">None</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jerrold B. Harris</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1942</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since 2007</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee, Ursinus College from 2000 to 2012; Director, Ducks Unlimited - Canada (conservation) since 2015; Director, Waterfowl Chesapeake (conservation) since 2014; Director, Ducks Unlimited, Inc. since 2013; Director, Troemner LLC
(scientific equipment) since 2000;&nbsp;Director of Delta Waterfowl Foundation from 2010 to 2012; President and Chief Executive Officer, VWR Scientific Products Corporation from 1990 to 1999.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">74 RICs<BR>consisting<BR>of 74<BR>Portfolios</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BlackRock<BR>Capital<BR>Investment<BR>Corp.<BR>(business<BR>development<BR>company)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">R. Glenn Hubbard</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1958</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since 2007</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Dean, Columbia Business School since 2004; Faculty member, Columbia Business School since 1988.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">74 RICs<BR>consisting<BR>of 74<BR>Portfolios</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ADP (data<BR>and<BR>information<BR>services);<BR>Metropolitan<BR>Life<BR>Insurance<BR>Company<BR>(insurance)</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" ALIGN="center">II-105 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<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="12%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Name,&nbsp;Address</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and&nbsp;Year</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:65.00pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>of&nbsp;Birth<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Position(s)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Held&nbsp;with</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Fund</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Length&nbsp;of&nbsp;Time</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Served<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Principal&nbsp;Occupation(s)&nbsp;During</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Past&nbsp;Five Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of<BR>BlackRock-<BR>Advised<BR>Registered<BR>Investment<BR>Companies<BR>(&#147;RICs&#148;)<BR>Consisting
of<BR>Investment<BR>Portfolios<BR>(&#147;Portfolios&#148;)<BR>Overseen<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Public<BR>Company&nbsp;or<BR>Investment<BR>Company<BR>Directorships<BR>Held During<BR>Past&nbsp;Five</B><br><B>Years</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">W. Carl Kester</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1951</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since&nbsp;2007</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008, Deputy Dean for Academic Affairs from 2006 to 2010, Chairman of the Finance Unit,&nbsp;from 2005 to 2006, Senior Associate Dean and
Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">74 RICs<BR>consisting<BR>of 74<BR>Portfolios</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">None</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Catherine A.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lynch</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1961</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from
1999 to 2003;&nbsp;Assistant Treasurer, Episcopal Church of America from 1995 to 1999.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">74 RICs<BR>consisting<BR>of 74<BR>Portfolios</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">None</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <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>Interested
Directors<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barbara G. Novick</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1960</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since 2014</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Vice Chairman of BlackRock, Inc. since 2006; Chair of BlackRock&#146;s Government Relations Steering Committee since 2009; Head of the Global Client Group of BlackRock, Inc. from 1988 to 2008.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">107 RICs<BR>consisting<BR>of 227<BR>Portfolios</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">None</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" ALIGN="center">II-106 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<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="12%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Name,&nbsp;Address</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and&nbsp;Year</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:65.00pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>of&nbsp;Birth<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Position(s)</B><br><B>Held&nbsp;with</B><br><B>Fund</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Length&nbsp;of&nbsp;Time</B><br><B>Served<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Principal&nbsp;Occupation(s)&nbsp;During</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Past&nbsp;Five Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of<BR>BlackRock-<BR>Advised<BR>Registered<BR>Investment<BR>Companies<BR>(&#147;RICs&#148;)<BR>Consisting
of<BR>Investment<BR>Portfolios<BR>(&#147;Portfolios&#148;)<BR>Overseen<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Public<BR>Company&nbsp;or<BR>Investment<BR>Company<BR>Directorships<BR>Held During<BR>Past&nbsp;Five</B><br><B>Years</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John M. Perlowski</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1964</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director,<BR>President<BR>and Chief<BR>Executive<BR>Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director<BR>since<BR>2014;<BR>President<BR>and Chief<BR>Executive<BR>Officer<BR>since<BR>2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Fund &amp; Accounting Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P.
from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation)
since 2009.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">135 RICs<BR>consisting<BR>of 325<BR>Portfolios</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">None</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The address of each Director is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Each Independent Director will serve until his or her successor is elected and qualifies, or until his or her earlier death, resignation, retirement or removal, or until December&nbsp;31 of the year in which he or she
turns 75. The maximum age limitation may be waived as to any Director by action of a majority of the Directors upon a finding of good cause therefor. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Following the combination of Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;) and BlackRock in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into
three new fund boards in 2007.&nbsp;As a result, although the chart shows certain Independent Directors as joining the Board in 2007, each Director first became a member of the boards of other legacy MLIM or legacy BlackRock funds as follows:
Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl Kester, 1995; and Karen P. Robards, 1998. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">For purposes of this chart, &#147;RICs&#148; refers to investment companies registered under the 1940 Act and &#147;Portfolios&#148; refers to the investment programs of the BlackRock-advised funds. The Closed-End
Complex is comprised of 74 RICs. Mr. Perlowski and Ms. Novick are also board members of certain complexes of BlackRock registered open-end funds. Mr. Perlowski is also a board member of the BlackRock Equity-Bond Complex and the BlackRock
Equity-Liquidity Complex, and Ms. Novick is also a board member of the BlackRock Equity-Liquidity Complex. </TD></TR></TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">Mr. Perlowski and Ms. Novick are both&nbsp;&#147;interested persons,&#148; as defined in the 1940 Act, of the Fund based on their positions with BlackRock and its affiliates. Mr. Perlowski and Ms. Novick are also board
members of certain complexes of BlackRock registered open-end funds.&nbsp;Mr. Perlowski is also a board member of the BlackRock Equity-Bond Complex and the BlackRock Equity-Liquidity Complex, and Ms. Novick is also a board member of the BlackRock
Equity-Liquidity Complex. Interested Directors serve until their resignation, removal or death, or until December&nbsp;31 of the year in which they turn 72.&nbsp;The maximum age limitation may be waived as to any Director by action of a majority of
the Directors upon a finding of good cause therefor. </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" ALIGN="center">II-107 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Experience, Qualifications and Skills of the Directors</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Independent Directors have adopted a statement of policy that describes the experiences, qualifications, skills and attributes that are
necessary and desirable for potential Independent Director candidates (the &#147;Statement of Policy&#148;). The Board believes that each Independent Director satisfied, at the time he or she was initially elected or appointed a Director, and
continues to satisfy, the standards contemplated by the Statement of Policy as well as the standards set forth in the Fund&#146;s Bylaws. Furthermore, in determining that a particular Director was and continues to be qualified to serve as a
Director, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Directors have balanced and diverse experiences, skills, attributes and qualifications, which allow
the Board to operate effectively in governing the Fund and protecting the interests of shareholders. Among the attributes common to all Directors is their ability to review critically, evaluate, question and discuss information provided to them, to
interact effectively with the Fund&#146;s Investment Advisor, other service providers, counsel and independent auditors, and to exercise effective business judgment in the performance of their duties as Directors. Each Director&#146;s ability to
perform his or her duties effectively is evidenced by his or her educational background or professional training; business, consulting, public service or academic positions; experience from service as a board member of the Fund or the other funds in
the BlackRock fund complexes (and any predecessor funds), other investment funds, public companies, or not-for-profit entities or other organizations; ongoing commitment and participation in Board and Committee meetings, as well as their leadership
of standing and other committees throughout the years; or other relevant life experiences. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The table below discusses some of the
experiences, qualifications and skills of each of&nbsp;the Fund&#146;s Directors that support the conclusion that they should serve on the Board. </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">


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<TD VALIGN="bottom"><B><U>Director</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B><U>Experience, Qualifications and Skills</U></B></TD></TR>


<TR STYLE="font-size:1pt">
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<TD VALIGN="top">Richard E. Cavanagh</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Mr. Cavanagh brings to the Board a wealth of practical business knowledge and leadership as an experienced director/trustee of various public and private companies. In particular, because Mr. Cavanagh served for over a decade as
President and Chief Executive Officer of The Conference Board, Inc., a global business research organization, he is able to provide the Board with expertise about business and economic trends and governance practices. Mr. Cavanagh created the
&#147;blue ribbon&#148; Commission on Public Trust and Private Enterprise in 2002, which recommended corporate governance enhancements. Mr. Cavanagh&#146;s service as a director of The Guardian Life Insurance Company of America and as a senior
advisor and director of The Fremont Group provides added insight into investment trends and conditions. Mr.&nbsp;Cavanagh&#146;s long-standing service on the boards of the Closed-End Complex also provides him with a specific understanding of the
Fund, its operations, and the business and regulatory issues facing the Fund. Mr. Cavanagh is also an experienced board leader, having served as the lead independent director of a NYSE public company (Arch Chemicals) and as the Board Chairman of the
Educational Testing Service.&nbsp;Mr. Cavanagh&#146;s independence from the Fund and the Investment Advisor enhances his service as Chair of the Board, Chair of the Executive Committee and as a member of the Governance Committee, Compliance
Committee and Performance Oversight Committee.</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" ALIGN="center">II-108 </P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:36.15pt; font-size:10pt; font-family:Times New Roman"><B>Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:157.45pt; font-size:10pt; font-family:Times New Roman"><B>Experience, Qualifications and Skills</B></P></TD></TR>


<TR STYLE="font-size:1pt">
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<TD VALIGN="top">Karen P. Robards</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Board benefits from Ms. Robards&#146; many years of experience in investment banking and the financial advisory industry where she obtained extensive knowledge of the capital markets and advised clients on corporate finance
transactions, including mergers and acquisitions and the issuance of debt and equity securities. Ms. Robards&#146; prior position as an investment banker at Morgan Stanley provides useful oversight of the Fund&#146;s investment decisions and
investment valuation processes. Additionally, Ms. Robards&#146; experience as a director of publicly held and private companies allows her to provide the Board with insight into the management and governance practices of other companies. Ms.
Robards&#146; long-standing service on the boards of the Closed-End Complex also provides her with a specific understanding of the Fund, its operations, and the business and regulatory issues facing the Fund. Ms. Robards&#146; knowledge of financial
and accounting matters qualifies her to serve as Vice Chair of the Board and as the Chair of the Fund&#146;s Audit Committee. Ms. Robards&#146; independence from the Fund and the Investment Advisor enhances her service as a member of the Performance
Oversight Committee, Executive Committee and Governance Committee.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Michael J. Castellano</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Board benefits from Mr. Castellano&#146;s career in accounting which spans over forty years. Mr. Castellano has served as Chief Financial Officer of Lazard Ltd. and as a Managing Director and Chief Financial Officer of Lazard
Group. Prior to joining Lazard, Mr. Castellano held various senior management positions at Merrill Lynch &amp; Co., including Senior Vice President&#151;Chief Control Officer for Merrill Lynch&#146;s capital markets businesses, Chairman of Merrill
Lynch International Bank and Senior Vice President&#151;Corporate Controller. Prior to joining Merrill Lynch &amp; Co., Mr. Castellano was a partner with Deloitte &amp; Touche where he served a number of investment banking clients over the course of
his 24&nbsp;years with the firm. Mr. Castellano currently serves as a director for CircleBlack Inc. Mr. Castellano&#146;s knowledge of financial and accounting matters qualifies him to serve as a member of the Fund&#146;s Audit Committee. Mr.
Castellano&#146;s independence from the Fund and the Investment Advisor enhances his service as a member of the Governance Committee and Performance Oversight Committee.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Cynthia L. Egan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ms. Egan brings to the Board a broad and diverse knowledge of investment companies and the retirement industry as a result of her many years of experience as a President at T. Rowe Price Group, Inc. and her various senior
operating officer positions at Fidelity Investments. Ms. Egan&#146;s independence from the Fund and the Investment Advisor enhances her service as a member of the Compliance Committee, Performance Oversight Committee and Governance
Committee.</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" ALIGN="center">II-109 </P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:36.15pt; font-size:10pt; font-family:Times New Roman"><B>Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:157.45pt; font-size:10pt; font-family:Times New Roman"><B>Experience, Qualifications and Skills</B></P></TD></TR>


<TR STYLE="font-size:1pt">
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<TD VALIGN="top">Frank J. Fabozzi</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Dr. Fabozzi has served for over 25 years on the boards of registered investment companies.&nbsp;Dr. Fabozzi holds the designations of Chartered Financial Analyst and Certified Public Accountant. Dr.&nbsp;Fabozzi was inducted into
the Fixed Income Analysts Society&#146;s Hall of Fame and is the 2007 recipient of the C. Stewart Sheppard Award and the 2015 recipient of the James R. Vertin Award, both given by the CFA Institute. The Board benefits from Dr.&nbsp;Fabozzi&#146;s
experiences as a professor and author in the field of finance. Dr.&nbsp;Fabozzi&#146;s experience as a professor at various institutions, including EDHEC Business School, Yale, MIT, and Princeton, as well as Dr.&nbsp;Fabozzi&#146;s experience as a
Professor in the Practice of Finance and Becton Fellow at the Yale University School of Management and as editor of the Journal of Portfolio Management demonstrates his wealth of expertise in the investment management and structured finance areas.
Dr. Fabozzi has authored and edited numerous books and research papers on topics in investment management and financial econometrics, and his writings have focused on fixed income securities and portfolio management, many of which are considered
standard references in the investment management industry. Dr. Fabozzi&#146;s long-standing service on the boards of the Closed-End Complex also provides him with a specific understanding of the Fund, its operations and the business and regulatory
issues facing the Fund. Moreover, Dr. Fabozzi&#146;s knowledge of financial and accounting matters qualifies him to serve as a member of the Fund&#146;s Audit Committee. Dr. Fabozzi&#146;s independence from the Fund and the Investment Advisor
enhances his service as Chair of the Performance Oversight Committee and as a member of the Governance Committee.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Jerrold B. Harris</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Mr. Harris&#146;s time as President and Chief Executive Officer of VWR Scientific Products Corporation brings to the Board business leadership and experience and knowledge of the chemicals industry and national and international
product distribution. Mr. Harris&#146;s position as a director of BlackRock Capital Investment Corporation brings to the Board the benefit of his experience as a director of a business development company governed by the 1940 Act and allows him to
provide the Board with added insight into the management practices of other financial companies. Mr. Harris&#146;s long-standing service on the boards of the Closed-End Complex also provides him with a specific understanding of the Fund, its
operations and the business and regulatory issues facing the Fund. Mr. Harris&#146;s independence from the Fund and the Investment Advisor enhances his service as Chair of the Compliance Committee and as a member of the Governance Committee and
Performance Oversight Committee.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top">R. Glenn Hubbard</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Dr. Hubbard has served in numerous roles in the field of economics, including as the Chairman of the U.S. Council of Economic Advisers of the President of the United States. Dr. Hubbard serves as the Dean of Columbia Business
School, has served as a member of the Columbia Faculty and as a Visiting Professor at the John F. Kennedy School of Government at Harvard University, the Harvard Business School and the University of Chicago. Dr. Hubbard&#146;s experience as an
adviser to the President of the United States adds a dimension of balance to the Fund&#146;s governance and provides perspective on economic issues. Dr.&nbsp;Hubbard&#146;s service on the boards of ADP and Metropolitan Life Insurance Company
provides the Board with the benefit of his experience with the management practices of other financial companies. Dr.&nbsp;Hubbard&#146;s long-standing service on the Board also provides him with a specific understanding of the Fund, its operations,
and the business and regulatory issues facing the Fund. Dr. Hubbard&#146;s independence from the Fund and the Investment Advisor enhances his service as the Chair of the Governance Committee and a member of the Compliance Committee and Performance
Oversight Committee.</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" ALIGN="center">II-110 </P>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="80%"></TD></TR>
<TR STYLE="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; width:36.15pt; font-size:10pt; font-family:Times New Roman"><B>Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:157.45pt; font-size:10pt; font-family:Times New Roman"><B>Experience, Qualifications and Skills</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
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<TD VALIGN="top">W. Carl Kester</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Board benefits from Dr. Kester&#146;s experiences as a professor and author in finance, and his experience as the George Fisher Baker Jr. Professor of Business Administration at Harvard Business School and as Deputy Dean of
Academic Affairs at Harvard Business School from 2006 through 2010 adds to the Board a wealth of expertise in corporate finance and corporate governance. Dr. Kester has authored and edited numerous books and research papers on both subject matters,
including co-editing a leading volume of finance case studies used worldwide. Dr. Kester&#146;s long-standing service on the boards of the Closed-End Complex also provides him with a specific understanding of the Fund, its operations, and the
business and regulatory issues facing the Fund. Dr. Kester&#146;s knowledge of financial and accounting matters qualifies him to serve as a member of the Fund&#146;s Audit Committee. Dr. Kester&#146;s independence from the Fund and the Investment
Advisor enhances his service as a member of the Governance Committee and Performance Oversight Committee.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Catherine A. Lynch</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ms. Lynch, who served as the Chief Executive Officer and Chief Investment Officer of the National Railroad Retirement Investment Trust, benefits the Board by providing business leadership and experience and a diverse knowledge of
pensions and endowments. Ms. Lynch also holds the designation of Chartered Financial Analyst. Ms. Lynch&#146;s knowledge of financial and accounting matters qualifies her to serve as a member of the Fund&#146;s Audit Committee. Ms. Lynch&#146;s
independence from the Fund and the Investment Advisor enhances her service as a member of the Audit Committee, Performance Oversight Committee, and Governance and Nominating Committee (the &#147;Governance Committee&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">John M. Perlowski</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Mr. Perlowski&#146;s experience as Managing Director of BlackRock since 2009, as the&nbsp;Head of BlackRock&nbsp;Global Fund Services since 2009, and as President and Chief Executive Officer of the Fund since 2011 provides him
with a strong understanding of the Fund, its operations, and the business and regulatory issues facing the Fund. Mr. Perlowski&#146;s prior position as Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset
Management, and his former service as Treasurer and Senior Vice President of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore Funds provides the Board with the benefit of his experience with the management practices of
other financial companies.&nbsp;Mr. Perlowski is a member of the Fund&#146;s Executive Committee.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Barbara G. Novick</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ms. Novick has extensive experience in the financial services industry, including more than 26 years with BlackRock. Ms. Novick currently is a member of BlackRock&#146;s Global Executive, Global Operating and Corporate Risk
Management Committees and chairs BlackRock&#146;s Government Relations Steering Committee. For the first twenty years at BlackRock, Ms. Novick oversaw global business development, marketing and client service across equity, fixed income, liquidity,
alternative investment and real estate products, and in her current role, heads BlackRock&#146;s efforts globally on government relations and public policy. Prior to joining BlackRock, Ms. Novick was Vice President of the Mortgage Products Group at
the First Boston Corporation and, prior to that, was with Morgan Stanley. The Board benefits from Ms.&nbsp;Novick&#146;s wealth of experience and long history with BlackRock and BlackRock&#146;s management practices, investment strategies and
products, which stretches back to BlackRock&#146;s founding in 1988.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Board Leadership Structure and Oversight</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Board has overall responsibility for the oversight of the Fund. The Chair of the Board and the Chief Executive Officer are two different
people. Not only is the Chair of the Board an Independent Director, but also the Chair of each Board committee (each, a &#147;Committee&#148;) is an Independent Director. The Board has six standing Committees: an Audit Committee, a Governance
Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee. The role of the Chair of the Board is to preside over all meetings of the Board and to act as a liaison with service providers, officers, attorneys, and
other Directors between meetings. The Chair of each Committee performs a similar role with respect to such Committee. The Chair of the Board or </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">II-111 </P>
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Committees may also perform such other functions as may be delegated by the Board or the Committees from time to time. The Independent Directors meet regularly outside the presence of the
Fund&#146;s management, in executive sessions or with other service providers to the Fund. The Board has regular meetings five times a year, including a meeting to consider the approval of the Fund&#146;s&nbsp;investment management agreement, and,
if necessary, may hold special meetings before&nbsp;its next regular meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Each Committee meets regularly to conduct the oversight
functions delegated to that Committee by the Board and reports its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that the Board&#146;s
leadership structure is appropriate because it allows the Board to exercise independent judgment over management and to allocate areas of responsibility among Committees and the Board to enhance oversight. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Board decided to separate the roles of Chair and Chief Executive Officer because it believes that an independent Chair: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">increases the independent oversight of the Fund and enhances the Board&#146;s objective evaluation of the Chief Executive Officer; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">allows the Chief Executive Officer to focus on the Fund&#146;s operations instead of Board administration; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">provides greater opportunities for direct and independent communication between shareholders and the Board; and </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">provides an independent spokesman for the Fund. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Board has engaged the Investment Advisor
to manage the Fund on a day-to day basis. The Board is responsible for overseeing the Investment Advisor, other service providers, the operations of the Fund and associated risks in accordance with the provisions of the 1940 Act, state law, other
applicable laws, the Fund&#146;s charter, and the Fund&#146;s investment objective and strategies. The Board reviews, on an ongoing basis, the Fund&#146;s performance, operations, and investment strategies and techniques. The Board also conducts
reviews of the Investment Advisor and its role in running the operations of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Day-to-day risk management with respect to the Fund
is the responsibility of the Investment Advisor or other service providers (depending on the nature of the risk), subject to the supervision of the Investment Advisor. The Fund is subject to a number of risks, including investment, compliance,
operational and valuation risks, among others. While there are a number of risk management functions performed by the Investment Advisor or other service providers, as applicable, it is not possible to eliminate all of the risks applicable to the
Fund. Risk oversight is part of the Board&#146;s general oversight of the Fund and is addressed as part of various Board and Committee activities. The Board, directly or through Committees, also reviews reports from, among others, management, the
independent registered public accounting firm for the Fund, the Investment Advisor, and internal auditors for the Investment Advisor or its affiliates, as appropriate, regarding risks faced by the Fund and management&#146;s or the service
provider&#146;s risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Directors and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund&#146;s
activities and associated risks. The Board has approved the appointment of a Chief Compliance Officer (&#147;CCO&#148;), who oversees the implementation and testing of the Fund&#146;s compliance program and reports regularly to the Board regarding
compliance matters for the Fund and its service providers. The Independent Directors have engaged independent legal counsel to assist them in performing their oversight responsibilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Audit Committee</I>.&nbsp;The Board has a standing Audit Committee composed of Karen P. Robards (Chair), Michael J. Castellano, Frank J.
Fabozzi, W. Carl Kester and Catherine A. Lynch, all of whom are Independent Directors. The principal responsibilities of the Audit Committee are to assist the Board in fulfilling its oversight responsibilities relating to the accounting and
financial reporting policies and practices of the Fund. The Audit Committee&#146;s responsibilities include, without limitation: (i) approving, and recommending to the full Board for approval, the selection, retention, termination and compensation
of the Fund&#146;s independent registered public </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">II-112 </P>
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accounting firm (the &#147;Independent Registered Public Accounting Firm&#148;) and evaluating the independence and objectivity of the Independent Registered Public Accounting Firm; (ii)
approving all audit engagement terms and fees for the Fund; (iii) reviewing the conduct and results of each audit; (iv) reviewing any issues raised by the Fund&#146;s Independent Registered Public Accounting Firm or management regarding the
accounting or financial reporting policies and practices of the Fund, its internal controls, and, as appropriate, the internal controls of certain service providers and management&#146;s response to any such issues; (v) reviewing and discussing the
Fund&#146;s audited and unaudited financial statements and disclosure in the Fund&#146;s shareholder reports relating to the Fund&#146;s performance; (vi) assisting the Board&#146;s responsibilities with respect to the internal controls of the Fund
and its service providers with respect to accounting and financial matters; and (vii) resolving any disagreements between the Fund&#146;s management and the Fund&#146;s Independent Registered Public Accounting Firm regarding financial
reporting.&nbsp;A copy of the Audit Committee Charter for the Fund can be found in the &#147;Corporate Governance&#148; section of the BlackRock Closed-End Fund website at www.blackrock.com. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Governance Committee</I>.&nbsp;The Board has a standing Governance Committee composed of R. Glenn Hubbard (Chair), Richard E. Cavanagh,
Michael J. Castellano, Cynthia L. Egan, Frank J. Fabozzi, Jerrold B. Harris, W. Carl Kester, Catherine A. Lynch and Karen P. Robards, all of whom are Independent Directors. The principal responsibilities of the Governance Committee are: (i)
identifying individuals qualified to serve as Independent Directors and recommending Board Nominees that are not &#147;interested persons &#148; of the Fund (as defined in the 1940 Act) for election by shareholders or appointment by the Board; (ii)
advising the Board with respect to Board composition, procedures and Committees of the Board (other than the Audit Committee); (iii) overseeing periodic self-assessments of the Board and Committees of the Board (other than the Audit Committee); (iv)
reviewing and making recommendations in respect to Independent Director compensation; (v) monitoring corporate governance matters and making recommendations in respect thereof to the Board; (vi) acting as the administrative committee with respect to
Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as they relate to the Independent Directors; and (vii) review and make recommendations to the Board in respect of Fund share
ownership by the Independent Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Governance Committee of the Board seeks to identify individuals to serve on the Board who
have a diverse range of viewpoints, qualifications, experiences, backgrounds and skill sets so that the Board will be better suited to fulfill its responsibility of overseeing the Fund&#146;s activities. In so doing, the Governance Committee reviews
the size of the Board, the ages of the current Directors and their tenure on the Board, and the skills, background and experiences of the Directors in light of the issues facing the Fund in determining whether one or more new directors should be
added to the Board. The Board as a group strives to achieve diversity in terms of gender, race and geographic location. The Governance Committee believes that the Directors as a group possess the array of skills, experiences and backgrounds
necessary to guide the Fund. The Directors&#146; biographies included herein highlight the diversity and breadth of skills, qualifications and expertise that the Directors bring to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Governance Committee may consider nominations for&nbsp;Directors made by the Fund&#146;s shareholders as it deems appropriate. Under the
Fund&#146;s Bylaws, shareholders must follow certain procedures to nominate a person for election as a Director at an annual or special meeting, or to introduce an item of business at an annual meeting. Under these advance notice procedures,
shareholders must submit the proposed nominee or item of business by delivering a notice to the Secretary of the Fund at its principal executive offices. The Fund must receive notice of a shareholder&#146;s intention to introduce a nomination or
proposed item of business for an annual shareholder meeting not less than 120 days nor more than 150 days before the anniversary of the prior year&#146;s annual shareholder meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund&#146;s Bylaws provide that notice of a proposed nomination must include certain information about the shareholder and the nominee, as
well as a written consent of the proposed nominee to serve if elected. A notice of a proposed item of business must include a description of and the reasons for bringing the proposed business to the meeting, any material interest of the shareholder
in the business, and certain other information about the shareholder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Further, the Fund has adopted Director qualification requirements
which can be found in the Fund&#146;s Bylaws and are applicable to all Directors that may be nominated, elected, appointed, qualified or seated to serve as Directors. The qualification requirements include: (i) age limits; (ii) limits on service on
other boards; (iii) restrictions on relationships with investment advisers other than BlackRock; and (iv) character and fitness </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">II-113 </P>
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requirements. In addition to not being an &#147;interested person&#148; of the Fund as defined under Section 2(a)(19) of the 1940 Act, each Independent Director may not be or have certain
relationships with a shareholder owning five percent or more of the Fund&#146;s voting securities or owning other percentage ownership interests in investment companies registered under the 1940 Act. Reference is made to the Fund&#146;s Bylaws for
more details. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A copy of the Governance Committee Charter for the Fund can be found in the &#147;Corporate Governance&#148; section of the
BlackRock Closed-End Fund website at www.blackrock.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Compliance Committee</I>.&nbsp;The Board has a Compliance Committee composed
of Jerrold B. Harris (Chair), Richard E. Cavanagh, Cynthia L. Egan and R. Glenn Hubbard, all of whom are Independent Directors. The Compliance Committee&#146;s purpose is to assist the Board in fulfilling its responsibility with respect to the
oversight of regulatory and fiduciary compliance matters involving the Fund, the fund-related activities of BlackRock, and any sub-advisors and the Fund&#146;s other third party service providers. The Compliance Committee&#146;s responsibilities
include, without limitation: (i) overseeing the compliance policies and procedures of the Fund and its service providers and recommending changes or additions to such policies and procedures; (ii) reviewing information on and, where appropriate,
recommending policies concerning the Fund&#146;s compliance with applicable law; (iii) reviewing information on any significant correspondence with or other actions by regulators or governmental agencies with respect to the Fund and any employee
complaints or published reports that raise concerns regarding compliance matters; and (iv) reviewing reports from, overseeing the annual performance review of, and making certain recommendations in respect of the Fund&#146;s CCO, including, without
limitation, determining the amount and structure of the CCO&#146;s compensation. The Board has adopted a written charter for the Board&#146;s Compliance Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Performance Oversight Committee</I>.&nbsp;The Board has a Performance Oversight Committee composed of Frank J. Fabozzi (Chair), Michael J.
Castellano, Richard E. Cavanagh, Cynthia L. Egan, Jerrold B. Harris, R. Glenn Hubbard, W. Carl Kester, Catherine A. Lynch and Karen P. Robards, all of whom are Independent Directors. The Performance Oversight Committee&#146;s purpose is to assist
the Board in fulfilling its responsibility to oversee the Fund&#146;s investment performance relative to the Fund&#146;s investment objective, policies and practices. The Performance Oversight Committee&#146;s responsibilities include, without
limitation: (i) reviewing the Fund&#146;s investment objective, policies and practices; (ii) recommending to the Board any required action in respect of changes in fundamental and non-fundamental investment restrictions; (iii) reviewing information
on appropriate benchmarks and competitive universes; (iv) reviewing the Fund&#146;s investment performance relative to such benchmarks; (v) reviewing information on unusual or exceptional investment matters; (vi) reviewing whether the Fund has
complied with its investment policies and restrictions; and (vii) overseeing policies, procedures and controls regarding valuation of the Fund&#146;s investments. The Board has adopted a written charter for the Board&#146;s Performance Oversight
Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><I>Executive Committee</I>.&nbsp;The Board has an Executive Committee composed of Richard E. Cavanagh (Chair) and Karen P.
Robards, both of whom are Independent Directors, and John M. Perlowski, who serves as an interested Director. The principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters between meetings of
the Board; (ii) acting on such matters as may require urgent action between meetings of the Board; and (iii) exercising such other authority as may from time to time be delegated to the Executive Committee by the Board. The Board has adopted a
written charter for the Board&#146;s Executive Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Leverage Committee was originally formed in March 2008 for the purpose of
monitoring issues arising from credit market turmoil and overseeing efforts to address the effects of reduced auction market preferred shares or auction preferred shares (&#147;AMPS&#148;) liquidity on each fund in the Closed-End Complex using AMPS
for leverage at the time. Since the Leverage Committee was established, the BlackRock-Advised Funds have redeemed more than 99% of all AMPS outstanding for the Closed-End Complex as of February 2008. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">As a result of the reduction of AMPS across the Closed-End Complex, the Board determined to suspend the Leverage Committee effective March 1,
2016. The Board currently oversees the Fund&#146;s usage of leverage, including the Fund&#146;s incurrence, refinancing and maintenance of leverage and, to the extent necessary or appropriate, authorizes or approves the execution of documentation in
respect thereto. The Executive Committee has authority to make any such authorizations or approvals that are required between regular meetings of the Board. </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">II-114 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Information about the specific experience, skills, attributes and qualifications of each
Director, which in each case led to the Board&#146;s conclusion that the Director should serve (or continue to serve) as a Director of the Fund, is provided in &#147;Biographical Information of the Directors.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Director Share Ownership</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">As of December 31, 2015, 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 BlackRock or underwriter or any person controlling, controlled by or under common control with any such entities 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 BlackRock or underwriter or any person controlling, controlled by or
under common control with any such entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Director Compensation</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Effective August 1, 2015, each Independent Director is paid an annual retainer of $280,000 per year for his or her services as a Director of
all BlackRock-advised closed-end funds (the &#147;Closed-End Complex&#148;) that are overseen by the respective director/trustee and each Director may also receive a $10,000 board meeting fee for special unscheduled meetings or meetings in excess of
six Board meetings held in a calendar year, together with out-of-pocket expenses in accordance with a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair and Vice-Chair of the Board are paid
an additional annual retainer of $120,000 and $60,000, respectively. The Chairs of the Audit Committee, Performance Oversight Committee, Compliance Committee, and Governance Committee are paid an additional annual retainer of $45,000, $30,000,
$45,000 and $20,000, respectively. Each of the members of the Audit Committee and Compliance Committee are paid an additional annual retainer of $30,000 and $12,500, respectively, for his or her service on such committee. For the year ended December
31, 2015, the Closed-End Complex reimbursed Independent Director expenses in an aggregate amount of $55,898.&nbsp;The Fund pays a pro rata portion quarterly (based on relative net assets) of the foregoing Director fees paid by the funds in the
Closed-End Complex. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Independent Directors have agreed that a maximum of 50% of each Independent Director&#146;s total compensation
paid by funds in the Closed-End Complex may be deferred pursuant to the Closed-End Complex&#146;s deferred compensation plan. Under the deferred compensation plan, deferred amounts earn a return for the Independent Directors as though equivalent
dollar amounts had been invested in common stock of certain funds in the Closed-End Complex selected by the Independent Directors. This has approximately the same economic effect for the Independent Directors as if they had invested the deferred
amounts in such funds in the Closed-End Complex. The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of a fund and are recorded as a liability for accounting purposes.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Information Pertaining to the Officers</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The executive officers of the Fund (except for Mr. Perlowski), their year of birth and their principal occupations during the past five years
(their titles may have varied during that period) are shown in the table below. Information about John M. Perlowski, the Director, President and Chief Executive Officer of the Fund can be found under &#147;Biographical Information Pertaining to
Directors.&#148; With the exception of the CCO, executive officers receive no compensation from the Fund. The Fund compensates the CCO, for his services as its CCO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Each executive officer is an &#147;interested person&#148; of the Fund (as defined in the 1940 Act) by virtue of that individual&#146;s
position with BlackRock or its affiliates described in the table below. </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">II-115 </P>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD></TR>
<TR STYLE="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; width:155.05pt; font-size:10pt; font-family:Times New Roman"><B>Name, Address(1) and Year of Birth</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Position(s)&nbsp;Held</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>with&nbsp;Fund</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Length of<BR>Time<BR>Served</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Principal&nbsp;Occupations(s)&nbsp;During&nbsp;Past&nbsp;5</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Years</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Officers Who Are Not Directors(2)</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jonathan Diorio</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1980</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Vice President</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since&nbsp;2015</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015; Director of Deutsche Asset &amp; Wealth Management from 2009 to 2011.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Neal J. Andrews</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1966</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since&nbsp;2007</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jay M. Fife</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1970</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Treasurer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since&nbsp;2007</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Managing Director of BlackRock, Inc. since 2007; Director of BlackRock, Inc. in 2006; Assistant Treasurer of the MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to
2006.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Charles Park</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1967</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Compliance Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since&nbsp;2014</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Anti-Money Laundering Compliance Officer for the BlackRock-Advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and
the BlackRock-Advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex since 2014; Principal of and Chief Compliance Officer for iShares<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Delaware
Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (&#147;BFA&#148;) since 2006; Chief Compliance Officer for the BFA-advised iShares exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc.
since 2012.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Janey Ahn</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1975</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Secretary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since&nbsp;2012</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director of BlackRock, Inc. since 2009; Assistant Secretary of the funds in the Closed-End Complex from 2008 to 2012.</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P> <P STYLE="font-size:12pt;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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The address of each executive officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055. </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>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Executive officers of the Fund serve at the pleasure of the Board. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Indemnification of
Directors and Officers</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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&#146;s governing documents are subject to any limitations imposed by applicable law. </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">II-116 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The funds in the Closed-End Complex, including the Fund, have also entered into a separate
indemnification agreement with the board members of each board of such funds (the &#147;Indemnification Agreement&#148;). The Indemnification Agreement (i) extends the indemnification provisions contained in a fund&#146;s governing documents to
board members who leave that fund&#146;s board and serve on an advisory board of a different fund in the Closed-End Complex; (ii) sets in place the terms of the indemnification provisions of a fund&#146;s governing documents once a board member
retires from a board; and (iii) 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 &amp; Co., Inc.&#146;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:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Proxy Voting Policies</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Board has delegated the voting of proxies for the Fund&#146;s securities to the Investment Advisor pursuant to the Investment
Advisor&#146;s proxy voting guidelines.&nbsp;Under these guidelines, the Investment Advisor will vote proxies related to Fund securities in the best interests of the Fund and its shareholders.&nbsp;From time to time, a vote may present a conflict
between the interests of the Fund&#146;s shareholders, on the one hand, and those of the Investment Advisor, or any affiliated person of the Fund or the Investment Advisor, on the other.&nbsp;In such event, provided that the Investment
Advisor&#146;s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the &#147;Oversight Committee&#148;) is aware of the real or potential conflict, if the matter to be voted on represents a material, non-routine 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 Investment Advisor&#146;s clients.&nbsp;If the Investment 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 Investment Advisor&#146;s Portfolio Management Group and/or the Investment Advisor&#146;s Legal&nbsp;&amp; Compliance Department
and concluding that the vote cast is in its client&#146;s best interest notwithstanding the conflict. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A copy of the Fund&#146;s Proxy
Voting Policy and Procedures is included as Appendix B to this Prospectus.&nbsp;Information on how the Fund voted proxies relating to portfolio securities for the most-recent 12-month period ended June&nbsp;30 is available without charge&nbsp;(i) at
<I>www.blackrock.com</I> and (ii) on the SEC&#146;s website at <I>http://www.sec.gov</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Code of Ethics</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund and the Investment Advisor have adopted a code of ethics (the &#147;Code of Ethics&#148;) in compliance with Section 17(j) of the
1940 Act and Rule 17j-1 thereunder. Each Code of Ethics establishes procedures for personal investing and restricts certain transactions. Employees subject to a Code of Ethics may invest in securities for their personal investment accounts,
including making investments in securities that may be purchased or held by the Fund. The Codes of Ethics are available on the EDGAR Database on the SEC&#146;s website at www.sec.gov. In addition, the Codes of Ethics can be reviewed and copied at
the SEC&#146;s Public Reference Room in Washington, D.C. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Information on the operation of the Public Reference Room may be obtained by
calling the SEC at (202) 551-8090. Copies of the Codes of Ethics may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov or by writing the SEC&#146;s Public Reference Section,
Washington, DC 20549-0102. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 19. Control Persons and Principal Holders of Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;1, 2016, to the best knowledge of the Fund, the following persons beneficially owned more than 5% of the outstanding
shares of the Fund: </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="57%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Name and Address of Beneficial Owner(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Title&nbsp;of&nbsp;Class</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Amount&nbsp;of&nbsp;Shares&nbsp;and<BR>Nature&nbsp;of&nbsp;Ownership</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percent&nbsp;of<BR>Class</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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.<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" 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" ALIGN="center">Common</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2,459,129 (beneficial)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">6.60%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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 Advisors L.P.<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" 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" ALIGN="center">&#151;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">&#151;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="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">The Charger Corporation<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" 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" ALIGN="center">&#151;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">&#151;</TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The address of each beneficial owner is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187. First Trust Portfolios L.P., First&nbsp;Trust Advisors L.P. and The Charger Corporation filed their Schedule 13G jointly and
did not differentiate holdings as to each entity. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;1, 2016, the officers and Directors of the Fund, as a
group, beneficially owned less than 1% of the outstanding shares of common stock of the Fund. </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">II-117 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 20. Investment Advisory and Other Services </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">See Item 9, above, and Item 9 and Item 20 in Part I. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Conflicts of Interest</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The PNC Financial Services Group, Inc. (&#147;PNC&#148;) has a significant economic interest in BlackRock, Inc., the parent of the Investment
Advisor. BlackRock, Inc. and PNC are considered to be affiliated persons of one another under the 1940 Act. Certain activities of the Investment Advisor, BlackRock, Inc. and their affiliates (collectively referred to in this section as
&#147;BlackRock&#148;) and PNC and its affiliates (collectively, &#147;PNC&#148; and together with BlackRock, &#147;Affiliates&#148;), with respect to the Fund and/or other accounts managed by BlackRock or PNC, may give rise to actual or perceived
conflicts of interest such as those described below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock is one of the world&#146;s largest asset management firms. PNC is a
diversified financial services organization spanning the retail, business and corporate markets. BlackRock, PNC and their respective affiliates (including, for these purposes, their directors, partners, trustees, managing members, officers and
employees), including the 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 banking 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:6%; font-size:10pt; font-family:Times New Roman">BlackRock and its Affiliates have 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. One or more Affiliates are also major participants 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, one or more
Affiliates are 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&#146;s performance. Such transactions, particularly in respect of most proprietary accounts or client accounts, will be executed independently of the Fund&#146;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:6%; font-size:10pt; font-family:Times New Roman">When BlackRock and its Affiliates seek to purchase
or sell the same assets for their managed accounts, including the Fund, the assets actually purchased or sold may be allocated among the accounts on a basis determined in their 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 or its Affiliates 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 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 or its Affiliates implement 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 or its Affiliates may, in certain cases, elect to implement internal policies and 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Conflicts may also
arise because portfolio decisions regarding the Fund may benefit other accounts managed by BlackRock or its Affiliates. For example, the sale of a long position or establishment of a short position </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">II-118 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
by the Fund may impair the price of the same security sold short by (and therefore benefit) one or more Affiliates or their 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) one or more Affiliates or their other accounts or funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 or an Affiliate. BlackRock may (but is not required to) effect purchases and sales between BlackRock clients or clients of Affiliates (&#147;cross trades&#148;), including the Fund, if BlackRock believes such transactions are appropriate
based on each party&#146;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&#146;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:6%; font-size:10pt; font-family:Times New Roman">BlackRock and its Affiliates and their 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&#146;s investments may be negatively impacted by the activities of BlackRock or its Affiliates or their 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:6%; font-size:10pt; font-family:Times New Roman">The results of the Fund&#146;s investment activities may differ significantly from the results achieved by BlackRock and its Affiliates for
their proprietary accounts or other accounts (including investment companies or collective investment vehicles) managed or advised by them. It is possible that one or more Affiliate-managed accounts 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 Affiliates or Affiliate-managed accounts achieve significant
profits on their trading for proprietary or other accounts. The opposite result is also possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 one or more Affiliates or other accounts managed or advised by
BlackRock or its Affiliates for clients worldwide, and/or the internal policies of BlackRock and its Affiliates designed to comply with such requirements. As a result, there may be periods, for example, when BlackRock and/or one or more Affiliates
will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which BlackRock and/or one or more Affiliates are performing services or when position limits have been reached. For example, the
investment activities of one or more Affiliates for their proprietary accounts and accounts under their 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:12pt; margin-bottom:0pt; text-indent:6%; 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 one or more Affiliates. 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, neither BlackRock nor any of its Affiliates will have any obligation to make available any information regarding their 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 and its Affiliates, or the activities or strategies used for accounts managed by them 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:6%; 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:6%; font-size:10pt; font-family:Times New Roman">In addition, certain principals and certain employees of BlackRock are also principals or employees
of Affiliates. As a result, these principals and employees may have obligations to such other entities or their clients and such obligations to other entities or clients may be a consideration of which investors in the Fund should be aware. </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">II-119 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; 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 its Affiliates, or, to the extent permitted by the SEC and applicable law, BlackRock or another Affiliate, serves as the counterparty, principal or issuer. In such cases, such party&#146;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 or its Affiliates. One or more Affiliates may also create, write or issue derivatives for their 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. The Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other distribution by one or more Affiliates
and may also enter into transactions with other clients of an Affiliate where such other clients have interests adverse to those of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">At times, these activities may cause departments of BlackRock or its Affiliates to give advice to clients that may cause these clients to take
actions adverse to the interests of the Fund. To the extent affiliated transactions are permitted, the Fund will deal with Affiliates on an arms-length basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">To the extent authorized by applicable law, one or more Affiliates may act as broker, dealer, agent, lender or adviser or in other commercial
capacities for the Fund. It is anticipated that the commissions, mark-ups, 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 an Affiliate will be in its view commercially reasonable, although each Affiliate, including its sales personnel, will have an interest in obtaining fees and other amounts that are favorable to the Affiliate and such
sales personnel, which may have an adverse effect on the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Subject to applicable law, the Affiliates (and their 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 an Affiliate of any such fees or other amounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">When an Affiliate acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Fund, the Affiliate may take
commercial steps in its own interests, which may have an adverse effect on the Fund. The Fund will be required to establish business relationships with its counterparties based on the Fund&#146;s own credit standing. Neither BlackRock nor any of the
Affiliates will have any obligation to allow their credit to be used in connection with the Fund&#146;s establishment of its business relationships, nor is it expected that the Fund&#146;s counterparties will rely on the credit of BlackRock or any
of the Affiliates in evaluating the Fund&#146;s creditworthiness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Lending on behalf of the Fund is done by BlackRock Investment
Management, LLC (&#147;BIM&#148;), an Affiliate of BlackRock, pursuant to SEC exemptive relief, enabling BIM to act as securities lending agent to, and receive a share of securities lending revenues from, the Fund. An Affiliate will receive
compensation for managing the reinvestment of the cash collateral from securities lending. There is a potential conflict of interest in that BIM as a lending agent may have an incentive to increase the amount of securities on loan or to lend
particular securities in order to generate additional revenue for BIM and its affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Purchases and sales of securities for the Fund
may be bunched or aggregated with orders for other BlackRock client accounts. 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:6%; 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: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">II-120 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock may select brokers (including, without limitation, Affiliates, to the extent permitted
by applicable law) that furnish BlackRock, the Fund, other BlackRock client accounts or other Affiliates or personnel, directly or through correspondent relationships, with research or other appropriate services which provide, in BlackRock&#146;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:6%; font-size:10pt; font-family:Times New Roman">Research or other services obtained in this manner may be used in servicing 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&#146;s commissions may not be used in managing that
client&#146;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:6%; font-size:10pt; font-family:Times New Roman">BlackRock may receive research that is bundled with the trade execution, clearing, and/or settlement services provided by a particular
broker-dealer. To the extent that BlackRock receives research on this basis, many of the same conflicts related to traditional soft dollars may exist. For example, the research effectively will be paid by client commissions that also will be used to
pay for the execution, clearing, and settlement services provided by the broker-dealer and will not be paid by BlackRock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock 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 may also enter into commission sharing arrangements under which BlackRock may execute transactions through a
broker-dealer, including, where permitted, an Affiliate, 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:6%; font-size:10pt; font-family:Times New Roman">BlackRock may utilize certain
electronic crossing networks (&#147;ECNs&#148;) (including, without limitation, ECNs in which BlackRock or its Affiliates 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 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:6%; 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&#146;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 and/or its Affiliates, 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 &#147;Proxy Voting Policies&#148; under Item 18 in this Part II. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">It is also possible that, from time to time, BlackRock or its Affiliates may, subject to compliance with applicable law, purchase and hold
shares of the Fund. Increasing the Fund&#146;s assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Fund&#146;s expense ratio.
</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">II-121 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
BlackRock and its Affiliates reserve the right, subject to compliance with applicable law, to redeem at any time some or all of the shares of the Fund acquired for their own accounts. A large
redemption of shares of the Fund by BlackRock or its Affiliates could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 with which an Affiliate has developed or is trying to develop investment banking relationships as well as securities of entities in which BlackRock or its
Affiliates has significant debt or equity investments or other interests or in which an Affiliate makes a market. The Fund also may invest in securities of, or engage in transactions with, companies to which an Affiliate provides or may in the
future provide research coverage. Such investments or transactions could cause conflicts between the interests of the Fund and the interests of BlackRock, other clients of BlackRock or its Affiliates. In making investment decisions for the Fund,
BlackRock is not permitted to obtain or use material non-public information acquired by any division, department or Affiliate of BlackRock in the course of these activities. In addition, from time to time, the activities of an Affiliate may limit
the Fund&#146;s flexibility in purchases and sales of securities. When an Affiliate is engaged in an underwriting or other distribution of securities of an entity, BlackRock may be prohibited from purchasing or recommending the purchase of certain
securities of that entity for the Fund. As indicated below, BlackRock or its Affiliates may engage in transactions with companies in which BlackRock-advised funds or other clients of BlackRock or of an Affiliate have an investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock and Chubb Limited (&#147;Chubb&#148;), a public company whose securities are held by BlackRock-advised funds and other accounts,
partially funded the creation of a re-insurance company (&#147;Re Co&#148;) pursuant to which each has approximately a 9.9% ownership interest and each has representation on the board of directors. Certain employees and executives of BlackRock have
a less than <SUP STYLE="vertical-align:top">&nbsp;1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">2</SUB> of 1% ownership interest in Re Co. BlackRock manages the investment portfolio of Re Co, which is held in a wholly-owned subsidiary. Re Co
participates as a reinsurer with reinsurance contracts underwritten by subsidiaries of Chubb. An independent director of certain BlackRock-advised funds also serves as an independent director of Chubb and has no interest or involvement in the Re Co
transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock and its Affiliates, their personnel and other financial service providers may have interests in promoting sales of
the Fund. With respect to BlackRock and its Affiliates and their personnel, the remuneration and profitability relating to services to and sales of the Fund or other products may be greater than remuneration and profitability relating to services to
and sales of certain funds or other products that might be provided or offered. BlackRock and its Affiliates and their sales personnel may directly or indirectly receive a portion of the fees and commissions charged to the Fund or its shareholders.
BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under management. Fees and commissions may also be higher than for other products or services, and the remuneration and profitability to BlackRock or its
Affiliates and such personnel resulting from transactions on behalf of or management of the Fund may be greater than the remuneration and profitability resulting from other funds or products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock and its Affiliates and their personnel may receive greater compensation or greater profit in connection with an account for which
BlackRock serves as an adviser than with an account advised by an unaffiliated investment adviser. Differentials in compensation may be related to the fact that BlackRock may pay a portion of its advisory fee to its Affiliate, or relate to
compensation arrangements, including for portfolio management, brokerage transactions or account servicing. Any differential in compensation may create a financial incentive on the part of BlackRock or its Affiliates and their personnel to recommend
BlackRock over unaffiliated investment advisers or to effect transactions differently in one account over another. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock and its
Affiliates may provide valuation assistance to certain clients with respect to certain securities or other investments and the valuation recommendations made for their clients&#146; accounts may differ from the valuations for the same securities or
investments assigned by the Fund&#146;s pricing vendors, especially if such valuations are based on broker-dealer quotes or other data sources unavailable to the Fund&#146;s pricing vendors. While BlackRock will generally communicate its valuation
information or determinations to the Fund&#146;s pricing vendors and/or fund accountants, there may be instances where the Fund&#146;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: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">II-122 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">As disclosed in more detail in &#147;Net Asset Value&#148; in Item 10, when market quotations for
investments are not readily available or are believed by BlackRock to be unreliable, the Fund&#146;s investments are valued at fair value by BlackRock, in accordance with procedures adopted by the Fund&#146;s Board of Directors. When determining a
&#147;fair value price,&#148; BlackRock seeks to determine the price that the Fund might reasonably expect to receive from the current sale of that asset or liability in an arm&#146;s-length 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&#146;s NAV. As a result, the Fund&#146;s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued by BlackRock (pursuant to Board-adopted procedures) 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:6%; 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 1940 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:6%; font-size:10pt; font-family:Times New Roman">BlackRock and its Affiliates and their 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, employees and Affiliates 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, BlackRock Investments, LLC and BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the 1940 Act that restricts securities trading in the personal accounts of
investment professionals and others who normally come into possession of information regarding the Fund&#146;s portfolio transactions. Each Code of Ethics is also available on the EDGAR Database on the SEC&#146;s Internet site at http://www.sec.gov,
and copies may be obtained, after paying a duplicating fee, by e-mail at publicinfo@sec.gov or by writing the SEC&#146;s Public Reference Section, Washington, <FONT STYLE="white-space:nowrap">DC&nbsp;20549-0102.</FONT> Information about accessing
documents on the SEC&#146;s website may be obtained by calling the SEC at (800) <FONT STYLE="white-space:nowrap">SEC-0330.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock and its Affiliates 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 1940 Act engage in transactions with 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 SEC. 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 or its Affiliates and/or
BlackRock&#146;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 their advice in certain securities or instruments issued by or related to companies for which an Affiliate is performing investment banking,
market making, advisory or other services or has proprietary positions. For example, when an Affiliate is engaged in an underwriting or other distribution of securities of, or advisory services for, a company, the Fund may be prohibited from or
limited in purchasing or selling securities of that company. In addition, 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 non-public information about the company (e.g., in connection with participation in a creditors&#146; committee). Similar situations could
arise if personnel of BlackRock or its Affiliates serve as directors of companies the securities of which the Fund wish to purchase or sell. However, if permitted by </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">II-123 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
applicable law, and where consistent with BlackRock&#146;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 underwriting, distribution, or advisory assignment by an Affiliate or are the subject of an advisory or risk management assignment by BlackRock, or where personnel of BlackRock
or its Affiliates are directors or officers of the issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The investment activities of one or more Affiliates for their 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 definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Affiliates (including 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 or
limit the exercise of rights (including voting rights) 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:6%; 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&#146;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:6%; 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&#146;s intended strategy with respect to such security or asset. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">To the extent permitted by applicable laws, BlackRock and its Affiliates may maintain securities indices as part of their product offerings.
Index based funds seek to track the performance of securities indices and may use the name of the index in the fund name. Index providers, including BlackRock and its Affiliates may be paid licensing fees for use of their index or index name.
BlackRock and its Affiliates will not be obligated to license their indices to BlackRock, and BlackRock cannot be assured that the terms of any index licensing agreement with BlackRock and its Affiliates will be as favorable as those terms offered
to other index licensees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock and its Affiliates may not serve as Authorized Participants in the creation and redemption of iShares
exchange-traded funds, but may serve as Authorized Participants of third-party ETFs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Custody arrangements 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. This is because the custody arrangements with the Fund&#146;s custodian may have the effect of
reducing custody fees when the Fund leave cash balances uninvested. When the Fund&#146;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 Funds with expense caps in order to offset fund custody fees that BlackRock might otherwise reimburse.
However, BlackRock&#146;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:6%; 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 and administrators)
pursuant to which BlackRock receives fee discounts or concessions in recognition of </P>
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BlackRock&#146;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:6%; font-size:10pt; font-family:Times New Roman">BlackRock or its Affiliates own or have 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 the 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&#146;s service provider remunerates BlackRock or its Affiliates for the use of the systems.
The Fund service provider&#146;s payments to BlackRock or its Affiliates for the use of these systems may enhance the profitability of BlackRock and its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock&#146;s or its Affiliates&#146; receipt of fees from a service provider in connection with the use of systems provided by BlackRock
or its Affiliates may create an incentive for BlackRock to recommend that the Fund enter into or renew an arrangement with the service provider. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Present and future activities of BlackRock and its Affiliates, including the Investment Advisor, in addition to those described in this
section, may give rise to additional conflicts of interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 21. Portfolio Managers </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Potential Material Conflicts of Interest</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock 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. BlackRock 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, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and
BlackRock 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 BlackRock, 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.&nbsp;In addition, BlackRock, 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 BlackRock recommends to the Fund.&nbsp;BlackRock, 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 BlackRock with respect to the same securities.&nbsp;Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of
BlackRock&#146;s (or its affiliates&#146; or significant shareholders&#146;) officers, directors or employees are directors or officers, or companies as to which BlackRock 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 non-public information.&nbsp;Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy
utilized for the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly.&nbsp;When
BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties.&nbsp;BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,
with no account receiving preferential treatment.&nbsp;To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock 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:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Portfolio Manager Compensation
Overview</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock&#146;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 </P>
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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 BlackRock.&nbsp;The following information is as of August 31, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><U>Base Compensation</U>.&nbsp;Generally, portfolio managers receive base compensation based on their position with the firm. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><U>Discretionary Incentive Compensation</U>.&nbsp;Discretionary incentive compensation is a function of several components: the performance of
BlackRock, the performance of the portfolio manager&#146;s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm&#146;s assets under management or supervision by that portfolio manager relative to
predetermined benchmarks, and the individual&#146;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 Funds or other accounts managed by the portfolio managers are measured. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><U>Distribution of Discretionary Incentive
Compensation</U>.&nbsp;Discretionary incentive compensation is distributed to portfolio managers in a combination of cash and BlackRock restricted stock units which vest ratably over a number of years. For some portfolio managers, discretionary
incentive compensation is also distributed in deferred cash awards that notionally track the returns of select BlackRock investment products they manage and that vest ratably over a number of years. The BlackRock restricted stock units, upon
vesting, will be settled in BlackRock, Inc. common stock. Typically, the cash portion of the discretionary incentive compensation, when combined with base salary, represents more than 60% of total compensation for the portfolio managers. Paying a
portion of discretionary incentive compensation in BlackRock stock puts compensation earned by a portfolio manager for a given year &#147;at risk&#148; based on BlackRock&#146;s ability to sustain and improve its performance over future periods.
Providing a portion of discretionary incentive compensation in deferred cash awards that notionally track the BlackRock investment products they manage provides direct alignment with investment product results. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><I>Long-Term Incentive Plan Awards </I>&#151; From time to time long-term incentive equity awards are granted to certain key employees to aid
in retention, align their interests with long-term shareholder interests and motivate performance. Equity awards are generally granted in the form of BlackRock restricted stock units that, once vested, settle in BlackRock common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><I>Deferred Compensation Program </I>&#151; A portion of the compensation paid to eligible United States-based BlackRock employees may be
voluntarily deferred at their election for defined periods of time into an account that tracks the performance of certain of the firm&#146;s investment products. Any portfolio manager who is either a managing director or director at BlackRock with
compensation above a specified threshold is eligible to participate in the deferred compensation program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><U>Other Compensation
Benefits</U>.&nbsp;In addition to base compensation and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><I>Incentive Savings Plans </I>&#151; BlackRock has created a variety of incentive savings plans in which BlackRock, Inc. employees are
eligible to participate, including a 401(k) 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 to 3-5% of eligible compensation up to the Internal Revenue Service limit ($265,000 for 2016). The RSP offers a range of investment
options, including registered investment companies and collective investment funds managed by the firm. BlackRock 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. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock
on the purchase date. 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. </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">II-126 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See Item 9 and Item 21 in Part I for additional information about the Fund&#146;s portfolio managers. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 22. Brokerage Allocation and Other Practices </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:2%; font-size:10pt; font-family:Times New Roman"><U>Transactions in Portfolio Securities</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Subject to policies established by the Board, BlackRock is primarily responsible for the execution of the Fund&#146;s portfolio transactions
and the allocation of brokerage. BlackRock 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&#146;s risk and skill in positioning blocks of securities. While BlackRock 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, BlackRock may select a broker based partly upon brokerage or research services provided to BlackRock and its clients, including the Fund. In return for such services, BlackRock may cause the Fund to pay a higher commission than other
brokers would charge if BlackRock 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:6%; font-size:10pt; font-family:Times New Roman">In
selecting brokers or dealers to execute portfolio transactions, the Investment Advisor seeks to obtain the best price and most favorable execution for the Fund, taking into account a variety of factors including: (i) the size, nature and character
of the security or instrument being traded and the markets in which it is purchased or sold; (ii) the desired timing of the transaction; (iii) BlackRock&#146;s knowledge of the expected commission rates and spreads currently available; (iv) the
activity existing and expected in the market for the particular security or instrument, including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker&#146;s or dealer&#146;s capital; (vii) the
quality of research and research services provided; (viii) the reasonableness of the commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock&#146;s knowledge of any actual or apparent operational problems of a
broker or dealer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Section 28(e) of the Exchange Act (&#147;Section 28(e)&#148;) 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) 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) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions
incidental to securities transactions (such as clearance, settlement, and custody). BlackRock 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:6%; font-size:10pt; font-family:Times New Roman">BlackRock may participate in client commission 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. BlackRock 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. BlackRock will engage only in soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). BlackRock
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 BlackRock views as impactful to its trading results. </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">II-127 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock may utilize soft dollars and related services, including research (whether prepared by
the broker-dealer or prepared by a third-party and provided to BlackRock by the broker-dealer) and execution or brokerage services within applicable rules and BlackRock&#146;s policies to the extent that such permitted services do not compromise
BlackRock&#146;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) provides access to company
management; (b) provides access to their analysts; (c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on which meaningful or insightful ideas about companies or potential investments
are discussed; (e) facilitates conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or (f) 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:6%; font-size:10pt; font-family:Times New Roman">Research-oriented services for which BlackRock 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 BlackRock&#146;s individually managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees paid by the Fund to BlackRock are not reduced as a result of
BlackRock&#146;s receipt of research services. In some cases, BlackRock may receive a service from a broker that has both a &#147;research&#148; and a &#147;non-research&#148; use. When this occurs BlackRock makes a good faith allocation, under all
the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while BlackRock will use its own funds to pay for the percentage
of the service that is used for non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but BlackRock believes that its allocation procedures are reasonably designed to ensure that it
appropriately allocates the anticipated use of such services to their research and non-research uses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 17e-1 under the 1940 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 BlackRock 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 &#147;credits&#148; 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 28(e). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">BlackRock
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 BlackRock 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:6%; 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 over-the-counter 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: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">II-128 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may invest in certain securities traded in the over-the-counter 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 1940 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
over-the-counter market usually involve transactions with the dealers acting as principal for their own accounts, the Fund will not deal with affiliated persons, including PNC and its affiliates, in connection with such transactions. However, an
affiliated person of the Fund may serve as its broker in over-the-counter 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 non-affiliated brokers in connection with comparable transactions. In addition, the Fund may not purchase securities during the existence of any underwriting syndicate for such securities of which PNC is a member or in
a private placement in which PNC serves as placement agent except pursuant to procedures approved by the Board that either comply with rules adopted by the SEC or with interpretations of the SEC staff. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Over-the-counter issues, including most fixed income securities such as corporate debt and U.S. government securities, are normally traded on
a &#147;net&#148; 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 &#147;spread,&#148; 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&#146;s normal profit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 &#147;net&#148; 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:12pt; margin-bottom:0pt; text-indent:6%; 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&#146;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:6%; font-size:10pt; font-family:Times New Roman">The Investment 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&#146;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:6%; font-size:10pt; font-family:Times New Roman">Investment decisions for the Fund and for other investment accounts managed by the Investment Advisor are made independently of each other in
light of differing conditions. BlackRock 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) investment objective or strategies
for particular accounts, including sector, industry, country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment concentration parameters for an account, (iv) supply or demand for a security at a
given price level, (v) size of available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions, (viii) minimum investment size of an account, (ix) relative size of account, and (x) such other
factors as may be approved by BlackRock&#146;s general counsel. Moreover, investments may not be allocated to one client account over another based on any of the following considerations: (i) to favor one client account at the expense of another,
(ii) to generate higher fees paid by one client account over another or to produce greater performance compensation to BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for past
services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock, or (v) to manage or equalize investment performance among different client accounts. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; 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 pro-rata allocation may result in the Fund receiving less of a particular security than if pro-ration 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:6%; 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 BlackRock is given an opportunity to invest in such an initial offering or &#147;new&#148; or &#147;hot&#148; 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 BlackRock&#146;s
trading desk their level of interest in a particular offering with respect to eligible clients&#146; 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 BlackRock to be fair and equitable to clients may be used as well. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell the same securities at the same
time for different clients based on the particular investment objective, guidelines and strategies of those accounts. For example, BlackRock 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 BlackRock 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 BlackRock on behalf of one or more of its clients may decrease the market price of such security, adversely impacting other BlackRock clients that still hold the security.
If purchases or sales of securities arise for consideration at or about the same time that would involve the Fund or other clients or funds for which BlackRock 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:6%; font-size:10pt; font-family:Times New Roman">In certain instances, BlackRock may find
it efficient for purposes of seeking to obtain best execution, to aggregate or &#147;bunch&#148; 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 BlackRock 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:6%; 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
BlackRock, PNC, the Distributor or any affiliated person (as defined in the 1940 Act) thereof is a member except pursuant to procedures adopted by the Board in accordance with Rule 10f-3 under the 1940 Act. In no instance will portfolio securities
be purchased from or sold to BlackRock, PNC, the Distributor or any affiliated person of the foregoing entities except as permitted by SEC exemptive order or by applicable law. </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">II-130 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><U>Portfolio Turnover</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; 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 Fund management&#146;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&#146;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:6%; font-size:10pt; font-family:Times New Roman"><U>Privacy Principles of the Fund</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund is committed to maintaining the privacy of its current and former 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 the Fund protects that information and why, in certain cases, the Fund may share such information with select parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund obtains or verifies personal non-public information from and about you from different sources, including the following: (i)
information the Fund receives from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with the Fund, its affiliates or others; (iii) information the Fund receives
from a consumer reporting agency; and (iv) information the Fund receives from visits to the Fund&#146;s or its affiliates&#146; websites. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund does not sell or disclose to non-affiliated third parties any non-public personal information about its current and former
shareholders, except as permitted by law or as is necessary to respond to regulatory requests or to service shareholder accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to
use it only for its intended purpose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The Fund may share information with its affiliates to service your account or to provide you with
information about other BlackRock products or services that may be of interest to you. In addition, the Fund restricts access to non-public personal information about its current and former shareholders to those BlackRock employees with a legitimate
business need for the information. The Fund maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its current and former shareholders, including procedures relating to the proper
storage and disposal of such information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">If you are located in a jurisdiction where specific laws, rules or regulations require the Fund
to provide you with additional or different privacy-related rights beyond what is set forth above, then the Fund will comply with those specific laws, rules or regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 23. Tax Status </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">See &#147;Item
10&#151;Tax Matters,&#148; above. </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">II-131 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>APPENDIX A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RATINGS OF INVESTMENTS<SUP STYLE="font-size:85%; vertical-align:top"></SUP> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><B><I>Standard &amp; Poor&#146;s Corporation </I></B><I>&#151; </I>A brief description of the applicable Standard &amp; Poor&#146;s
Corporation (&#147;S&amp;P&#148;) rating symbols and their meanings (as published by S&amp;P) follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A Standard &amp; Poor&#146;s 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&#146;s view of the obligor&#146;s capacity and willingness to meet its financial commitments as they come due, and 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:6%; font-size:10pt; font-family:Times New Roman">Issue credit ratings can be either long-term or short-term. Short-term ratings are generally assigned to those
obligations considered short-term in the relevant market. In the U.S., for example, that means obligations with an original maturity of no more than 365 days &#150; including commercial paper. Short-term ratings are also used to indicate the
creditworthiness of an obligor with respect to put features on long-term obligations. The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating. Medium-term notes are assigned
long-term ratings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Long-Term Issue Credit Ratings </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Issue credit ratings are based, in varying degrees, on S&amp;P&#146;s analysis of the following considerations: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Likelihood of payment &#150; capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Nature of and provisions of the obligation; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors&#146; rights.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Issue ratings are 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 the 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">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="90%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AAA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">An obligation rated &#145;AAA&#146; has the highest rating assigned by S&amp;P. The obligor&#146;s capacity to meet its financial commitment on the obligation is extremely strong.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">An obligation rated &#145;AA&#146; differs from the highest-rated obligations only to a small degree. The obligor&#146;s capacity to meet its financial commitment on the obligation is very strong.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">An obligation rated &#145;A&#146; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor&#146;s capacity to meet its
financial commitment on the obligation is still strong.</TD></TR>
</TABLE></DIV>
 <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">A-1 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="90%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">BBB</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">An obligation rated &#145;BBB&#146; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial
commitment on the obligation.</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Obligations rated &#145;BB&#146;, &#145;B&#146;, &#145;CCC&#146;, &#145;CC&#146;, and &#145;C&#146; are
regarded as having significant speculative characteristics. &#145;BB&#146; indicates the least degree of speculation and &#145;C&#146; the highest. While such obligations will likely have some quality and protective characteristics, these may be
outweighed by large uncertainties or major exposures to adverse conditions. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="90%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">BB</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">An obligation rated &#145;BB&#146; is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to
the obligor&#146;s inadequate capacity to meet its financial commitment on the obligation.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">An obligation rated &#145;B&#146; is more vulnerable to nonpayment than obligations rated &#145;BB&#146;, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or
economic conditions will likely impair the obligor&#146;s capacity or willingness to meet its financial commitment on the obligation.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CCC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">An obligation rated &#145;CCC&#146; is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment 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 commitment on the obligation.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">An obligation rated &#145;CC&#146; is currently highly vulnerable to nonpayment. The &#145;CC&#146; 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 HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">An obligation rated &#145;C&#146; is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">An obligation rated &#145;D&#146; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &#145;D&#146; rating category is used when payments on an obligation are not made on the date due, unless
Standard &amp; Poor&#146;s 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 &#145;D&#146; 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. An obligation&#146;s rating is lowered to &#145;D&#146; if it is
subject to a distressed exchange offer.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">This indicates that no rating has been requested or that there is insufficient information on which to base a rating, or that S&amp;P does not rate a particular obligation as a matter of policy.</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">The ratings from &#145;AA&#146; to &#145;CCC&#146; may be modified by the addition of a plus (+) or
minus (-) sign to show relative standing within the major rating categories. </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">A-2 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Short-Term Issue Credit Ratings </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A-1</TD>
<TD ALIGN="left" VALIGN="top">A short-term obligation rated &#145;A-1&#146; is rated in the highest category by S&amp;P. The obligor&#146;s capacity to meet its financial commitment on the obligation is strong. Within this category, certain
obligations are designated with a plus sign (+). This indicates that the obligor&#146;s capacity to meet its financial commitment on these obligations is extremely strong. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A-2</TD>
<TD ALIGN="left" VALIGN="top">A short-term obligation rated &#145;A-2&#146; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the
obligor&#146;s capacity to meet its financial commitment on the obligation is satisfactory. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A-3</TD>
<TD ALIGN="left" VALIGN="top">A short-term obligation rated &#145;A-3&#146; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet
its financial commitment on the obligation. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">B</TD>
<TD ALIGN="left" VALIGN="top">A short-term obligation rated &#145;B&#146; 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 which could lead to the obligor&#146;s inadequate capacity to meet its financial commitments. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">C</TD>
<TD ALIGN="left" VALIGN="top">A short-term obligation rated &#145;C&#146; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the
obligation. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">D</TD>
<TD ALIGN="left" VALIGN="top">A short-term obligation rated &#145;D&#146; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &#145;D&#146; rating category is used when payments on an obligation are not made on
the date due, unless Standard &amp; Poor&#146;s 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 &#145;D&#146; 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. An obligation&#146;s rating is lowered to
&#145;D&#146; if it is subject to a distressed exchange offer. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Active Qualifiers (Currently applied and/or outstanding) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">L</TD>
<TD ALIGN="left" VALIGN="top">Ratings qualified with &#145;L&#146; apply only to amounts invested up to federal deposit insurance limits. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">p</TD>
<TD ALIGN="left" VALIGN="top">This suffix is used for issues in which the credit factors, the terms, or both, that determine the likelihood of receipt of payment of principal are different from the credit factors, terms or both that determine the
likelihood of receipt of interest on the obligation. The &#145;p&#146; suffix indicates that the rating addresses the principal portion of the obligation only and that the interest is not rated. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">pi</TD>
<TD ALIGN="left" VALIGN="top">Ratings with a &#145;pi&#146; suffix are based on an analysis of an issuer&#146;s published financial information, as well as additional information in the public domain. They do not, however, reflect in-depth meetings
with an issuer&#146;s management and therefore may be based on less comprehensive information than ratings without a &#145;pi&#146; suffix. Ratings with a &#145;pi&#146; suffix are reviewed annually based on a new year&#146;s financial statements,
but may be reviewed on an interim basis if a major event occurs that may affect the issuer&#146;s credit quality. </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" ALIGN="center">A-3 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">prelim</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Preliminary ratings, with the &#145;prelim&#146; suffix, may be assigned to obligors or obligations, including financial programs, in the circumstances described below. Assignment of a final rating is conditional on the receipt by
S&amp;P of appropriate documentation. S&amp;P reserves the right not to issue a final rating. Moreover, if a final rating is issued, it may differ from the preliminary rating.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary ratings may be assigned to
obligations, most commonly structured and project finance issues, pending receipt of final documentation and legal opinions.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary ratings are assigned to Rule 415 Shelf
Registrations. As specific issues, with defined terms, are offered from the master registration, a final rating may be assigned to them in accordance with Standard &amp; Poor&#146;s policies.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary ratings may be assigned to obligations
that will likely be issued upon the obligor&#146;s emergence from bankruptcy or similar reorganization, based on late-stage reorganization plans, documentation and discussions with the obligor. Preliminary ratings may also be assigned to the
obligors. These ratings consider the anticipated general credit quality of the reorganized or post-bankruptcy issuer as well as attributes of the anticipated obligation(s).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary ratings may be assigned to entities
that are being formed or that are in the process of being independently established when, in S&amp;P&#146;s opinion, documentation is close to final. Preliminary ratings may also be assigned to the obligations of these entities.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary ratings may be assigned when a
previously unrated entity is undergoing a well-formulated restructuring, recapitalization, significant financing or other transformative event, generally at the point that investor or lender commitments are invited. The preliminary rating may be
assigned to the entity and to its proposed obligation(s). These preliminary ratings consider the anticipated general credit quality of the obligor, as well as attributes of the anticipated obligation(s), assuming successful completion of the
transformative event. Should the transformative event not occur, S&amp;P would likely withdraw these preliminary ratings.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A preliminary recovery rating may be assigned to
an obligation that has a preliminary issue credit rating.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">t</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">This symbol indicates termination structures that are designed to honor their contracts to full maturity or, should certain events occur, to terminate and cash settle all their contracts before their final maturity date.</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Municipal Short-Term Note Ratings Definitions </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A Standard &amp; Poor&#146;s U.S. municipal note rating reflects S&amp;P&#146;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&#146;s analysis will review the following considerations: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Amortization schedule &#150; the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Source of payment &#150; the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. </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" ALIGN="center">A-4 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Note rating symbols are as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>SP-1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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 HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>SP-2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>SP-3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Speculative capacity to pay principal and interest.</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><B><I>Moody&#146;s Investors Service, Inc.</I></B><B><I>&nbsp;</I></B>&#151; A brief description of the
applicable Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;) rating symbols and their meanings (as published by Moody&#146;s) follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Long-Term Obligation Ratings </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Moody&#146;s long-term ratings are opinions of the relative credit risk of financial obligations with an original maturity of one year or
more. They address the possibility that a financial obligation will not be honored as promised. Such ratings use Moody&#146;s Global Scale and reflect both the likelihood of default and any financial loss suffered in the event of default. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Aaa</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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 HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Aa</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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 HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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 HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Baa</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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 HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ba</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Obligations rated B are considered speculative and are subject to high credit risk.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Caa</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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 HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ca</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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 HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Obligations rated C are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest.</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Note: Moody&#146;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 mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.
Additionally, a &#147;(hyb)&#148; indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.* </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">A-5 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">*<I>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.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Short-Term Obligation Ratings </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Moody&#146;s short-term ratings are opinions of the ability of issuers to honor short-term financial obligations. Ratings may be assigned to
issuers, short-term programs or to individual short-term debt instruments. Such obligations generally have an original maturity not exceeding thirteen months, unless explicitly noted.&nbsp;Moody&#146;s employs the following designations to indicate
the relative repayment ability of rated issuers: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">P-1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">P-2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">P-3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NP</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>US Municipal Short-Term Obligation Ratings </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">There are three rating categories for short-term municipal obligations that are considered investment grade. These ratings are designated as
Municipal Investment Grade (MIG) and are divided into three levels &#151; MIG 1 through MIG 3. In addition, those short-term obligations that are of speculative quality are designated SG, or speculative grade. MIG ratings expire at the maturity of
the obligation. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">MIG1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">MIG2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">MIG3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="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 VALIGN="top">SG</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Other Ratings Symbols </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">e</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Expected ratings.&nbsp;To address market demand for timely information on particular types of credit ratings, Moody&#146;s has licensed to certain third parties the right to generate &#147;Expected Ratings.&#148; Expected Ratings
are designated by an &#147;e&#148; after the rating code, and</TD></TR></TABLE></DIV>
 <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">A-6 </P>
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<TD VALIGN="top">are intended to anticipate Moody&#146;s forthcoming rating assignments based on reliable information from third-party sources (such as the issuer or underwriter associated with the particular securities) or established Moody&#146;s
rating practices (i.e., medium term notes are typically, but not always, assigned the same rating as the note&#146;s program rating). Expected Ratings will exist only until Moody&#146;s confirms the Expected Rating, or issues a different rating for
the relevant instrument. Moody&#146;s encourages market participants to contact Moody&#146;s Ratings Desk or visit www.moodys.com if they have questions regarding Expected Ratings, or wish Moody&#146;s to confirm an Expected Rating.</TD></TR>
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<TD VALIGN="top">(P)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Provisional Ratings.&nbsp;As a service to the market and at the request of an issuer, Moody&#146;s will often assign a provisional rating when the assignment of a final rating is subject to the fulfillment of contingencies but it is
highly likely that the rating will become definitive after all documents are received or an obligation is issued into the market. A provisional rating is denoted by placing a (P) in front of the rating. Such ratings are typically assigned to shelf
registrations under SEC rule 415 or transaction-based structures that require investor education. When a transaction uses a well-established structure and the transaction&#146;s structure and terms are not expected to change prior to sale in a
manner that would affect the rating, a definitive rating may be assigned directly.</TD></TR>
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<TD VALIGN="top">#</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Refundeds.&nbsp;Issues that are secured by escrowed funds held in trust, reinvested in direct, non-callable US government obligations or non-callable obligations unconditionally guaranteed by the US Government or Resolution Funding
Corporation are identified with a # (hatch mark) symbol, e.g., #Aaa.</TD></TR>
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<TD VALIGN="top">WR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Withdrawn.&nbsp;When Moody&#146;s no longer rates an obligation on which it previously maintained a rating, the symbol WR is employed. Please see Moody&#146;s Guidelines for the Withdrawal of Ratings, available on
www.moodys.com.</TD></TR>
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<TD VALIGN="top">NR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Not Rated.&nbsp;NR is assigned to an unrated issuer, obligation and/or program.</TD></TR>
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<TD VALIGN="top">NAV</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Not Available.&nbsp;An issue that Moody&#146;s has not yet rated is denoted by the NAV symbol.</TD></TR>
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<TD VALIGN="top">TWR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Terminated Without Rating.&nbsp;The symbol TWR applies primarily to issues that mature or are redeemed without having been rated.</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman"><B><I>Fitch IBCA, Inc. </I></B>&#151; A brief description of the applicable Fitch IBCA, Inc.
(&#147;Fitch&#148;) ratings symbols and meanings (as published by Fitch) follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Rated entities in a number of sectors, including
financial and non-financial corporations, sovereigns and insurance companies, are generally assigned Issuer Default Ratings (IDRs). IDRs opine on an entity&#146;s relative vulnerability to default on financial obligations. The &#147;threshold&#148;
default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or
similar concepts, although the agency recognizes that issuers may also make pre-emptive and therefore voluntary use of such mechanisms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">In aggregate, IDRs provide an ordinal ranking of issuers based on the agency&#146;s view of their relative vulnerability to default, rather
than a prediction of a specific percentage likelihood of default. For historical information on the default experience of Fitch-rated issuers, please consult the transition and default performance studies available from the Fitch Ratings website.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Long-Term Credit Ratings Scales </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">AAA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Highest Credit Quality.&nbsp;&#145;AAA&#146; 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></TABLE></DIV>
 <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">A-7 </P>
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<TD VALIGN="top">AA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Very High Credit Quality.&nbsp;&#145;AA&#146; 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 VALIGN="top">A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">High Credit Quality.&nbsp;&#145;A&#146; 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 VALIGN="top">BBB</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Good Credit Quality.&nbsp;&#145;BBB&#146; 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 VALIGN="top">BB</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Speculative.&nbsp;&#145;BB&#146; 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 which supports the servicing of financial commitments.</TD></TR>
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<TD VALIGN="top">B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Highly speculative. &#145;B&#146; 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 VALIGN="top">CCC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Substantial credit risk.&nbsp;Default is a real possibility.</TD></TR>
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<TD VALIGN="top">CC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Very high levels of credit risk.&nbsp;Default of some kind appears probable.</TD></TR>
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<TD VALIGN="top">C</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">Exceptionally high levels of credit risk.&nbsp;Default is imminent or inevitable, or the issuer is in standstill. Conditions that are
indicative of a &#145;C&#146; category rating for an issuer include:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">a.&nbsp;&nbsp;&nbsp;&nbsp; the issuer has entered into a grace or cure period following non-payment of a material financial obligation;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">b.&nbsp;&nbsp;&nbsp;&nbsp; the issuer has entered into a temporary negotiated waiver or
standstill agreement following a payment default on a material financial obligation; or</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">c.&nbsp;&nbsp;&nbsp;&nbsp; Fitch Ratings otherwise believes a condition of &#145;RD&#146; or &#145;D&#146; to be imminent or inevitable, including through the
formal announcement of a coercive debt exchange.</P></TD></TR>
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<TD VALIGN="top">RD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Restricted default.&nbsp;&#145;RD&#146; ratings indicate an issuer that in Fitch Ratings&#146; opinion has experienced an uncured payment default on a bond, loan or other material financial obligation but which has not entered into
bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and which has not otherwise ceased business. This would include:</TD></TR>
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<TD VALIGN="top">a.&nbsp;&nbsp;&nbsp;&nbsp; the selective payment default on a specific class or currency of debt;</TD></TR>
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<TD VALIGN="top">b.&nbsp;&nbsp;&nbsp;&nbsp; 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;</TD></TR></TABLE></DIV>
 <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">A-8 </P>
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<TD VALIGN="top">c.&nbsp;&nbsp;&nbsp;&nbsp; the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">d.&nbsp;&nbsp;&nbsp;&nbsp; execution of a coercive debt exchange on one or more material financial obligations.</TD></TR>
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<TD VALIGN="top">D</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">Default.&nbsp;&#145;D&#146; ratings indicate an issuer that in Fitch Ratings&#146; opinion has entered into bankruptcy filings,
administration, receivership, liquidation or other formal winding-up procedure, or which has otherwise ceased business.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment 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 coercive debt exchange.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Imminent&#148; default typically refers to the occasion where a payment default has
been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be
where an issuer has formally announced a coercive debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">In all cases, the assignment of a default rating reflects the agency&#146;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&#146;s financial obligations or local commercial practice.</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Note: The modifiers &#147;+&#148; or &#147;-&#148; may be appended to a rating to denote relative status
within major rating categories. Such suffixes are not added to the &#145;AAA&#146; Long-Term IDR category, or to Long-Term IDR categories below &#145;B&#146;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Specific limitations relevant to the structured, project and public finance obligation rating scale include: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The ratings do not predict a specific percentage of default likelihood over any given time period. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The ratings do not opine on the market value of any issuer&#146;s securities or stock, or the likelihood that this value may change. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The ratings do not opine on the liquidity of the issuer&#146;s securities or stock. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The ratings do not opine on the possible loss severity on an obligation should an obligation should an issuer default. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The ratings do not opine on any quality related to an issuer&#146;s business, operational or financial profile other than the agency&#146;s opinion on its relative vulnerability to default. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ratings assigned by Fitch Ratings articulate an opinion on discrete and specific areas of risk. The above list is not exhaustive, and is provided for the
reader&#146;s convenience. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Short-Term Ratings Assigned to Obligations in Corporate, Public and Structured Finance </I></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">A-9 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to
default of the rated entity or security stream and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations whose initial maturity is
viewed as &#147;short-term&#148; based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets. </P>
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<TD VALIGN="top">F1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Highest short-term credit quality.&nbsp;Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added &#147;+&#148; to denote any exceptionally strong credit feature.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">F2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">F3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fair short-term credit quality.&nbsp;The intrinsic capacity for timely payment of financial commitments is adequate.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Speculative short-term credit quality.&nbsp;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 HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">High short-term default risk.&nbsp;Default is a real possibility.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">RD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Restricted default.&nbsp;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 HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Default.&nbsp;Indicates a broad-based default event for an entity, or the default of a specific short-term obligation.</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman">Specific limitations relevant to the Short-Term Ratings scale include: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The ratings do not predict a specific percentage of default likelihood over any given time period. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The ratings do not opine on the market value of any issuer&#146;s securities or stock, or the likelihood that this value may change. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The ratings do not opine on the liquidity of the issuer&#146;s securities or stock. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The ratings do not opine on the possible loss severity on an obligation should an obligation default. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The ratings do not opine on any quality related to an issuer or transaction&#146;s profile other than the agency&#146;s opinion on the relative vulnerability to default of the rated issuer or obligation.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ratings assigned by Fitch Ratings articulate an opinion on discrete and specific areas of risk. The above list is not exhaustive, and is
provided for the reader&#146;s convenience. </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">A-10 </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>APPENDIX B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right">Closed-End Fund Proxy Voting Policy </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right">July 1, 2016 </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g276108blackrock.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Effective Date: July 1, 2016 </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Applies to the
following types of Funds registered under the 1940 Act:</B> </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Open-End Mutual Funds (including money market
funds) </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Money Market Funds Only </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> iShares ETFs </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><FONT
STYLE="font-family:Times New Roman">&#9746;</FONT> Closed-End Funds </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Other </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #7f7f7f">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Boards of Trustees/Directors (&#147;Directors&#148;) of the closed-end funds advised by BlackRock Advisors, LLC (&#147;BlackRock&#148;) (the &#147;Funds&#148;) 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&#146;s authority to manage, acquire and dispose of account assets, all as contemplated by the Funds&#146; respective investment management agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock has adopted guidelines and procedures (together and as from time to time amended, the &#147;BlackRock Proxy Voting Guidelines&#148;) governing proxy voting by
accounts managed by BlackRock. BlackRock will&nbsp;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 that in the case
securities held by the Funds of closed-end funds that have or propose to adopt classified boards, BlackRock will typically (a) vote in favor of proposals to adopt classification and against proposals to eliminate classification, and (b) 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:ARIAL">BlackRock will report on an annual basis to the Directors on (1) all proxy votes
that BlackRock has made on behalf of the Funds in the preceding year together with a certification from the Funds&#146; Chief Compliance Officer that all votes were in accordance with the BlackRock Proxy Voting Guidelines (as modified pursuant to
the immediately preceding paragraph), and (2) 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">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">


<IMG SRC="g276108black2.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B-1 </P>


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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g276108black.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g276108appbcov.jpg" ALT="LOGO">
 </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:ARIAL" ALIGN="center">B-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g276108v3.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#25328e"><B><A NAME="toc"></A>Contents </B></FONT></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:ARIAL; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_1">Introduction to BlackRock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">B-4</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_2">Philosophy on corporate governance</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">B-4</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_3">Corporate governance, engagement and voting</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">B-5</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_4">- Boards and directors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">B-6</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_5">- Auditors and audit-related issues</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">B-7</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_6">- Capital structure, mergers, asset sales and other special
transactions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">B-8</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_7">- Remuneration and benefits</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">B-8</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_8">- Social, ethical, and environmental issues</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">B-9</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_9">- General corporate governance matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">B-9</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_10">BlackRock&#146;s oversight of its corporate governance activities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">B-10</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_11">- Oversight</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">B-10</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_12">- Vote execution</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">B-10</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_13">- Conflicts management</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">B-11</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_14">- Voting guidelines</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">B-12</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><A HREF="#appb276108_15">- Reporting</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">B-13</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">B-3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


<IMG SRC="g276108snap2.jpg" ALT="LOGO">
</TD></TR></TABLE>


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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g276108v3.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#25328e"><B><A NAME="appb276108_1"></A>Introduction to BlackRock </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock is the world&#146;s preeminent asset management firm and a premier provider of global investment management, risk management and advisory services to
institutional and individual clients around the world.&nbsp;BlackRock offers a wide range of investment strategies and product structures to meet clients&#146; needs, including individual and institutional separate accounts, mutual funds, closed-end
funds, and other pooled investment vehicles and the industry-leading iShares exchange traded funds.&nbsp;Through BlackRock Solutions<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, we offer risk management, strategic advisory and
enterprise investment system services to a broad base of clients. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#25328e"><B><A NAME="appb276108_2"></A>Philosophy on corporate governance
</B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock&#146;s corporate governance program is focused on protecting and enhancing the economic value of the companies in which it invests on behalf
of clients.&nbsp;We do this through engagement with boards and management of investee companies and, for those clients who have given us authority, through voting at shareholder meetings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We believe that there are certain fundamental rights attached to share ownership. Companies and their boards should be accountable to shareholders and structured with
appropriate checks and balances to ensure that they operate in shareholders&#146; interests.&nbsp;Effective voting rights are central to the rights of ownership and there should be one vote for one share.&nbsp;Shareholders should have the right to
elect, remove and nominate directors, approve the appointment of the auditor and to amend the corporate charter or by-laws.&nbsp;Shareholders should be able to vote on matters that are material to the protection of their investment including but not
limited to changes to the purpose of the business, dilution levels and pre-emptive rights, the distribution of income and the capital structure.&nbsp;In order to exercise these rights effectively, we believe shareholders have the right to sufficient
and timely information to be able to take an informed view of the proposals, and of the performance of the company and management. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Our focus is on the board of
directors, as the agent of shareholders, which should set the company&#146;s strategic aims within a framework of prudent and effective controls which enables risk to be assessed and managed.&nbsp;The board should provide direction and leadership to
the management and oversee management&#146;s performance.&nbsp;Our starting position is to be supportive of boards in their oversight efforts on our behalf and we would generally expect to support the items of business they put to a vote at
shareholder meetings.&nbsp;Votes cast against or withheld from resolutions proposed by the board are a signal that we are concerned that the directors or management have either not acted in the interests of shareholders or have not responded
adequately to shareholder concerns regarding strategy or performance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">These principles set out our approach to engaging with companies, provide guidance on our
position on corporate governance and outline how our views might be reflected in our voting decisions.&nbsp;Corporate governance practices vary internationally and our expectations in relation to individual companies are based on the legal and
regulatory framework of each market.&nbsp;However, as noted above, we do believe that there are some overarching principles of corporate governance that apply globally.&nbsp;We assess voting matters on a case-by-case basis and in light of each
company&#146;s unique circumstances.&nbsp;We are interested to understand from the company&#146;s reporting its approach to corporate governance, particularly where it is different from the usual market practice, and how it benefits shareholders.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center">B-4</TD>
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 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock also believes that shareholders have responsibilities in relation to monitoring and providing feedback to
companies, sometimes known as stewardship.&nbsp;These ownership responsibilities include, in our view, engaging with management or board members on corporate governance matters, voting proxies in the best long-term economic interests of shareholders
and engaging with regulatory bodies to ensure a sound policy framework consistent with promoting long-term shareholder value creation.&nbsp;Institutional shareholders also have responsibilities to their clients to have appropriate resources and
oversight structures.&nbsp;Our own approach to oversight in relation to our corporate governance activities is set out in the section below titled &#147;BlackRock&#146;s oversight of its corporate governance activities&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#25328e"><B><A NAME="appb276108_3"></A>Corporate governance, engagement and voting </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We recognize that accepted standards of corporate governance differ between markets but we believe that there are sufficient common threads globally to identify an
overarching set of principles.&nbsp;The primary objective of our corporate governance activities is the protection and enhancement of the value of our clients&#146; investments in public corporations. Thus, these principles focus on practices and
structures that we consider to be supportive of long-term value creation. We discuss below the principles under six key themes.&nbsp;In our regional and market-specific voting guidelines we explain how these principles inform our voting decisions in
relation to specific resolutions that may appear on the agenda of a shareholder meeting in the relevant market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The six key themes are: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">Boards and directors </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">Auditors and audit-related issues </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">Capital structure, mergers, asset sales and other special transactions </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">Remuneration and benefits </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">Social, ethical and environmental issues</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">General corporate governance matters </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">At a minimum we would expect companies to observe the accepted corporate
governance standard in their domestic market or to explain why doing so is not in the interests of shareholders.&nbsp;Where company reporting and disclosure is inadequate or the approach taken is inconsistent with our view of what is in the best
interests of shareholders, we will engage with the company and/or use our vote to encourage a change in practice.&nbsp;In making voting decisions, we take into account research from proxy advisors, other internal and external research, information
published by the company or provided through engagement and the views of our equity portfolio managers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock views engagement as an important activity;
engagement provides BlackRock with the opportunity to improve our understanding of investee companies and their governance structures, so that our voting decisions may be better informed.&nbsp;Engagement also allows us to share our philosophy and
approach to investment and corporate governance with companies to enhance their understanding of our objectives.&nbsp;There are a range of approaches we may take in engaging companies depending on the nature of the issue under consideration, the
company and the market. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center">B-5</TD>
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<IMG SRC="g276108v3.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><B><A NAME="appb276108_4"></A>Boards and directors </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The performance of the board is critical to the economic success of the company and to the protection of shareholders&#146; interests.&nbsp;Board members serve as
agents of shareholders in overseeing the strategic direction and operation of the company.&nbsp;For this reason, BlackRock focuses on directors in many of its engagements and sees the election of directors as one of its most important
responsibilities in the proxy voting context. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We expect the board of directors to promote and protect shareholder interests by: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">establishing an appropriate corporate governance structure; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">supporting and overseeing management in setting strategy; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">ensuring the integrity of financial statements; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">making decisions regarding mergers, acquisitions and disposals; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">establishing appropriate executive compensation structures; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">addressing business issues including social, ethical and environmental issues when they have the potential to materially impact company reputation and performance. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">There should be clear definitions of the role of the board, the sub-committees of the board and the senior management such that the responsibilities of each are well
understood and accepted.&nbsp;Companies should report publicly the approach taken to governance (including in relation to board structure) and why this approach is in the interest of shareholders.&nbsp;We will engage with the appropriate directors
where we have concerns about the performance of the board or the company, the broad strategy of the company or the performance of individual board members.&nbsp;Concerns about directors may include their role on the board of a different company
where that board has performed poorly and failed to protect shareholder interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock believes that directors should stand for re-election on a regular
basis.&nbsp;We assess directors nominated for election or re-election in the context of the composition of the board as a whole.&nbsp;There should be detailed disclosure of the relevant credentials of the individual directors in order that
shareholders can assess the caliber of an individual nominee.&nbsp;We expect there to be a sufficient number of independent directors on the board to ensure the protection of the interests of all shareholders.&nbsp;Common impediments to independence
may include but are not limited to: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">current employment at the company or a subsidiary; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">former employment within the past several years as an executive of the company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">providing substantial professional services to the company and/or members of the company&#146;s management; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">having had a substantial business relationship in the past three years; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">having, or representing a shareholder with, a substantial shareholding in the company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">being an immediate family member of any of the aforementioned; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:7pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top">interlocking directorships. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center">B-6</TD>
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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g276108v3.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock believes that the operation of the board is enhanced when there is a clearly independent, senior
non-executive director to lead it.&nbsp;Where the chairman is also the CEO or is otherwise not independent the company should have an independent lead director.&nbsp;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.&nbsp;The lead independent board director should be available to shareholders if
they have concerns that they wish to discuss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">To ensure that the board remains effective, regular reviews of board performance should be carried out and
assessments made of gaps in skills or experience amongst the members.&nbsp;BlackRock believes it is beneficial for new directors to be brought onto the board periodically to refresh the group&#146;s thinking and to ensure both continuity and
adequate succession planning.&nbsp;In identifying potential candidates, boards should take into consideration the diversity of experience and expertise of the current directors and how that might be augmented by incoming directors.&nbsp;We believe
that directors are in the best position to assess the optimal size for the board, but we would be concerned if a board seemed too small to have an appropriate balance of directors or too large to be effective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">There are matters for which the board has responsibility that may involve a conflict of interest for executives or for affiliated directors.&nbsp;BlackRock believes
that shareholders&#146; interests are best served when the independent members of the board form a sub-committee to deal with such matters.&nbsp;In many markets, these sub-committees of the board specialize in audit, director nominations and
compensation matters.&nbsp;
An ad hoc committee might also be formed to decide on a special transaction, particularly one with a related party. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><B><A NAME="appb276108_5"></A>Auditors and
audit-related issues </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock recognizes the critical importance of financial statements which should provide a complete and accurate picture of a
company&#146;s financial condition.&nbsp;We will hold the members of the audit committee or equivalent responsible for overseeing the management of the audit function.&nbsp;We take particular note of cases involving significant financial
restatements or ad hoc notifications of material financial weakness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The integrity of financial statements depends on the auditor being free of any impediments to
being an effective check on management.&nbsp;To that end, we believe it is important that auditors are, and are seen to be, independent.&nbsp;Where the audit firm provides services to the company in addition to the audit, the fees earned should be
disclosed and explained.&nbsp;Audit committees should also have in place a procedure for assuring annually the independence of the auditor. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">B-7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g276108v3.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><B><A NAME="appb276108_6"></A>Capital structure, mergers, asset sales and other special transactions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The capital structure of a company is critical to its owners, the 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.&nbsp;Pre-emption rights are a key protection for shareholders against the dilution of their interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">In assessing mergers, asset sales or other special transactions, BlackRock&#146;s primary consideration is the long-term economic interests of shareholders.&nbsp;Boards
proposing a transaction need to clearly explain the economic and strategic rationale behind it.&nbsp;We will review a proposed transaction to determine the degree to which it enhances long-term shareholder value.&nbsp;We would prefer that proposed
transactions have the unanimous support of the board and have been negotiated at arm&#146;s length.&nbsp;We may seek reassurance from the board that executive and/or board members&#146; financial interests in a given transaction have not affected
their ability to place shareholders&#146; interests before their own.&nbsp;Where the transaction involves related parties, we would expect the recommendation to support it to come from the independent directors and would prefer only non-conflicted
shareholders to vote on the proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock believes that shareholders have a right to dispose of company shares in the open market without unnecessary
restriction.&nbsp;In our view, corporate mechanisms designed to limit shareholders&#146; ability to sell their shares are contrary to basic property rights.&nbsp;Such mechanisms can serve to protect and entrench interests other than those of the
shareholders.&nbsp;We believe that shareholders are broadly capable of making decisions in their own best interests.&nbsp;We would expect any so-called &#145;shareholder rights plans&#146; being proposed by a board to be subject to shareholder
approval on introduction and periodically thereafter for continuation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><B><A NAME="appb276108_7"></A>Remuneration and benefits </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock expects a company&#146;s board of directors to put in place a compensation structure that incentivizes and rewards executives appropriately and is aligned
with shareholder interests, particularly long-term shareholder returns.&nbsp;We would expect the compensation committee to take into account the specific circumstances of the company and the key individuals the board is trying to
incentivize.&nbsp;We encourage companies to ensure that their compensation packages incorporate appropriate and challenging performance conditions consistent with corporate strategy and market practice.&nbsp;We use third party research, in addition
to our own analysis, to evaluate existing and proposed compensation structures.&nbsp;We hold members of the compensation committee or equivalent accountable for poor compensation practices or structures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock believes that there should be a clear link between variable pay and company performance as reflected in returns to shareholders.&nbsp;We are not supportive of
one-off or special bonuses unrelated to company or individual performance.&nbsp;We support incentive plans that pay out rewards earned over multiple and extended time periods.&nbsp;We believe consideration should be given to building claw back
provisions into incentive plans such that executives would be required to repay rewards where they were not justified by actual performance.&nbsp;Compensation committees should guard against contractual arrangements that would entitle executives to
material compensation for early termination of their contract.&nbsp;Finally, pension contributions should be reasonable in light of market practice. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Outside directors should be compensated in a manner that does not risk compromising their 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:12pt; font-family:ARIAL"><B><A NAME="appb276108_8"></A>Social, ethical, and environmental
issues </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Our fiduciary duty to clients is to protect and enhance their economic interest in the companies in which we invest on their behalf.&nbsp;It is within
this context that we undertake our corporate governance activities.&nbsp;We believe that well-managed companies will deal effectively with the social, ethical and environmental (&#147;SEE&#148;) aspects of their businesses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock expects companies to identify and report on the material, business-specific SEE risks and opportunities and to explain how these are managed.&nbsp;This
explanation should make clear how the approach taken by the company best serves the interests of shareholders and protects and enhances the long-term economic value of the company.&nbsp;The key performance indicators in relation to SEE matters
should also be disclosed and performance against them discussed, along with any peer group benchmarking and verification processes in place.&nbsp;This helps shareholders assess how well management is dealing with the SEE aspects of the
business.&nbsp;Any global standards adopted should also be disclosed and discussed in this context. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We may vote against the election of directors where we have
concerns that a company might not be dealing with SEE issues appropriately.&nbsp;Sometimes we may reflect such concerns by supporting a shareholder proposal on the issue, where there seems to be either a significant potential threat or realized harm
to shareholders&#146; interests caused by poor management of SEE matters.&nbsp;In deciding our course of action, we will assess whether the company has already taken sufficient steps to address the concern and whether there is a clear and material
economic disadvantage to the company if the issue is not addressed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">More commonly, given that these are often not voting issues, we will engage directly with the
board or management. The trigger for engagement on a particular SEE concern is our assessment that there is potential for material economic ramifications for shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We do not see it as our role to make social, ethical or political judgments on behalf of clients.&nbsp;We expect investee companies to comply, at a minimum, with the
laws and regulations of the jurisdictions in which they operate.&nbsp;They should explain how they manage situations where such laws or regulations are contradictory or ambiguous. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><B><A NAME="appb276108_9"></A>General corporate governance matters </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock
believes that shareholders have a right to timely and detailed information on the financial performance and viability of the companies in which they invest.&nbsp;In addition, companies should also publish information on the governance structures in
place and the rights of shareholders to influence these.&nbsp;The reporting and disclosure provided by companies helps shareholders assess whether the economic interests of shareholders have been protected and the quality of the board&#146;s
oversight of management.&nbsp;BlackRock believes shareholders should have the right to vote on key corporate governance matters, including on changes to governance mechanisms, to submit proposals to the shareholders&#146; meeting and to call special
meetings of shareholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#25328e"><B><A NAME="appb276108_10"></A>BlackRock&#146;s oversight of its corporate governance activities
</B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><B><A NAME="appb276108_11"></A>Oversight </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock holds itself
to a very high standard in its corporate governance activities, including in relation to executing proxy votes.&nbsp;This function is executed by a team of dedicated BlackRock employees without sales responsibilities (the &#147;Corporate Governance
Group&#148;), and which is considered an investment function.&nbsp;BlackRock maintains three regional oversight committees (&#147;Corporate Governance Committees&#148;) for the Americas, Europe, the Middle East and Africa (EMEA) and Asia-Pacific,
consisting of senior BlackRock investment professionals.&nbsp;All of the regional Corporate Governance Committees report to a Global Corporate Governance Oversight Committee, which is a risk-focused committee composed of senior representatives of
the active and index equity investment businesses, the Deputy General Counsel, the Global Executive Committee member to whom the Corporate Governance Group reports and the head of the Corporate Governance Group.&nbsp;The Corporate Governance
Committees review and approve amendments to their respective proxy voting guidelines (&#147;Guidelines&#148;) and grant authority to the Global Head of Corporate Governance (&#147;Global Head&#148;), a dedicated BlackRock employee without sales
responsibilities, to vote in accordance with the Guidelines.&nbsp;The Global Head leads the Corporate Governance Group to carry out engagement, voting and vote operations in a manner consistent with the relevant Corporate Governance Committee&#146;s
mandate.&nbsp;The Corporate Governance Group engages companies in conjunction with the portfolio managers in discussions of significant governance issues, conducts research on corporate governance issues and participates in industry discussions to
keep abreast of the field of corporate governance.&nbsp;The Corporate Governance Group, or vendors overseen by the Corporate Governance Group, also monitor upcoming proxy votes, execute proxy votes and maintain records of votes cast.&nbsp;The
Corporate Governance Group may refer complicated or particularly controversial matters or discussions to the appropriate investors and/or regional Corporate Governance Committees for their review, discussion and guidance prior to making a voting
decision.&nbsp;BlackRock&#146;s Equity Policy Oversight Committee (EPOC) is informed of certain aspects of the work of the Global Corporate Governance Oversight Committee and the Corporate Governance Group. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><B><A NAME="appb276108_12"></A>Vote execution </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock carefully considers
proxies submitted to funds and other fiduciary accounts (&#147;Funds&#148;) for which it has voting authority.&nbsp;BlackRock votes (or refrains from voting) proxies for each Fund for which it has voting authority based on BlackRock&#146;s
evaluation of the best long-term economic interests of shareholders, in the exercise of its independent business judgment, and without regard to the relationship of the issuer of the proxy (or any dissident shareholder) to the Fund, the Fund&#146;s
affiliates (if any), BlackRock or BlackRock&#146;s affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">When exercising voting rights, BlackRock will normally vote on specific proxy issues in accordance
with its Guidelines for the relevant market.&nbsp;The Guidelines are reviewed regularly and are amended consistent with changes in the local market practice, as developments in corporate governance occur, or as otherwise deemed advisable by
BlackRock&#146;s Corporate Governance Committees.&nbsp;The Corporate Governance Committees may, in the exercise of their business judgment, conclude that the Guidelines do not cover the specific matter upon which a proxy vote is requested or that an
exception to the Guidelines would be in the best long-term economic interests of BlackRock&#146;s clients. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">In the uncommon circumstance of there being a vote with respect to fixed income securities or the securities of
privately held issuers the decision generally will be made by a Fund&#146;s portfolio managers and/or the Corporate Governance Group based on their assessment of the particular transactions or other matters at issue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">In certain markets, proxy voting involves logistical issues which can affect BlackRock&#146;s ability to vote such proxies, as well as the desirability of voting such
proxies.&nbsp;These issues include but are not limited to:&nbsp;(i) untimely notice of shareholder meetings; (ii) restrictions on a foreigner&#146;s ability to exercise votes; (iii) requirements to vote proxies in person; (iv)
&#147;share-blocking&#148; (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some specified period in proximity to the shareholder meeting); (v) potential difficulties in translating
the proxy; and (vi) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions.&nbsp;We are not supportive of impediments to the exercise of voting rights such as shareblocking or overly burdensome
administrative requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">As a consequence, BlackRock votes proxies in these markets only on a &#147;best-efforts&#148; basis.&nbsp;In addition, the Corporate
Governance Committees may determine that it is generally in the best interests of BlackRock clients not to vote proxies of companies in certain countries if the committee determines that the costs (including but not limited to opportunity costs
associated with shareblocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the issuer&#146;s proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">While it is expected that BlackRock, as a fiduciary, will generally seek to vote proxies over which BlackRock exercises voting authority in a uniform manner for all
BlackRock clients, the relevant Corporate Governance Committee, in conjunction with the portfolio manager of an account, may determine that the specific circumstances of such an account require that such account&#146;s proxies be voted differently
due to such account&#146;s investment objective or other factors that differentiate it from other accounts.&nbsp;In addition, BlackRock believes portfolio managers may from time to time legitimately reach differing but equally valid views, as
fiduciaries for their funds and the client assets in those Funds, on how best to maximize economic value in respect of a particular investment.&nbsp;Accordingly, portfolio managers retain full discretion to vote the shares in the Funds they manage
based on their analysis of the economic impact of a particular ballot item. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><B><A NAME="appb276108_13"></A>Conflicts management </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">BlackRock maintains policies and procedures that are designed to prevent undue influence on BlackRock&#146;s proxy voting activity that might stem from any relationship
between the issuer of a proxy (or any dissident shareholder) and BlackRock, BlackRock&#146;s affiliates, a Fund or a Fund&#146;s affiliates.&nbsp;Some of the steps BlackRock has taken to prevent conflicts include, but are not limited to: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">BlackRock has adopted a proxy voting oversight structure whereby the Corporate Governance Committees oversee the voting decisions and other activities of the Corporate Governance Group, and particularly its activities
with respect to voting in the relevant region of each Corporate Governance Committee&#146;s jurisdiction. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">The Corporate Governance Committees have adopted Guidelines for each region, which set forth the firm&#146;s views with respect to certain corporate governance and other issues that typically arise in the proxy voting
context.&nbsp;The Corporate Governance Committees receive periodic reports regarding the specific votes cast by the Corporate </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Governance Group and regular updates on material process issues, procedural changes and other matters of concern to the Corporate Governance Committees. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">BlackRock&#146;s Global Corporate Governance Oversight Committee oversees the Global Head, the Corporate Governance Group and the Corporate Governance Committees.&nbsp;The Global Corporate Governance Oversight Committee
conducts a review, at least annually, of the proxy voting process to ensure compliance with BlackRock&#146;s risk policies and procedures. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">BlackRock maintains a reporting structure that separates the Global Head and Corporate Governance Group from employees with sales responsibilities.&nbsp;In addition, BlackRock maintains procedures intended to ensure
that all engagements with corporate issuers or dissident shareholders are managed consistently and without regard to BlackRock&#146;s relationship with the issuer of the proxy or dissident shareholder.&nbsp;Within the normal course of business, the
Global Head or Corporate Governance Group may engage directly with BlackRock clients, and with employees with sales responsibilities, in discussions regarding general corporate governance policy matters, and to otherwise ensure that proxy-related
client service levels are met.&nbsp;The Global Head or Corporate Governance Group does not discuss any specific voting matter with a client prior to the disclosure of the vote decision to all applicable clients after the shareholder meeting has
taken place, except if the client is acting in the capacity as issuer of the proxy or dissident shareholder and is engaging through the established procedures independent of the client relationship. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">In certain instances, BlackRock may determine to engage an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest or as otherwise required by applicable law.&nbsp;The
independent fiduciary may either vote such proxies or provide BlackRock with instructions as to how to vote such proxies. In the latter case, BlackRock votes the proxy in accordance with the independent fiduciary&#146;s determination.&nbsp;Use of an
independent fiduciary has been adopted for voting the proxies related to any company that is affiliated with BlackRock or any company that includes BlackRock employees on its board of directors. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">With regard to the relationship between securities lending and proxy voting, BlackRock&#146;s approach is driven by our clients&#146; economic interests.&nbsp;The
evaluation of the economic desirability of recalling loans involves balancing the revenue producing value of loans against the likely economic value of casting votes.&nbsp;Based on our evaluation of this relationship, we believe that generally the
likely economic value of casting most votes is less than the securities lending income, either because the votes will not have significant economic consequences or because the outcome of the vote would not be affected by BlackRock recalling loaned
securities in order to ensure they are voted.&nbsp;Periodically, BlackRock analyzes the process and benefits of voting proxies for securities on loan, and will consider whether any modification of its proxy voting policies or procedures is necessary
in light of future conditions.&nbsp;In addition, BlackRock may in its discretion determine that the value of voting outweighs the cost of recalling shares, and thus recall shares to vote in that instance. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><B><A NAME="appb276108_14"></A>Voting guidelines </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The issue-specific voting
Guidelines published for each region/country in which we vote are intended to summarize BlackRock&#146;s general philosophy and approach to issues that may commonly arise in the proxy voting context in each market where we invest.&nbsp;These
Guidelines are not intended to be exhaustive.&nbsp;BlackRock applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">As such, these Guidelines do not provide a guide to how BlackRock will vote in every instance.&nbsp;Rather, they share
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:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><B><A NAME="appb276108_15">
</A>Reporting </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We report our proxy voting activity directly to clients and publically as required.&nbsp;In addition, we publish for clients a more detailed
discussion of our corporate governance activities, including engagement with companies and with other relevant parties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">B-13</TD>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
